SAN DIEGO CHAPTER PENN STATE ALUMNI ASSOCIATION
ENDOWED SCHOLARSHIP BY-LAWS
1. NAME: The name of this scholarship shall be
the “San Diego Chapter Penn State Alumni Association Endowed Scholarship.”
2. PURPOSE: The purpose of this scholarship shall be to provide recognition
and financial assistance to students enrolled at The Pennsylvania State
University whose home address of record is San Diego County.
Scholarship Committee Policies and
Procedures
To Supplement the Scholarship’s By-Laws
4. ELIGIBILITY: Consideration for this scholarship shall be given to all full-time undergraduate students enrolled at The Pennsylvania State University whose home address of record is San Diego County and possess a minimum third semester standing, no less than two semesters remaining until graduation and a minimum of a 2.5 GPA.
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5. SELECTION PROCEDURE: Recipients of this scholarship shall be selected by the Scholarship Committee. The Chapter shall request a list of eligible candidates from the University by the first Monday of May. All applications shall be mailed to the students by the second Monday of May. Completed applications shall be received by the Chapter postmarked no later than the fourth Monday of June. Applicants with a 3.0 GPA or higher will be given first consideration. If there are more scholarships to be awarded than students that satisfy the 3.0 GPA requirement, then the rest of the applicants shall be considered. If the Scholarship Committee feels that the quality of two or more applications is equal, financial need shall be considered. Applications shall be reviewed anonymously by the Scholarship Committee and a recipient(s) chosen by the second Friday of July. The Office of Student Aid, which is responsible for ensuring compliance with regulations concerning federal, state, and other aid in accordance with University policy regarding academic scholarships under University control, shall be informed of all awards within three (3) days of the selection. An award ceremony for the scholarship winner(s) will be held at the annual Freshman Send-Off event.
6. AMOUNT OF AWARD: The number of scholarships awarded and the amount of each shall be determined by the Scholarship Committee. Scholarships shall be awarded annually in accordance with the University endowment spending policy. Any available monies not awarded in a particular year shall be added to the principal or retained for award together with the available monies of the following year, as determined by the Scholarship Committee.
7. TERM OF AWARD: Each scholarship shall be awarded for one academic year. Prior recipients may reapply.
8. ENDOWED MANAGEMENT: This endowment shall be subject to general guidelines and policies adopted by the Board of Trustees of The Pennsylvania State University for the management of endowed funds. Stability of endowed support and preservation of purchasing power against inflationary pressures shall be achieved by limiting spending to a specified percentage of the annually-determined market value of the fund. As authorized by the Board of Trustees, the University’s Investment Committee monitors and administers annual endowment spending. Any investment returns in excess of the designated spending rate are retained in the principal of the fund.
9. AMENDMENT: The Board of Trustees of The Pennsylvania State University, with written consent of a Chapter officer, shall have the authority to make changes in these guidelines which are necessary to ensure the fulfillment of the above-stated objectives.
Revised 2004
2. GOALS: The endowed scholarship fund must be steadily increased each year to preserve the future integrity of the scholarship. The specific short-term goal for the scholarship shall be for each future membership year to raise a minimum of $4000.00 and bring the Endowed Scholarship principal to $50,000.00 by the 2010-2011 membership year.
3. REVENUE: Endowment principal revenue shall be procured from, but not limited to: 25 percent of each membership year’s dues, all proceeds from special raffle items requested from the University and friends of the University, and 100 percent of the football game-day raffle profits.
4. APPLICATION: The application format shall be four questions with three of the questions rotated out of the application each year. The question that shall remain constant is “Why are you a good candidate to receive this award?” A copy of each year’s application shall be included with this document.
Approved September 14, 2004