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Victor Valley College District Foundation
Scholarship Policies
ACCEPTANCE OF SCHOLARSHIPS
PURPOSE
The Foundation serves as the primary repository for scholarships
used by students at Victor Valley College. In an effort to demonstrate
a respect for the donor’s intent and maintain compliance
with regulatory agencies, this policy will govern the acceptance
and establishment of scholarships with the Victor Valley College
District Foundation.
POLICY
In accepting and establishing scholarships, the Foundation will
attempt to ensure that all funds received constitute a scholarship
as defined below. Scholarships must be fully paid in advance
by the donor and accepted by the Foundation prior to student
use.
| Scholarship: a financial award, made in compliance with applicable
regulatory agencies, to further the education of an individual
student.
Scholarship
Fund: a named account to which multiple donors
may contribute for scholarships governed by specific criteria.
Scholarship
Donor: an individual or organization that provides
funding to support a scholarship.
Scholarship
Recipient: a Victor Valley College student who
is the beneficiary of a scholarship.
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PROCEDURE
Any scholarship funds intended for deposit with the Foundation
received by any department at Victor Valley College shall be delivered
to the Victor Valley College District Foundation for review before
being made available for student use. The Foundation will provide
applicable departments with written details about this scholarship
policy for distribution to student scholarship recipients.
When a donation intended for use as a scholarship is received
by the Foundation, the Foundation staff will evaluate the validity
of the gift by reviewing of known donor stipulations and applicable
regulations.
If no donor
instructions are either submitted with the scholarship or already
on file
with the Foundation, the scholarship will be
subject to the Foundation’s standard criteria until such
time as written instructions are received from the donor. A letter
informing the donor of the standard criteria will be sent to them
along with a receipt.
The Foundation’s
standard criteria for scholarships is:
- Funds
may be used only for tuition, books, fees and supplies
related to their major at Victor Valley College.
- No advances for expenses will be made directly to the student.
- Reimbursement
to students requires a receipt demonstrating an approved
use of the funds.
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Scholarships balances will be automatically released by students
when more than 366 days have passed from the date of the
last disbursement. Dormant scholarship balances will be transferred
to the Foundation’s Scholarship Award fund for distribution
to other Victor Valley College students.
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Once validated,
copies of all pertinent information will be sent by the Foundation
to
the Financial Aid and Bursar’s offices
confirming the availability of funds for student use. No funds
should be released to or used by the student until this process
has been fully completed.
The Foundation
staff will complete the review of scholarships received within
5 business
days. If any question exists about the
validity of the scholarship the staff will submit details to the
Foundation’s Investment Finance Committee for review and
acceptance. In this case acceptance may be delayed up to 30 days.
The establishment
of a Scholarship Fund, which is intended to receive multiple
donations
from one or more donors, requires the
completion a Fund Establishment Form and a Scholarship Criteria
Form and must be authorized by the Foundation Executive Committee
before deposits will be accepted. All Funds managed by the Foundation
are subject to the Foundation’s Stewardship Policy.
If the Fund is intended to be (or become) an Endowment it shall
also be subject to the provisions in the Foundation’s Endowment
Policy (FP-3).
DISBURSEMENT & DISSOLUTION PURPOSE
The Foundation serves as the primary repository for scholarships
used by students at Victor Valley College. In an effort to demonstrate
a respect for the donor’s intent, maintain compliance with
regulatory agencies and respond to financial needs of students,
this policy will govern the disbursement and dissolution of scholarship
funds held by the Victor Valley College District Foundation.
POLICY
The following criteria must be met for disbursement of scholarship
funds:
- Funds
equal to or in excess of the disbursement request must be
available on deposit with the Foundation for
the person making the request.
- The Scholarship Disbursement request must bear the original
signature of the student.
- The purpose of the disbursement must be within the guidelines
for use established by the donor or in the absence of such within
the Foundation’s standard disbursement criteria
- Reimbursement requests must include an original receipt or like
documentation.
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Disbursements, allowed by the donor, for expenses other than
tuition, fees, books and required supplies will be permitted
only after the drop date has passed and the student’s continued
enrollment is verified.
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Scholarship funds will be held for student use by the Foundation
until one of the following transpires:
- A
deadline imposed by a donor passes
- The student becomes ineligible for the award based on criteria
set by the donor
- More than 366 days have passed from the date of last disbursement
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Unless otherwise
stipulated by the donor, unused scholarship funds will be transferred
to
the Foundation’s
Scholarship Award Fund and the student will have no further claim
to them. Funds will then be available for award to other students
by the Foundation. The Foundation’s Scholarship Award Fund
is subject to all Foundation Policies concerning named funds including
the Foundation’s Stewardship Policy.
PROCEDURE
Students who wish to access scholarship funds on deposit with the
Foundation shall visit the Bursar’s office to request a
disbursement. The Bursar will provide the student with a Scholarship
Disbursement Request form. This form must be signed by the student
and be accompanied by any required documentation. The Bursar
will forward these requests to the Foundation.
The Bursar may issue vouchers against a student scholarship fund
for purchases at the college of tuition, books, fees and related
supplies. In this case, the Foundation will pay the college upon
receipt of an invoice detailing the student scholarships charges.
Upon receiving
a disbursement request, the Foundation staff will review criteria
for the scholarship
to ensure the request complies
with the scholarship donor’s wishes. Provided the request
complies with criteria and sufficient funds exist on deposit with
the Foundation, staff will prepare a check in accordance with the
Foundation’s fiscal policies. Recognizing the urgency of
student funding requests, the Foundation will deliver disbursements
to the Bursar within 15 business days for distribution unless other
delivery instructions exist. College invoices will be remitted
within 30 days whenever possible.
Last Modified: 2008-04-18 .
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