Starting a scholarship.Q Where can I locate information regarding the "how-to's" of starting a scholarship to make sure that I cover all of the legal aspects? A. Burnell-Thomas Via the Internet A According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. www.idealist.org, there are quite a few things you can do to get your scholarship program started. First, if you have funds of your own that you plan to use, you can use that as your endowment, which means the principal of your gift will be invested, and the interest gained will be used to award a scholarship. If not, you could hold several events from golf outings to flea markets to raise money. Here are some other tips: 1. Set up the organization. You'll want to contact a foundation lawyer at the American Bar Association American Bar Association (ABA), voluntary organization of lawyers admitted to the bar of any state. Founded (1878) largely through the efforts of the Connecticut Bar Association, it is devoted to improving the administration of justice, seeking uniformity of law (www.abanet.org) as well as a certified public accountant Certified Public Accountant (CPA) An accountant who has met certain standards, including experience, age, and licensing, and passed exams in a particular state. to let you know exactly how this works. 2. Review the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. 501(c)(3) code and apply for recognition as a tax-exempt entity with IRS Form 1023 at www.irs.gov. 3. Write a business plan that includes your mission, fund-raising goals, how funds will be distributed, and a time frame. In addition, the "Start-Up" section of Idealist's Nonprofit FAQ (Frequently Asked Questions) A group of commonly asked questions about a subject along with the answers. Vendors often display them on their Web sites for use as troubleshooting guidelines. has a lot of information on the topic. Log on to www.nonprofits.org/npofaq. Mail your consumer empowerment questions to Ask Your Advocate, BLACK ENTERPRISE, 130 Fifth Ave., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10011 or send an e-mail to sykest@blackenterprise.com. |
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