Setting up a Memorial Fund
- Clarify the scholarship goal.
- Choose who you want to help.
- Determine the selection criteria.
- Establish the memorial fund.
- Create and promote the scholarship.
- Award the scholarship.
Publicizing the Memorial Fund
- Use the obituary or funeral notice to tell others about the memorial fund.
- Ask that instead of flowers or gifts to the family, mourners directly contribute to the fund or charity.
Researching Grant Opportunities
- Research grant opportunities and contact potential sponsors.
- Identifying sponsors can be done by searching online for organizations providing scholarships or grants.
How to Start a Memorial Fund
The process to set up a memorial fund for someone you love is simple. Here are a few easy steps on how to set up a scholarship fund in memory of someone:
A memorial scholarship is a charitable grant made in the name of someone who has passed away. Sometimes the award is funded by the deceased person’s estate, but there are other ways to raise funds.
Funding a Foundation
How much money does it take to set up a foundation? You should expect to set aside at least $5,000 to start a donor-advised fund sponsored by a financial company. Many community foundations can set up a fund for $1,000 or less if you give regularly. But it usually takes at least $250,000 in assets to make a private foundation worth the cost.
Memorial Fundraising Ideas
Crowdfunding is one of the best ways to raise money for funeral or cremation costs online. A memorial potluck, bowl-a-thon, bingo night, memorial walk/run, penny drive, and bake sale are other simple memorial fundraising ideas.
Honoring a Loved One’s Memory
Choose how you want to honor your loved one’s memory with a scholarship fund. Choose selection criteria to narrow down applicants. You could support an athlete if commemorating someone who loved sports.
Establishing a Nonprofit
Within a year of our son’s passing, we established a nonprofit called Garrett’s Space to create a residential center for young adults with mental health challenges. Our son Garrett died by suicide at age 23 on our 31st anniversary.
Planning a Memorial Fundraiser
If you’re planning a memorial fundraiser for a loved one or friend who has recently passed away, please first know that the GoFundMe team is sending our love to you. We know that planning a funeral or handling financial matters can seem impossible. If you’re wondering how to start a memorial fund to honor your loved one or help a friend, this article will guide you through the process.