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Victor Valley College District Foundation
Scholarship Policies | ACCEPTANCE OF SCHOLARSHIPS
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.
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.
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.
- 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.
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
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.
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.
- 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.
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
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.
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 Updated 5/12/17