"It was truly an incredible atmosphere," she says. "They told us that we could accomplish anything in life, and they opened doors I never knew existed."
For George, those doors led to college at Stanford and an MBA at Georgetown, then a career in corporate marketing and in nonprofit work. Now the director of development at UCSF Children's Hospital in San Francisco, George wants to establish a permanent endowment to provide scholarships for financially needy African-American girls. "I decided to name it the Kayla A. George Dare To Dream Fund For Girls after my 3 year old niece because she represents the potential of all young African-American girls for me."
The reality: George, who earns $95,000 a year, hasn't got the $750,000 it takes to fund an endowment for a full four-year scholarship to the $36,550-a-year school. But Emma Willard requires only $50,000 to endow a $2,500-a-year permanent scholarship, a sum she could fund over five years.
Once George hits the $50,000 mark, she can keep adding money to boost the scholarship level. She can put her own name on the scholarship if she wants to. And while she can't pick the recipients, she's encouraged to meet with them and mentor them.
The Plan:
- Budget wisely. George, who is single and has no kids, can afford to put $5,000 toward the endowment over the next five years, says Kevin Dorwin, a financial planner in San Francisco.
- Enlist help. The remaining $45,000 will have to come from fund raising. George's professional experience in this area makes that possible, says Lynda Moerschbaecher, a San Diego lawyer who specializes in philanthropic planning.
- Calculate fund-raising expenses. George might expect to pay about $5,000 up front over the five years to host fund-raising events, travel to see potential donors and do a mailing to alumni.
- Beef up the endowment over time. George can realistically aim to raise the endowment to $200,000 over 10 years. That would create a scholarship large enough to cover a third of a student's annual tuition, room and board.
