Scholarship Administration

Transcription

1 Scholarship Administration

2 KSU Foundation Christy Scott, Senior Director of Compliance Services Anani Eble, Donor Compliance Manager Pam Collins, Assistant Director of Donor Compliance Katy Walradt, Compliance Services Coordinator Karen Dunn, Fund Accountant Dallas Gaither, Accountant I Brenna Hall, Shared Services Accountant Deb Depew, Sr. Director of Accounting/Controller Student Financial Assistance Denise Tabb, Assistant Director for Scholarships Tricia Baumgartner, Scholarship Coordinator

3 Scholarship Administration Process Outline Anani Eble

4 Fund Types Expendable funds Not invested in endowment pool Monies available for spending immediately Endowed funds Minimum contribution of $25,000, or $50,000 with criteria Principal/corpus invested in endowment for perpetuity (cannot be invaded) Percent (amount approved annually) of market value distributed for use by campus quarterly Term-endowed funds Principal can be invaded Percent (determined by donor) or designated amount of market value distributed for use by campus quarterly Anani Eble

5 Underwater Funds Contributed Value The amount a donor contributes to the principal of an endowed fund. Market Value The value of the principal of a fund with market gain or loss. If the fund s market value is less than the contributed value, the fund is underwater. If the loss is between 0-7.5%, full distributions will be made to the expendable balance. If the loss is between %, half distributions will be made to the expendable balance. Half will be retained in principal to regrow the fund. If the loss is more than 15%, no distributions will be made to the expendable balance. Anani Eble

6 Scholarship Administration Process Outline From Fund Establishment to Donor Acknowledgment Anani Eble

7 Scholarship Administration Foundation Funds MOU/ MOA Documented by development staff Distributed to campus partners An MOU is a binding agreement that documents donor intent for a fund. An MOA captures the intent of a fund when no living donor exists or is available to sign. MOU/MOAs, and their supplemental documents, contain the following: Fund s official name Purpose Donor information (if applicable) Fund type (endowed, term-endowed, or expendable) Amount (available earnings or specified amount) Funding timeline* Signatures of all parties involved Criteria A NOTE ON SELECTION CRITERIA must if no eligible applicants fit criteria money should not be awarded preference after every attempt to meet criteria, may be awarded based on broadened criteria Anani Eble

8 Scholarship Administration Foundation Funds MOU/ MOA Documented by development staff Distributed to campus partners A NOTE ON FUNDING TIMELINES IN ORDER TO GROW THE PRINCIPAL, the first four quarters of earnings on contributions to endow a fund are held in principal. If a donor would like an award to be made in the first or second year after the fund is endowed, they will need to contribute to the expendable balance. Anani Eble

9 Scholarship Administration Foundation Funds Fund Balances Balances available in February FIN/Development available yearround In January Donors have until January 31 st to contribute to the expendable balance of their fund for fall awards KSUF accounting staff finalizes December distributions (for endowed funds), receipts gifts through Jan 31 st, and adds the March earnings to a calculated income balance In February KSUF compliance reviews, modifies, and loads balance information in K-State Scholarship Network (KSN) March balances will be provided in KSN. For February 2018, June projections will be provided as well. In future years, June projections will not be available. Anani Eble

10 Scholarship Administration Resources Projection Spreadsheets (available for ) Spreadsheets include: Fund # and Title Income balance, March and June projections Criteria Award amounts Donor and contacts Flags on accounts Underwater percent Remember: Projections capture transactions through February 6 th, 2018 Anani Eble

11 Scholarship Administration Resources Foundation Information Network (FIN) Scholarship administrators should actively manage and monitor funds to ensure maximum utilization of awards Factors impacting fund balances include: Residual (late) scholarship awards Supplemental contributions from donors FIN Access Request: FIN users: what do you find most useful? Anani Eble

