CSC Scholarships, Bursaries & Awards (SBA) Policy

Transcription

1 CSC Scholarships, Bursaries & Awards (SBA) Policy Purpose Centre Street Church (CSC) 1. Wishes to support and invest in Students who are attending Accredited Post-Secondary Educational Institutions preparing for, or enhancing their skills for, Christian Ministry. 2. Wishes to recognize the achievements of Outstanding Students. 3. Recognizes the financial resources available to Students from parental contributions, summer and part-time employment, or other sources may not be adequate to cover the cost of their education. 4. Wishes to provide a mechanism for Donors to provide funds to support and invest in Students consistent with the values & objectives of CSC. SBA Funds CSC hereby establishes two SBA Funds for distribution of CSC Scholarships, Bursaries & Awards (SBA s) to students. For simplicity, the Bursaries & Awards terminology will be excluded from the Fund names. The CSC Designated Giving Policy applies to this policy and defines the IR and ER abbreviations used in the fund names. CSC hereby continues the CSC Scholarship IR Fund. Generally, this fund will distribute SBA s less than $2,000 per student per year, and will receive funding from: 1. Unrestricted SBA donor designations, 2. Transfers from other IR funds that may be approved from time to time, 3. Allocation of funds through the CSC budgetary process, 4. Allocation of a portion of the CSC Year-end General Fund residual (excess of revenue over expense) that may be approved from time to time, 5. Interest/Investment income earned by the fund. CSC hereby continues the CSC Scholarship ER Fund with a term of 10 years. Generally, this fund will distribute SBA s of $2,000 or more per student per year, and will receive funding from: 1. Externally Restricted SBA donor designations, 2. Transfers from the CSC Scholarship IR Fund or other IR funds that may be approved from time to time, 3. Allocation of funds through the CSC budgetary process, 4. Allocation of a portion of the CSC Year-end General Fund residual (excess of revenue over expense) that may be approved from time to time, 5. Interest/Investment income earned by the fund. Donor Designations to Specific Students Donor Designations to specific students will not be accepted by either of the SBA funds. Donors should make such donations directly to the student or the educational institution the student attends. CSC Scholarships, Bursaries & Awards Policy.doc Page 1 of 9

2 Initial SBA s This SBA policy will serve as an umbrella for what will hopefully be a number of scholarships, bursaries and awards that will be available for granting to worthy students. The first SBA s established under this Policy are the: 1. CSC Emerging Leader Scholarship (Appendix A), 2. CSC Rocky Mountain College Bursary (Appendix B), and the 3. CSC Chuck Matson Memorial Emerging Leader Scholarship (Appendix C). SBA Committee CSC hereby establishes The Scholarships, Bursaries & Awards Committee (the SBA Committee) of not less than 4 and not more than 6 to administer both of the SBA Funds. Membership of staff & non-staff positions on the committee will be approved annually by the Senior Pastor or Executive Pastor and include: 1. Not less than one member from Staff,. 2. Not less than one CSC member at large. The CSC Conflict of Interest Policy will apply to all members of this committee. Overriding Principles 1. Eligible students are CSC members or attenders CSC Staff who are eligible for Professional Development funding are not eligible for grants under this policy. 2. SBA s granted/distributed must never exceed amounts available in the SBA Funds The amount available from the CSC Scholarship IR Fund is the total value of the fund, recognizing that 1) a portion of the fund may be required to top up the available funds (capital and/or earnings) in the CSC Scholarship ER Fund, and 2) a portion may need to be carried over to future years (retained in the fund) to meet ongoing commitments the SBA Committee may establish The amount available from the CSC Scholarship ER Fund is the interest/investment income earned by the fund, except that in years where the external restrictions have expired, the principal may also be available if approved by the BOG. 3. Funds will be disbursed: 3.1. Directly to the educational institution on behalf of the student One Semester at a time 4. Any one student is eligible for grants under any one appendix to this policy for up to 4 school years, granted/approved one year at a time. The 4 years do not need to be in succession. Where they are not in succession, the student will have a maximum of 6 school years in succession to qualify for and receive all 4 grants, effectively allowing up to a 2 year sabbatical from their studies. 5. Any one student is eligible for grants under as many as 3 appendices to this policy per school year. 6. The provisions of 4 & 5 above will not result in any one student receiving grants totaling more than $6,000 in a school year. 7. Should a student withdraw from classes, be expelled by the educational institution, or be on educational probation, then any further eligibility for grants (including grants previously approved but not yet remitted) under this policy are withdrawn. After reviewing the circumstances with the student and the educational institution, the SBA CSC Scholarships, Bursaries & Awards Policy.doc Page 2 of 9

