I founded my own scholarship for students at my alma mater in the amount of $500. What is the appropriate way to write this off as a charitable donation?

[KittyM · Accepted solution]

In order to write off any charitable donation, you need a receipt from the donee organization showing their Identification Number and acknowledging your donation, noting the amount and that no goods or services were exchanged for your donation.  

For any donation over $250, you should receive a separate acknowledgement showing the date you made it.

Having received this document, you handle it the same as any other cash donation.