Establish An Award
Establishing an award at the Foundation is easy and is done in consultation with the Scholarship and Awards Program Officer to ensure that the awards are established within the guidelines that articulate the wishes of the donor and the needs of the Foundation.
There are several types of awards and funding options. Please click here for information regarding award programs administered by the Foundation.
Foundation staff will help donors draft application guidelines that will guide the selection of award recipients. Once guidelines are developed and agreed upon by the donor, they go through a formal approval process to ensure that the needs and objectives of all concerned are met and, in particular that the award can be made on a consistent basis.
Guidelines may propose criteria based on professional development, extracurricular activities, community involvement, how the applicant plans to use the award funds, or on other measures of participation, effort, leadership and support in programs.
An award can have one recipient, regardless of the value of the award, or provide for as many recipients as the fund allows.
Endowing an Award
To establish an endowed award, a donor or group of donors sets up a fund with a gift of $10,000 or more to support the award in perpetuity. The benefit of endowing an award include:
- Initial gift is invested while the fund’s net investment income is used for awards.
- Since the funds are invested with the Foundation’s assets, a broader range of investment opportunities are available.
- The Foundation solicits donations from the community for awards that it administers. The Foundation also hosts special fundraising events to grow the funds.
- The Foundation publicizes and markets the award programs to the community.
- If desired, the donor may work with the Foundation’s scholarship and awards committee to select recipients.
- Donors may choose to be involved in presenting the award at the annual scholarship and awards ceremony.
Investing Award Funds
The Foundation invests award funds with its other assets tapping into a broad range of investment options. The Foundation’s investment committee and financial consultants work together to manage investment decisions.
To discuss establishing an award at John Randolph Foundation, contact Bonnie Falls, Scholarship and Awards Program Officer at (804) 458-2239 or [email protected]