Have you ever thought about setting up a scholarship fund? Do you know what steps you should be taking and how the scholarship fund will be seen in the eyes of the Internal Revenue Service? A scholarship fund can do some amazing things for individuals who are trying to take their education or career to the next level. The resources you need to consider to set up such a fund will depend largely on what you want the funds to do.
A scholarship fund to benefit an individual, such as yourself, is not going to be tax deductible for the Internal Revenue Service. When the fund is an award though to someone else, then it is tax-deductible to those who donate to the fund. The funds that are a part of the scholarship need to be what the Internal Revenue Service refers to as funds that are objective and also non-discriminatory.