How to set up a scholarship? (veterinary, school, program, students)

[Wartrace]

My great aunt passed away recently and wanted her assets used to benefit animals. (Yes, she was a cat lady... ). My mother is the executor of the estate and has decided to use the funds to set up a scholarship for veternairy medicine students. Does anyone know how to go about doing this? If she contacts a University with a vet program will they administer the funds?

[flyonpa]

Sorry for the loss of your Great Aunt..

How much in $'s are we talking?

Would this be a 1 time (maybe payable to 1 student over a few years)?
or
Ongoing Supporting scholarships over many students over for many years?


For 1st A gift to a Univ Vet program would be appropriate. For 2nd she would need to set up a board, and application process.

[Bookmen]

I suggest you contact the director of development at a college of veternairy medicine who will be very familiar with various options. If you wish to keep it close to home, I believe the Univ of Tennesse has the only such school in the state. If you go to their website you can find the information on how to contact them.

[Aggiebuttercup]

Most universities have a foundation that administers scholarships. In most cases, an endowed scholarship can be given with restrictions (like benefitting veterinary students over time). Sometimes they will already have scholarships for a specific area and can pool your funds with those to give more money or benefit more students.

I think your mother's idea is a really good way to honor your great-aunt, btw.

[Ohiogirl81]

Originally Posted by Wartrace

My great aunt passed away recently and wanted her assets used to benefit animals. (Yes, she was a cat lady... ). My mother is the executor of the estate and has decided to use the funds to set up a scholarship for veternairy medicine students. Does anyone know how to go about doing this? If she contacts a University with a vet program will they administer the funds?

Before you contact any university vet school, talk with a lawyer who is familiar with planned giving; the lawyer who handled your great aunt's will should be able to refer you to someone.

You want to set up the scholarship on your family's terms, not on the university's terms.

Good luck. Kudos to your mom and your great aunt for doing this. (Yes, I'm a cat lady, too! )