Choose an accredited educational institution to donate the public funds and create a minority scholarship. Familiarize yourself with the progressiveness of the school or college of your choice. It must guarantee at least a basic level of educational quality and degree recognition. This could be a college you or a friend have attended or graduated from or a college you have researched well. In addition, it should be known for reaching out to minority students.
Give your scholarship a name. Perhaps the idea for your scholarship originated from a prominent or historical figure, such as Harriet Tubman or Thurgood Marshall. If so, name the scholarship after that event or person. In addition, you must decide if you want to use the public funds for all minorities or target a particular demographic, such as Native Americans, Hispanics or Afro-Americans.
Contact the educational institution you have chosen and make it known that you desire to use public funds to form a minority scholarship. Meet with representatives and discuss the procedures and conditions for starting a minority scholarship. It does not matter if your scholarship is based on financial or academic need; the recipients of the scholarship will benefit greatly. For them, your scholarship will likely be a once-in-a-lifetime opportunity.
Discuss and establish the terms and guidelines regarding the public funds and minority scholarship. Usually, you will participate in creating an agreement called a "statement of establishment." This agreement honors your intentions for the scholarship as well as the institution's promise to abide by your wishes. Such an agreement keeps you aware of the status as well as the recipients of your scholarship.
Determine how you will establish the scholarship at the institution. For example, you can take the public funds and donate a lump-sum gift or create a term endowment, which is a pledge paid over a number of years, or a current scholarship, which is an annual contribution matching the established endowment required by the institution. For an educational institution to accept your scholarship offer, you must fulfill the requirement for the minimum current scholarship endowment for that particular college or university (at least $1,000 per year over a four-year period for some colleges).