We are planning to sell our church to another church. We would like to give the proceeds, or at least a portion of them, to a particular theological seminary that already has scholarship program. We would like the money to be used for scholarships, but would also like to leave a legacy for our church by using its name or the name of our deceased pastor in someway in the name of the scholarship. Would it be possible to place the money in their existing scholarship fund and some how incorporate the name of our church or late pastor in it or will it be necessary to go through the cumbersome process of establishing a new and separate scholarship? Thank you in advance for your valuable advice.
1 Answer from Attorneys
I see no reason as to why there would be some prohibition disallowing your proposal as long as the bylaws or governing rules/regulations of this theological seminary's existing scholarship fund were to allow for it.