How Small Organizations Can Fund Scholarships That Change Lives

Scholarships are one of those things everyone loves in theory but doesn’t always know how to pull off in reality. It sounds amazing, right? Overall, just helping local students go to college or trade school, giving them the chance to pursue their dreams it’s the stuff that makes you feel all warm and fuzzy inside. 

But then reality kicks in: Where’s the money going to come from? How do you even start? And can a small organization really make a difference? Now, it should be as easy as a school fundraiser, right? Well, here’s the short answer: yes, you absolutely can. For the most part, scholarships don’t have to be massive or flashy to change lives. Even a small award can mean the difference between a student buying their textbooks or struggling to keep up. 

But what sort of organization can offer this? Well for the most part, any organization can (there’s not exactly one that’s “not allowed” or anything like that) You can run a local business, or a non-profit foundation, but you can even be a school!

But how can you start with something so noble? Do you need to make millions in order to make any of this happen? Well, no, not exactly. So, with all of that said, here’s exactly what you need to know!

Why Scholarships Make Sense for Any Organization

For starters, scholarships are more than just a way to hand out money. They’re about creating opportunity, and that’s something every organization should want to be a part of. Just think about it: when you help a student succeed, you’re not just investing in them, rather, you’re investing in the future of your community (all the better if this is a tightly-knit community).

Besides, just think of it this way; when it comes to businesses, scholarships are a way to build goodwill and show customers that you care about more than just making money. People notice when a company takes the time to give back, and it’s the kind of thing that sticks with them. Now, how about foundations and nonprofits? Well, they’re technically built for this kind of work, as long as it aligns perfectly with their missions. The same for schools (granted, it’s expected).

And here’s the thing: scholarships don’t have to be massive to matter. While yes, those full-ride and full-semester scholarships are absolutely amazing, a small organization usually can’t afford something like that. So yeah, it can be fine, besides, a few hundred dollars can cover textbooks or help a student pay their application fees. Even small contributions can change lives, so don’t think you need a billionaire donor to get started.

Build Partnerships That Matter

When you’re trying to fund scholarships, partnerships are everything. Seriously, no organization is an island, and teaming up with local businesses, nonprofits, or even civic groups can take your efforts to the next level.

Work with Local Businesses

Okay, so here’s a secret: local businesses love a good cause. It’s not just great PR (and yes, the PR is amazing), but it’s a way for them to connect with their customers on a deeper level. Now, here’s a great example; just imagine a pizza night where a local restaurant donates a portion of its sales to your scholarship fund. People come out, the restaurant gets packed, and your fund grows.

But you don’t even need to stop at restaurants. There are even silent auctions, trivia nights, and charity drives are all great ways to involve businesses and raise money. Overall, most businesses are happy to pitch in, they just need to be asked.

Team Up with Local Foundations

Now, this can’t be stressed enough; so foundations exist to give money away. Seriously, that’s their whole thing. If you can show them how your scholarship program fits with their mission, they’ll be more than willing to help. Yes, you can be a brand new little foundation, and you can still get help. 

You’re not necessarily in competition with other foundations (it doesn’t really work that way). You just need to start by reaching out with a clear plan, what the scholarship will cover, who it will help, and why it matters.

Just Bring the Community On Board

Overall, you just need to remember that scholarships aren’t just about money, they’re about community. Basically, the more people feel connected to your cause, the more likely they are to support it.

Host Events That Inspire

People love a good story, and scholarships are full of them. So, you can host events like open houses or community meetups where you share real stories of the students you’ve helped (or hope to help). Ideally, just go ahead and paint a picture of what’s possible with the right funding, and watch as people start to rally around your cause.

Use Social Media to Spread the Word

It’s really hard to say if this one will work or not because you’re expected to keep that corporate tone, but if you have a decent following, then feel free to try this.

Build for the Long Haul with an Endowment

Unless you’re a school or a massively impactful (and popular) nonprofit, well, it can be pretty difficult to get an endowment. Usually, not even businesses will be able to secure an endowment (at least it’s rare but doesn’t make it impossible). But yeah, if you can, endowments are the way to go.

But overall, they can be tough to manage (they’re known for being complicated), so most organizations that do opt for this will tend to use endowment accounting software, and this is what schools and universities use as well to track and disperse funds for scholarships. But overall, endowments are worth it because it’s like planting a tree that keeps growing and bearing fruit for years to come.

Start Small and Let It Grow

Alright, it’s understandable that anyone’s initial reaction is that endowments need to be in the millions, right? Well, even a modest fund can grow over time with the right investments. It’s all about playing the long game and ensuring that your scholarship program has stable funding year after year.

Stay Organized with the Right Tools

Some software was mentioned earlier, and yeah, it’s best to look into that, but overall, just stay on top of investments, and returns, and make sure that all funds are managed (and logged) correctly.