Scholarship Funds

Policy Number 4
Effective Date July 1, 2007
(replaces policy dated Oct. 19, 1999)

TITLE: Scholarship Funds

RATIONALE: The New River Community and Technical College Foundation (Foundation) must ensure compliance with all conditions, restrictions and designations imposed by donors on the use of scholarship funds and the income from such funds. Administrative expenses may be charged to the investment income account.

General Scholarship Fund

Non-endowed scholarship funds will be placed into the General Scholarship Fund (GSF). These funds will be allocated on an annual basis to deserving students. Each campus location shall be served by the GSF on a pro-rata basis on enrollment of the previous academic year with funds donated without campus or community location earmarks.

Named Scholarship Fund

A named scholarship may be created with an annual gift in an amount to be established by the Foundation Board of Directors (Currently this amount is $2,000).

Endowed Scholarships

An endowed scholarship fund may be created by a gift of $10,000 (cash or marketable securities) which may be paid over five years. In the event the endowment threshold is not attained within the five year time frame, the fund balance will be transferred to the named scholarship fund and paid out annually according to the GSF rules.

Endowed scholarship funds will be held in perpetuity. The earnings and income of endowed scholarship funds will be distributed to eligible students calculated at four percent on a three-year rolling average market value of the scholarship investment pool. The Donor�s intent will guide the scholarship distribution and award.

Scholarship Awards

The eligibility criteria for determining appropriate candidates for consideration will be documented as part of the Donor�s agreement with the Foundation.

The eligibility criteria for scholarship applications shall be publicized to the intended pool of applicants and shall be made available to the public.

Each Campus Chapter shall have an Independent Scholarship Committee to review the applications and select the recipients. The award must be approved by the local Campus Chapter Board of Advisors.

The Donor will be notified of the student selected to receive the scholarship and accompanying information.

The award from an Endowed Scholarship fund will be made directly to the individual; the funds will be dispersed by the Foundation directly to New River�s business office.

The business office will satisfy all outstanding enrollment expenses prior to disbursing scholarship funds to the student.

Reports required by the Donor will be submitted by the Foundation upon verification of accuracy by New River.

The Foundation shall retain complete records in connection with all scholarship applications and awards.

New River Community and Technical College Foundation
221 George Street, Suite 2
Beckley, WV 25801
304-929-5494