Scholarship Support

There are over 60 scholarship funds and designated funds already established to which a donor may contribute. A donor may also establish a new scholarship fund or a new designated fund.

New scholarships must be awards of at least $1,000 per student and are subject to a $200 origination fee.

Scholarship awards will be paid out directly to the appropriate higher education program/university.

Things to Keep in Mind When Creating a Scholarship

High School Students

Over 60 scholarship programs are available for seniors who will graduate from an Olathe high school.

Learn about appling for an OPSF scholarship

Two Ways to Fund a Scholarship

Annually

Donors may fund a scholarship on an annual basis. Payment for scholarship award and origination fee/annual fee must be received no later than September 15 in the calendar year preceding the scholarship being awarded. Awards from scholarship donations received after September 15 will be delayed for one year. Scholarship awards will be paid out directly to the appropriate higher education program/university. After the first year, scholarships funded on an annual basis will be charged a $100 management fee.

Custodial Funds

Donors may provide funds to create a custodial scholarship fund. Payment creating the scholarship fund and the origination fee must be received no later than September 15 in the calendar year preceding the scholarship being awarded. Awards from scholarship funds created after September 15 will be delayed for one year. Individual awards must be equal to or greater than $1,000.

Custodial funds can be funded three different ways:

Permanent Endowments

Donor specifies the principal is to be invested and maintained in perpetuity.

A minimum funding level of $25,000 is required.
Payouts are limited annually to 5% of the average of the past three year-end fund balances.
Funds will be invested at the discretion of the Foundation Board of Directors.
Foundation Custodial Fund Fee Schedule applies.
As stated in the Foundation by-laws, the Board of Directors of the Foundation may decline any donation.

Term Endowments

These function like a permanent endowment, except that all or part of the principal may be utilized in addition to the earnings. It is the expectation that the fund will be exhausted after a specified period or occurrence of a specified event.

A minimum funding level of $25,000 is required.
The intended term must be 10 years or greater.
The date of the final disbursement is dependent on the annual rate of return on the investment. In some cases, low earnings or a loss in the market may accelerate the payout schedule.
All remaining principal becomes unrestricted and is retained by the Foundation upon the expiration of the term, unless otherwise stated in the Memorandum of Agreement or the Spending Policy.
These funds will be invested at the discretion of the Foundation Board of Directors.
Foundation Custodial Fund Fee Schedule applies.
As stated in the Foundation by-laws, the Board of Directors of the Foundation may decline any donation.

Short-Term Donor-Restricted Custodial Funds

When a gift donated to the Foundation to create a donor-restricted fund fails to match the criteria for an Endowed Fund, then the Foundation may accept the gift under the following terms:

The gift must be greater than $1,000 and less than $25,000.
Funds will be held in an interest-bearing account (ex. Money Market, CD).
Interest earned stays with the fund.
Foundation Custodial Fund Fee Schedule applies.
The minimum fund disbursement is $1,000 per year.
As stated in the Foundation by-laws, the Board of Directors of the Foundation may decline any donation.
A memorandum of understanding will be created between the Foundation and the donor(s). In the absence of a living donor, a Fund Spending Policy will be created.

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