Daily Tax Report ®

IRS PLR: Scholarship Grant Program for Financial Needy Students to Attend State University Approved (IRC §4945)

Oct. 18, 2019, 4:48 PM

Private foundation’s four year renewable scholarship grant for financially needy high school seniors in a specified area covering the cost of tuition, fees, books, equipment, and supplies to attended the state university of their choice to obtain an undergraduate degree approved. The IRS stated that recipients are required be high academic achievers who have overcome significant obstacles in their life, demonstrate financial need, and show involvement in the community through their volunteer service. The IRS noted that while the scholarship is renewable annually, the recipient must maintain full-time status at the school with at least 12 credit hours, maintain a...

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