Home Agencies Create a scholarship fund in just a few easy steps

Create a scholarship fund in just a few easy steps

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By Robert Nomberg
President & CEO
Richmond Jewish Foundation

Richmond Jewish Foundation administers and manages several scholarship opportunities ranging from overnight summer Jewish camp to study and travel in Israel to supporting college tuition.

We also welcome community members to open their own scholarship award endowment funds to support the organization or cause of their choice.

Rewarding to Achieve

Donors establish a scholarship fund for a variety of reasons, such as being a prior recipient and wishing to pay it forward, to honor or memorialize a loved one, or to pass on the Jewish value of education to others. Creating a customized endowment to provide annual award dollars benefiting deserving students can be incredibly simple and rewarding to achieve. Here’s how it works:

When launching a fund, donors work with RJF to create an agreement that will ensure their philanthropic wishes are met. Each donor may implement guidelines on how the fund’s annual payout is distributed.

For example, the Mooney, Rose and Mosey Greenberg Israel Scholarship Fund awards need-based scholarships for travel to Israel to greater Richmond, Va., area students between the ages of 15-22 at the time of departure, while the Karp/Sroka Memorial Fund provides need-based scholarships to children from the Richmond, Va., and Tidewater metropolitan areas for Jewish overnights camps.

 Personalizing the Name

Next, the donor may personalize the name of the fund they are creating. Some donors opt to memorialize or honor a loved one, such as the David R. Brenner Award Fund that was established to award a scholarship at VCU for a graduate of the Richmond City Schools.

Lastly, donors have the flexibility to decide how and when they choose to contribute money into the fund. A donor may gradually add to their fund during their lifetime using cash, appreciated stock or gifting part of their IRA while loved ones may contribute to this fund as well.

Additionally, a legacy gift may be made to grow or establish the fund by placing the fund in a donor’s will or estate plan. Donors may receive immediate tax benefits upon donating to the fund depending on the type of gift.

To discuss scholarship award endowment fund options that are right for you, please contact me at (804) 545-8656 or robert@rjfoundation.org, or visit rjfoundation.org to learn more about legacy giving and estate planning.

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