IV.P. BSC Scholarship Program
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1. The Scholarship Program and Scholarship Fund
- a. The Scholarship Program is dedicated to the specific purpose of providing support to low-income members by paying a portion of their BSC housing cost.
- b. The Scholarship Fund is made up of endowed (permanently restricted donations) and funds designated by the Board to be used to support the Scholarship Program.
- c. The BSC solicits temporarily restricted donations to the Scholarship Program. The BSC also allows donors to make permanently restricted, named donations of $25,000 or more to the Scholarship Fund
- d. All donations received for scholarships will be placed into the Scholarship Fund to be invested and to achieve a reasonable rate of return to support long-term scholarship objectives.
- e. As part of the annual Budgeting Process, CFCom may reallocate current annual, temporarily restricted donations and transfer them from the Scholarship Fund to be immediately distributed to members in need (in addition to the annual Scholarship Fund distribution formula).
2. Scholarship Program Budgeting
- a. The amount of funds available for the scholarship program each fiscal year will be determined on an annual basis during the budgeting cycle, using the following formula: (1) Four percent of the three-year average of the overall value of the Scholarship Fund (calculated at the end of the fiscal year) and (2) any funds budgeted into member rates for the upcoming year and (3) temporarily restricted Scholarship Program donations from the Scholarship Fund.
- b. CFCom and the BSC Board should consider estimated figures for scholarship programming during each budgeting cycle to determine the amount of funds that should be allocated during the BSC budgeting process, based on the members’ goals for scholarship availability.
- c. Ten percent of the amount budgeted by the BSC for scholarship distribution during the annual budgeting process shall be allocated toward the BSC Emergency Grant Program, which shall be distributed as outlined in the Emergency Grant Program Policy, IV.Q.
4. Scholarship Applications
- a. Current and prospective members may apply for scholarships.
- b. Scholarship applications shall be available on the BSC website during the Spring semester and advertised frequently to ensure access to the program.
5. Awarding of Scholarships
- a. All scholarship applications shall be reviewed once per year after Fall/Spring contract offers are sent, but prior to the Fall cancellation deadline. Such review will be coordinated under the direction of the Development Director and Executive Director.
- b. All scholarships shall be awarded based on documented need, taking into consideration other criteria set forth by donors.
- c. The amount of each standard scholarship shall be 1/3 of the member’s BSC rent and/or room and board charges for one semester (e.g. 1/3 of the Fall rent). The amount of each scholarship for homeless or undocumented students will be ⅔ of the member’s BSC rent and/or room and board charges for one semester (e.g. ⅔ of the Fall rent).
- d. Recipients will be notified that they have been awarded a scholarship, given the specific dollar amount, and provided a deadline for claiming the scholarship prior to the Fall cancellation deadline.
- e. Any unclaimed scholarship funds shall be awarded during the Fall to alternate applicants. Such alternate scholarships shall be awarded based on documented need and other criteria set forth by donors. The BSC assignment priority system (i.e. points, priority for DSP/EOP, etc.) shall be used in the event multiple applicants have equal financial need.
- f. Alternate scholarships shall be ½ of the member’s third Fall payment plus ½ of the member’s first Spring payment.
6. Scholarship Distribution
- a. Half of the scholarship award will be credited to member’s accounts in Fall, and the other half in Spring.
- b. Members living in the BSC only for one semester during the relevant academic year will receive the scholarship for that semester only.
7. Support and Leadership Opportunities
- a. ETCom will research and offer optional support and leadership development opportunities to scholarship recipients to aid them in becoming more involved and assuming leadership positions in the BSC community.