Interested in starting a scholarship fund? Setting up a named scholarship through the USTA Texas Tennis Foundation helps the Foundation’s mission to change lives and build communities through tennis and educational opportunities. Establishing a scholarship also provides a naming opportunity that’s a very meaningful way to honor people or an organization that has had a major impact on your life. These scholarships help students by providing additional resources and make a college education more accessible. If you’re considering creating a new scholarship with the USTA Texas Tennis Foundation, here are the basic steps to get you started.
Step 1: Determine Type of Scholarship Fund
The first step is to determine whether you would like to establish an “annual” scholarship or an “endowed” scholarship:
Annual Scholarships can be established with an outright gift of $1,000. Unlike an endowed scholarship described above, an annual scholarship is not a permanent fund and is awarded only as long as you (or others) choose to contribute to the fund.
Endowed Scholarships funds are designed to be permanent and perpetual and can be created with gifts totaling a minimum amount of $15,000, contributed in full at the outset or with an initial commitment that is added to over time until the endowment level of $15,000 is attained. The principal of the fund is invested to produce income, and an annual award is made to a student(s). The principal remains untouched, so the endowment can last into perpetuity.
Step 2: Choose Scholarship Name & Establish Scholarship Criteria
As a scholarship donor, you choose the name of the scholarship. The scholarship can be named after a variety of options, such as your family name, parents or a valued community leader, or it can be named after a business or organization. A release must be completed and signed before the scholarship is officially established. Annual and endowed scholarships at USTA Texas Tennis Foundation are awarded to deserving students based on area of interest, geographical origin, leadership potential, merit, financial need, academic achievement and/or other criteria. The USTA Texas Tennis Foundation must agree to any special award conditions established by the donor.
Step 3: Complete the Named Scholarship Request Form
Submit basic donor and honoree information using the Named Scholarship Request Form
Step 4: Receipt of Funds
Please contact Kandice Thompson at firstname.lastname@example.org or 512-443-1334 ext. 204 for information regarding funding your Named Scholarship.
Step 5: Administration of Scholarship Funds
Typically, a selection committee carefully reviews the scholarship applications submitted by students and selects the most deserving recipient(s) based on the donor-established criteria.
Major contributors to a scholarship fund are notified annually when the scholarship recipient(s) has been selected and are informed of the name and hometown of the recipient, as well as the amount of the award. Recipients often write a thank-you note to the donor, and in some cases, the recipient and donor are able to meet.