I've wondered the same and finally remembered to search thanks to this story. I'd be interested in hearing the parent's response but it's also a surprisingly easy thing to search. Here are some links:

How to Start Your Own College Scholarship - http://www.wsj.com/articles/SB100014240527023037596045790934...

Grant Space: What resources are available for setting up a scholarship fund? - http://grantspace.org/tools/knowledge-base/Funding-Resources...