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Implementing the Spend Policy for Scholarships

Implementing the Spend Policy for Scholarships. PDC Workshop June 14, 2014 Reno, NV. Terms. Each scholarship has an associated Fund Reserve Fund : $ set aside for discretionary activities; use requires Board approval

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Implementing the Spend Policy for Scholarships

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  1. Implementing the Spend Policy for Scholarships PDC Workshop June 14, 2014 Reno, NV

  2. Terms • Each scholarship has an associated Fund • Reserve Fund: $ set aside for discretionary activities; use requires Board approval • Board designated funds: $ from Reserve Fund designated by the Board for some purpose • Endowed: $ from non-ANS source given for a specific purpose; can only use interest • Fully Funded: amount needed to give out a scholarship based on interest (moving target)

  3. Spend Policy • Spending each year from a given Fund may be up to 90% of the Fund’s three-year rolling average return • Annual expenditures may not reduce the Fund below its SPCC-established, fully-funded value • Annual expenditures should not exceed 1.2 times the gross award value of the previous year

  4. Example • There is a fund with $100k • If 90% of the 3-year rolling average return is 5%, then a division can give out a $5k scholarship

  5. Background • Many division scholarships are not fully funded • Previously: Board designated funds were used to make up the difference • Miscommunication: • Board action taken to “fully fund” all scholarships • Divisions no longer need to contribute to their Fund • Inaccurate! • Divisions need to contribute to their scholarship Funds until they are fully funded

  6. Current Status + Future • Reserve Fund used for 2014-2015 awards • Underfunded scholarships can be “filled up” • SPCC/Finance will give divisions the status of their scholarship each year • 95% fully funded: fund owner gets notified that funds are needed in order to award the scholarship for the coming cycle • 80% fully funded: fund owner must decide between fundraising or spending down the fund.

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