Need Opinions

[MTSUGURL]

Ok. Me and another girl in my sorority have the beginning of an idea, but we're not sure how it will go over. We want to start a scholarship on our campus. What we have to do is raise $5000. Here's what we're thinking.
Run it as a contest. 3-5 people from each GLO are allowed to enter. There will be a $75 - $100 entry fee (which they can't pay themselves - they have to raise). This entry fee will be the money used for the scholarship. We get no profit. The entrants will state the criteria that they feel should be included, (we've already determined that it must include a certain amount of service, the recipient doesn't have to be Greek, and won't be based on GPA).
We'd pick the winner by looking at the individual's/chapter's commitment to service, contributions to the campus, and which criteria we feel is most honorable.
The scholarship will be awarded by Omega Phi Alpha, but will be named for the individual and their organization.

I know it sounds complicated, and like alot of work, but I think it's doable. What do you think?