3 Committee at its sole discretion will determine the appropriate response, including potentially re-instating approval. 8. Applications become the property of CSC. The decisions of the SBA Committee are final. Only successful applicants will be notified. Specific reasons for the success (or lack of success) of an application will not be provided. Inclusions/Exclusions 1. This policy includes: 1.1. Scholarships, which are based on Enrolled Academics Bursaries, which are based on Enrolled Academics Awards, which are based on Achieved Academics 2. This policy excludes: 2.1. Student Loans Fellowships. Definitions Terminologies used in this policy (including appendices) will have the following meaning: 1. Grant(s) an umbrella term describing all forms of financial assistance contemplated in this policy. 2. Scholarships monetary aid to students based on Enrolled Academics, designed to cover a large portion, perhaps all, of the student s tuition costs & related fees. 3. Bursaries monetary aid to encourage students based on Enrolled Academics, designed to cover a small portion of the student s tuition costs & related fees. 4. Awards monetary aid to students based on Achieved Academics, including recognized Christian character traits and leadership skills. 5. Student Loans monetary aid to students that the students are expected to repay. 6. Fellowships college or university based positions for advanced study or research. 7. Enrolled Academics the student is able to provide documented evidence that the educational institution has accepted (or if acceptance is conditional on the grant, is willing to accept) the student for studies in the term being considered for the grant. 8. Achieved Academics the student has excelled in their studies and the educational institution has or will be recognizing the student in some way. 9. CSC Member has the meaning described in the CSC Bylaws 10. CSC Attender a person who attends CSC on a regular basis. 11. Christian Ministry Full Time, Part Time or Volunteer Ministry in CSC, its affiliated churches, and its affiliated para-church ministries, consistent with the Values and Objectives of CSC Full Time and Part Time paid staff & contract staff positions Volunteer unpaid positions. 12. CSC Senior Financial Officer the staff position with direct responsibility for church finances. 13. School Year generally the period of time from September 1 to August 31 containing 3 semesters, though some schools may have different school years. 14. Accredited Post-Secondary Educational Institutions educational institutions that are recognized as maintaining standards that qualify the graduates for admission to higher or more specialized institutions or for professional practice. This includes educational institutions in: Canada, and CSC Scholarships, Bursaries & Awards Policy.doc Page 3 of 9

4 14.2. Outside Canada if the institution is listed on the Canada Revenue Agency Qualified Donee List of prescribed universities outside Canada. Preference is to provide any grant(s) through the Canadian Affiliate (if any) of these institutions. Segregation of Funds The CSC Scholarship IR Funds may be co-mingled with other CSC IR Investments/Funds, invested according to the CSC Investment Policy, and will if co-mingled earn its pro-rata share of interest/investment income. The CSC Scholarship ER Funds will be invested with and managed by the Mennonite Foundation of Canada (MFC) in a prudent manner consistent with the CSC Investment Policy with the objective of generating enough interest/investment income to fund the yearly grants from this Fund. New/Revised Scholarships, Bursaries and Awards Each Scholarship, Bursary or Award established under the SBA Fund will have its own criteria for granting SBA s to students. New/Revised Scholarships, Bursaries or Awards will be established in a new/revised Appendices to this Policy. These Appendices will be: 1. Prepared by the SBA Committee. 2. Approved by the Executive Pastor. before any funds can be disbursed/granted under any new/revised appendix. Donations to the SBA Funds must be approved in accordance with the CSC Designated Giving Policy. New/Revised Scholarships, Bursaries or Awards may bear a name: 1. That is consistent with its purpose, or 2. Of the Donor, or 3. Of a person the Donor wishes to Recognize or Honor. The SBA Committee will work with the Donor, and CSC Senior Administration to establish an appropriate name before bringing forward for approval. Communications and Media The SBA Committee will use CSC media to announce the availability of the SBA grants. The most appropriate communication media will be determined by the SBA Committee, and potentially include: 1. Postings on the CSC website. 2. Print publications such as the weekly bulletin. 3. Public announcements. Communications will be timed and targeted to ensure all potential candidates have ample opportunity to hear of the availability of the grants, with sufficient lead time to prepare applications. The minimum lead time from initial public communication to application deadline is 60 days. CSC Scholarships, Bursaries & Awards Policy.doc Page 4 of 9

