The initial fund would be created by issuing a check for the desired amount.
Mr. Starr said most of the initial funds came from private donations.
To qualify, an institution must be a city, state or national landmark and raise the initial funds on its own.
Proceeds from the sales of the portfolio were used as the initial fund for the scholarship.
The project raised initial funds through the crowdsourcing site Kickstarter in 2010.
If Washington comes through with these initial funds, construction could begin in four years.
The European Union has decided to release some initial funds.
The company's initial funds came from the village of Newburgh and area residents, who allocated $126,000 to the new company.
Each organization contributed toward the initial fund to start the enterprise.
The initial fund raising goal was for 1 million donors to each give $100.