Scholarship F.A.Q.s

What are the tax benefits of funding a scholarship?

All scholarship gifts are tax-deductible. An outright gift or appreciated securities will allow you to receive immediate tax benefits in the year you make the gift to Spelman College. In the case of appreciated securities, you may also avoid capital gains taxes. Estate gifts are an easy way to establish a scholarship fund without affecting your current income or assets.

What is a scholarship agreement?

The scholarship agreement is the official document for administering the scholarship. The agreement includes donor information, the purpose, the funding arrangement, administration details, and selection criteria.

How can I fund my scholarship?

All scholarships may be funded through gifts of cash, securities,
gift annuities, trusts, and estate gifts. Endowed scholarships must be completely funded within five years of the initial pledge. Annual scholarships must be completely funded within one year of the initial gift. Book awards must be completely funded at the time of establishment.

When would a student begin receiving my scholarship?

An annual scholarship that is fully funded will be awarded during the current academic year. A newly established endowed scholarship must be held in the endowment fund for a period of one fiscal year, prior to being awarded.

How will I be notified who is receiving my scholarship?

Scholarship donors receive annual scholarship reports with information regarding the scholarship recipient. A financial report is included for endowed scholarships. In honor of scholarship donors, Spelman hosts an annual luncheon for scholarship donors and recipients. In some instances, site visits may be arranged for scholarship donors to meet their recipients.

 Can I choose the students who receive my scholarship?

Restricted by IRS regulations, only Spelman can match students with scholarships based on the criteria outlined in your scholarship agreement. The scholarship coordinator and/or the scholarship committee will select award recipients based on selection criteria.

Can I give to an existing scholarship?

Yes! Adding to an existing scholarship is a great way to provide scholarship assistance and in some cases increase the award amount or number of recipients.