5 The SBA Committee will also use CSC media to make potential donors aware of the opportunity to donate to the SBA Funds. The SBA Committee will, in addition to other sources the SBA may choose, consult with the Mennonite Foundation of Canada (MFC) for guidance in developing appropriate communication strategies. Privacy CSC reserves the right to release information regarding grant recipients to applicable educational institutions and government bodies in keeping with the Freedom of Information and Privacy Act and according to the CSC Privacy Policy. Taxation & Audit As required by the Canada Revenue Agency (CRA): 1. CSC will issue tax information slips to students who were granted a scholarship bursary or award. 2. CRA will issue charitable contribution receipts to SBA Fund donors. The SBA Funds will be subject to audit as part of the CSC annual external audit. CSC Scholarships, Bursaries & Awards Policy.doc Page 5 of 9

6 Appendix A - CSC Emerging Leader Scholarship Funded By CSC Scholarship ER Fund Eligibility/Conditions Worthy Students must be enrolled full-time at an Accredited Post-Secondary Educational Institution, engaged in study that better qualifies the student to engage in full-time Christian Ministry. The student has exhibited a commitment to Christian ministry and exhibited leadership qualities through their involvement at CSC or its affiliated ministries. Value Up to $5,000 per school year per student, to cover tuition and related fees. Number/Deadline The number of awards available each year is determined by the SBA Committee. The application deadline will be announced by the SBA Committee. Criteria/Application Students applying for this Scholarship must submit the following to the SBA Committee: 1. An application containing details & evidence (enrollment application, receipts etc) of their educational enrolment including tuition costs and related fees. 2. Official transcript(s) showing a GPA of 3.0 or higher. 3. A Resume of their activities at CSC or its affiliated ministries. 4. A personal written statement indicating why they believe they should be considered for the scholarship, and why the intended institution and course of studies is preferred (not to exceed 2 pages). 5. Resume/Curriculum Vitae (not to exceed 3 pages). 6. Three written evaluations by referees (not to exceed 1 page each) Items 3-6 above should be letter size paper, single spaced, font size no smaller than 11 point. Incomplete or late applications will result in disqualification. Selection/Renewal Successful applicants will be selected by the SBA Committee of Centre Street Church (CSC). Scholarships will be granted based on merit including academic achievement, community and/or church involvement, demonstrated potential for leadership, and continuation of studies. Successful candidates will need to re-apply to be considered for this scholarship in subsequent years. CSC Scholarships, Bursaries & Awards Policy.doc Page 6 of 9

7 Appendix B - CSC Rocky Mountain College Bursary Funded By CSC Scholarship IR Fund Eligibility/Conditions This Bursary is to provide tuition assistance to students enrolled full-time (9 or more credit hours per semester) or part-time (up to 8 credit hours per semester) at Rocky Mountain College (RMC) in order to support the denominational college and the students from CSC who attend there. Generally, this Bursary is funded by transfers from the Missions and Outreach Fund to the CSC Scholarship IR Fund. Value Up to $1,500 per school year per full-time student. Up to $750 per school year per part-time student. Number/Deadline The number of awards available per year is dependent on the number of CSC students attending RMC and the availability of funds in the SBA Fund. The application deadline will be announced by the SBA Committee. Criteria/Application All CSC students attending RMC are eligible. CSC Ministry/Pastoral Leaders, through regular contact with: 1. CSC students attending RMC, 2. support staff & volunteers in their various Ministries, 3. other CSC ministries, and 4. RMC will determine who from CSC is attending RMC and recommend payment to RMC on behalf these student(s). Selection/Renewal The SBA Committee of Centre Street Church (CSC) reviews the recommendation of the CSC Ministry/Pastoral Leaders, conducts some due diligence with RMC to confirm full-time or parttime enrollment, and authorizes payment. CSC Scholarships, Bursaries & Awards Policy.doc Page 7 of 9

8 Appendix C - CSC Chuck Matson Memorial Emerging Leader Scholarship Discontinued Effective July as the Scholarship has been fully awarded. CSC Scholarships, Bursaries & Awards Policy.doc Page 8 of 9

9 Appendix D CSC Lieske Theatre Arts Scholarship Discontinued Effective July as CSC no longer offers the Theatre Arts Program. CSC Scholarships, Bursaries & Awards Policy.doc Page 9 of 9