There may be contribution minimum requirements to set up a scholarship in your area. Here's what you need to know. Getty Images By Kimberly Lankford, Contributing Editor November 30, 2018From Kiplinger's Personal Finance QMy family would like to establish an engineering scholarship in memory of my uncle. How do we set one up? - E.S., Green Bay, Wis.See Also: 10 Best Values in U.S. Colleges, 2018 AYou can set up a scholarship directly with a college or support local students through a community foundation (see www.cof.org/community-foundation-locator to find one in your area). You generally need to contribute at least $25,000 to $50,000 to set up an endowed scholarship, which will provide an award every year in the future. For example, you need to contribute at least $25,000 to endow a scholarship at the University of Wisconsin–Madison, which would pay out about $1,125 per year. Or you may be able to give a smaller amount and provide scholarships for a few years. If you’re setting up a scholarship at a college, ask the development department how much of the criteria you can specify (such as reserving awards for engineering students). Got a question? Ask Kim at email@example.com.