12 Scholarship Administration ALL Funds Student Data Information available to scholarship administrators February 16th KSN will contain: All students in KSIS with active admission status You will be able to see which of these have completed the general scholarship application for the upcoming year Need-based scholarship information FAFSA data for the upcoming year such as Cost of Attendance, original need, unmet need, etc. Denise Tabb

13 Scholarship Administration Resources Information in KSN Aid Year Student # and name High school name and GPA ACT/SAT scores Academic major and program Ethnicity and gender Academic level Current K-State scholarship offer Pell eligibility Cost of Attendance Student need Enrollment And much, much more! Denise Tabb

14 Scholarship Administration Resources This report will be available for the following year mid February each year. The college representative can pull this report any time they would like to see updated GPA, keep track of who has been funded, and to see if any additions have been made due to student changing colleges. Denise Tabb

15 Scholarship Administration Resources Finding financial need now in KSN Denise Tabb

16 Scholarship Administration Foundation Funds Recipient Selection Scholarship administrators select recipients who match criteria February-August Make selections based on: Award amount/# of recipient guidelines Criteria, as stated in the MOU Available balances If awarding guidelines are too narrow, please consult with KSU Foundation Development staff. We CANNOT stress it enough Donor intent is the single most important factor when choosing recipients for Foundation funds. Anani Eble

17 Scholarship Administration ALL Funds Scholarship Confirmation Scholarship administrators send confirmation to SFA Scholarship Confirmation Forms Send Scholarship Confirmation Forms for all scholarships to be processed to SFA Multiple awards for the SAME FUND may be included on one form Awards for different academic years require multiple forms Denise Tabb

18 Scholarship Administration Resources Scholarship Confirmation Form Academic Year Awarding Body Name of Scholarship, Account # Student Name, # Award Amount (per term and annual) Signature Line Located on eforms and FIN Please note: the scholarship amounts included on this form will be shared with the donor(s) on the annual scholarship recipient report. Denise Tabb and Anani Eble

19 Scholarship Administration Resources Please round awards down to an appropriate figure. $ may be available, but $800 has a better feel to a donor and recipient Also, never round up. $850 is a better scholarship than $800, but not if you do not have the funds available. Anani Eble

20 Scholarship Administration Foundation Funds Recipient Notification Scholarship administrators notify students about scholarship(s) Scholarship Notification Packet Students should receive letter/packet including: Award letter Thank you letter guidelines* College/Department contact information *Include the thank you letter guidelines for all scholarships with a living donor or contact listed. Anani Eble

21 Scholarship Administration Resources Scholarship Notification Letter The scholarship notification letter should include the following: Full title of the scholarship, verbatim, as provided by KSUF Amount of award Living donor/contact names TY Letter due date (if applicable) If the scholarship is funding an existing university scholarship, please make sure that is clear. Anani Eble

22 Scholarship Administration Foundation Funds Donor Appreciation Scholarship administrators collect thank you letters from recipients Thank you letters Encourage students to write thank you letters Review letter for appropriateness/glaring mistakes Bundle letters by fund Label each letter or bundle with fund # Stewardship records thank you letters in database before forwarding to donors/contacts Forward all letters to living donors/contacts to KSUF by September 15th Laura Forster

23 Scholarship Administration Resources Thank You Letter Guidelines Formatting suggestions Sample discussion topics Do include correct title and donor names Do not include $ amount or date One page in length TONE Use your best judgment as to whether a thank you is donor-appropriate. Laura Forster

24 Criteria from MOUs entered by KSUF staff Student data imported from KSIS Additional information acquired through application(s) Anani Eble

25 Applications Application(s) will launch in June 2018 for the applicant term General Application Conditional Applications Apply-to opportunities Anani Eble

26 Selecting Recipients New System officially launches for recipient selection in March 2018! Anani Eble

27 Selecting Recipients Grids allow you to view restrictive funds, or students with funding obligations, etc. Filter, sort, and save based on your preferred process. Anani Eble

