Schedule

Because of the February 1 deadline for applying for scholarships, proposals should be submitted to the SPCC and BOD during their meetings in June. This allows for approved scholarships to be awarded in the following year. November is the latest that a new scholarship may be added to those awarded in the following year.

Proposal Content

1. Name of Scholarship
   Normally the name is a person (living or deceased), technical discipline, or ANS division or section.
2. Supporting data on individual whose name is proposed
   One or two page biographical sketch indicating the individual=s accomplishments and evidence of recognition. Character and accomplishment of named individuals should be consistent with ANS objectives and image.
3. Sponsoring organization
   Normally an ANS division, but may be a local section, ANS member or other. Evidence of support should be provided by letter or representation at SPCC meeting.
4. Academic level
   Undergraduate, graduate, or sophomore.
5. Academic/research discipline (if any)
   Disciplinary targets are normally set as preferences only, not as absolute requirements.
6. Proposed initial level of scholarship
   The minimum undergraduate scholarship level is $2000; graduate is $3000 as approved by the ANS Board of Directors*.
   
   NOTE: After a scholarship is fully endowed at the initial level, divisions/individuals should continue to contribute to the fund. This will permit future increases in the award stipend; may provide for multiple awards; and will provide for years when interest rates decrease. See Item 8 NOTE and * at end of document.
7. Expected sources of initial/supplementary funding (endowed scholarship)
   Endowed scholarships must have substantial initial commitments (normally $10,000) such as division/section funds, pledges from a corporate sponsor, individual donor, or bequest. Proposal should identify donors, amounts, and status of commitments. Actual transmittal of funds should not be made until the scholarship is approved by the ANS BOD.
   
   NOTE: The rate of interest is determined annually based on projected market trends that may affect the ANS Endowment Funds. For the purpose of estimating the necessary funding, the average rate of return on ANS investments for the previous year will be used.
8. Plans for award of scholarship until sufficient endowment level is achieved
   ANS policy requires that all new ANS scholarships be self-supporting. While a fund is being developed, or if fund-raising expectations are not met, several options are possible:
   • Annual supplementary support as necessary by a division or local section
   • Award of scholarship once every 2, 3, or 4 years (if funds allow)
   • Using principle to support scholarship, thereby ultimately spending the entire fund.
   • In certain cases, merge or transfer funds with/to other scholarships. For funds that include solicited donations, this option may be precluded unless donors are advised at time of solicitation that such action is possible. Plans that identify this option should show appropriate language in solicitations.
   • See * at end of document for specified levels of awards approved by the ANS Board of Directors.
   
   Sample plan for an undergraduate $2000 division scholarship (requiring $40,000 at 5% interest):
   
   Donors make $8,000 in initial contributions and pledge $10,000 per year for the next four years ($2000 for direct support of the scholarship and $8,000 to the endowment). From the second to the fifth year, the scholarship is paid from direct support; from the sixth year on, from endowment interest.
   
   Sample plan for a graduate $3000 division scholarship (requiring $60,000 at 5% interest):
   
   Donors make $10,000 in initial contributions and pledges $15,500 per year for the next four years ($3000 for direct support of the scholarship and $12,500 to the endowment). From the second to the fifth year, the scholarship is paid from direct support; from the sixth year on, from the endowment interest.
9. Expected duration of scholarship (if the scholarship is not planned to be permanent)
   In the event that a scholarship is not fully endowed within five years of inception the SPCC may, with concurrence of the sponsoring division or section and the ANS Board of Directors, either 1) reduce the scholarship stipend, 2) award the scholarship on a reduced schedule (once every two, three, or four years), 3) provide the difference in cash between return on investment and award amount, or 4) expend the accrued funds and retire the scholarship.
10. Special selection criteria, restrictions, and other special requirements (if any)
    Identify special needs, if any, such as geographic restrictions or participation of sponsors in selection process. Special requirements should be easily implemented and should minimize the administrative process. All scholarships must use a common application. SPCC will work with sponsors to accommodate reasonable needs, but may recommend against requests that involve too large an additional burden or that are otherwise inappropriate. The scholarship sponsors should indicate who will review candidates= applications (members of the division/section or SPCC members).

Proposed wording for sponsors

It is recommended that the following wording, or alternative wording conveying the same thought, be included in all solicitations for donations, including targeted letters to potential large contributors, mailings to groups, and advertisements in newsletters or other publications:

If sufficient funds are contributed to the X. X. Xxxxxxx Memorial Scholarship during the next five years, the scholarship will be established in perpetuity; otherwise, a limited-term scholarship will be established starting in the year . In either event, all contributions to the fund will be used to support the X. X. Xxxxxxx Memorial Scholarship fund.

This suggestion is prompted by the policy that scholarships not be awarded until there are sufficient funds on account to support the proposed award. Concern is that, should a fund never reach "self-sufficiency," that we have clearly indicated to contributors that 1) the scholarship may become a limited-term scholarship, and 2) that we clearly commit that all funds contributed will be used for the intended scholarship (unless, of course, a scholarship is established under different rules at the outset).