Application Process
Our scholarship cycle goes live on Feb. 1 and applications are due the 2nd Monday of March. We have a standard online application that allows seniors to apply for all of the scholarships we have to offer at one time. Each donor chooses their own requirements for their award, and the online platform helps determine who is eligible for each award.
Review & Award Process
After the deadline, a SCAF committee assigns a score to all of the pieces of the application. Once that is complete, the information is compiled into a dashboard, which donors can utilize to narrow down their review process. You then have the ability to view the applications to make your recipient recommendation, or the SCAF Selection Committee can do it on your behalf. We collate all the decisions and put together a Scholarship Night event, which is always the Tuesday after Memorial Day, at which you can come and announce your recipient and present them their scholarship certificate, or SCAF can have someone do that as well.
Disbursement Process
All funding for the scholarship is passed through SCAF. We handle following up with the students to find out where they have enrolled (we will hold their funds for up to 2 years if needed) and send the money directly to their school. If a student withdraws from school, the funds are returned to SCAF and we follow up with the student to find out if they are attending somewhere else. If the funds eventually go unused, they go back into your original scholarship account and can be distributed to a future student.
SCAF charges $25 per scholarship awarded each year to facilitate the process (or 1% for quasi/endowed). Our minimum scholarship amount is $500. New scholarships must be initiated by December 1 to be awarded the following spring, and funding is due on January 15.
We have four options for funding scholarships:
- Donors write a check every year to cover the cost of their award. This is called a “pass-through” scholarship.
- Donors collect multiple years’ worth of funding and we give away those funds each year until they are gone. This is often done in the case of a memorial scholarship, where community members are encouraged to give towards the fund in memory of someone who has passed away. This is called a “managed” scholarship.
- Donors endow a large amount of funding through SCAF (this is a legally binding restricted donation that we put in an investment), but it may not earn enough in interest to be able to fully fund the scholarship each year. We can give away a set amount, drawing from the principal if need be, with the knowledge that the fund may one day be depleted. This is called a “quasi-endowment”. (Generally $10,000 - $20,000)
- Donors endow a large amount of funding through SCAF, large enough to bear interest that will fully fund a scholarship. This “endowment” will live on into perpetuity, never touching the principal. (Generally $20,000 or more)