28 Implementation Next Steps Identify automatch vs apply-to funds Collaboration between Campus and KSUF to accurately build criteria in KSN Attend trainings/watch webinars Successful implementation depends on strong partnerships and open communication! Anani Eble

29 General Questions?

30 Thank you for attending!

31 K-State Scholarship Network

32 Why are we providing this resource? Kansas State University has a large, decentralized scholarship administration process: Over 50 awarding units employing varying selection, stewardship, and application practices Over 30 supplemental scholarship applications, in addition to the general scholarship application Over 3,000 individualized scholarship funds providing awarding monies from KSUF Many funds are challenging to award based on donor-established criteria Only 75% of required thank you letters are submitted by students, despite the diligent efforts of scholarship administrators to notify students and manage the collection of letters

33 What goals guided product selection and the implementation process? To define, implement and maintain a comprehensive KSU scholarship platform for all stakeholders. The mandate for this scholarship platform is to provide: a seamless, intuitive, and consistent application for KSU students that maximizes scholarship opportunities an intelligent scholarship selection process utilized by all KSU scholarship awarding stakeholders a Best in Nation stewardship experience for KSU s scholarship donors

34 Did we get there? AcademicWorks is not a perfect solution. The product is constantly improving based on feedback from its nearly 500 higher education customers. But it isn t perfect. Everyone is different. Some of you will love this immediately. Some of you will hate it immediately. Some of you will be grateful for a system that is marginally better than what you ve used in the past (spreadsheets, binders of MOUs, maps, etc) Scholarship management platforms are greatly impacted by changing policies, procedures and laws. We aren t done building and learning yet.

35 What is next? Individual meetings to train, review, and gather feedback on scholarship recipient selection functionality Build conditional applications and direct-apply scholarships in partnership with awarding units Launch application to students this June

36 New terminology Portfolio- Scholarship/Fund Opportunity- An iteration of the portfolio (the award opportunity for a certain scholarship/fund) Scope- awarding unit (college, department, program, etc) Applicant- any student enrolled at K-State (regardless of scholarship application completion) Qualification- criteria that: Is measurable and consistently defined Imported from KSIS or available through scholarship application(s) Consideration- criteria that: Is not consistently interpreted/defined (eg; leadership, character, work ethic, financial need, professionalism, academic merit, community service, etc) Cannot legally limit or rank an eligibility pool (gender, race/ethnicity, religion) Categorize- the action of assigning a student to a scholarship opportunity Automatch- scholarships with eligibility lists that are built on matches to criteria.

37 Portfolio information MOUs are available in KSN! Fund type (expendable, endowed) Captures stated award amounts and quantity of recipients

38 Opportunities Grid Captures most of the info previously on projections Sortable by consideration, amount available, description, fund type, qualified applicants, fund number, title, etc Custom grid views can be saved

39 Qualifications Captures criteria for minimally qualified students If a student meets criteria in a qualification group they will be included in applicant grid Students get points for each qualification group they meet

40 Applicant Grid List of all minimally qualified students Filter by additional requirements/ preferences/ considerations Sort by columns Can be customized and saved Note that only 1 student qualified once incoming freshmen was accounted for in the applicant grid filter. The student meets the second preference for EN (earning 3 points), but not the first preference for ED (which would have been worth a total of 4 points). Let s take a closer look at Saved Filters

41 What is Consideration? Why not use a note? No ability to search or group funds by notes Why not use a filter? We can t impose a filter on certain considerations (gender, race/ethnicity) If there is a way to correctly filter, you can opt to add that filter and save the grid view Example: Financial Need Add a filter for all students with unmet need of $1,000* or more *Intended as an example only

42 Consideration On opportunities grid Filter your funds by need, merit, etc A nice feature is that you can now assess how many funds (what kinds of funds, how much money, etc) you have with certain considerations On portfolio page Filter your funds by need, merit, service, etc Hot Tip: You can create a custom Dashboard Card based on a saved grid view

43 General Questions? For any additional questions you may have beyond this training, please contact us at

44 Link to KSN