The WFRAC Foundation Inc. Scholarship Awarding Process

The Wake Forest Rolesville Area Community Foundation Inc. Scholarship Awarding Process

Core Purpose:

The WFRAC Foundation Inc.’s Scholarship process is built around the core purpose of providing an efficient way of individuals identifying, applying, and acquiring funding to continue to advance or complete their post-secondary or graduate education.

  • 1 The Scholarship Committee Chairperson shall meet with the Board Treasurer and accountant each year In February to determine what scholarships will be funded for the fiscal year, the amount funded, number of scholarships awarded. The Scholarship Committee shall meet to determine criteria, date of the announcement, date of submitting deadline, and date of the award.
  • 2 The finalized scholarship plan/schedule shall be presented to the Board of Directors for approval. Once approved the scholarship applications, with criteria shall be placed upon The WFRAC Foundation Inc. website by, but no later than September 1st.
  • 3 In the effort to be transparent, efficient, and meet all deadlines of scholarship submissions, accounting, review, and distribution it is STRONGLY suggested that the Foundation employ a scholarship software service.
    This shall significantly cut down on all manual work that currently is necessary for the management of all scholarships and thus creates a level of confusion, inconsistency, and frustration among potential applicants.
  • 4 The Scholarship Committee Chairperson, in following the guidelines of the scholarships, shall employ a committee to review and score the applicants. The goal shall be for all awardees to be announced within 45 days of the submission deadline.
  • 5 Scholarship awardees shall be notified via phone or letter (email) and then announced on The WFRAC Foundation Inc. webpage. Scholarship Presentations shall occur at select The WFRAC Foundation Inc. Board Meetings or Agreed to event and location each year.
  • 6 Distribution of scholarship funds to the individual or institution, based upon criteria of the scholarship, shall take place within 30 days of the award notification.

PROCESS SUMMARY

FEBRUARY

  • Scholarship committee meets and determines Scholarships, criteria, amounts awarded, date of submission deadlines and award announcement
  • Annual proposal is sent to the Board of Directors for approval.

MARCH – APRIL 30

  • All Scholarship opportunities are uploaded onto The WFRAC Foundation Inc. Website and within any future scholarship management system
  • Announcement of scholarships is made throughout the Community
  • The WFRAC Foundation Inc. Board select Recipients and award at select Board Meetings or Agreed to event and location.

MAY – JULY 15

  • Scholarships are scored on by the designated committee
  • Awards are announced within 45 days of the submission deadline and posted on The WFRAC Foundation Inc. website
  • Distribution of scholarship funds within 30 days of award
  • Presented at select Board Meetings or Agreed to event and location each year

A note of caution. The WFRAC Foundation Inc. should try to refrain from being asked to manage small scholarships of 100 – 1,000 as it pertains to individual members that want a scholarship in their name. It is of the opinion of the Board of Directors that any individual wishing to designate a scholarship in their name should:

  • Make a commitment to replenish the scholarship for five years if the amount awarded is between $500 – $999
  • Seek to make a commitment to award $5,000 or more if it is for 1 year only and that the criteria be such as to limit the number of applicants if the amount is less than $5,000. *
  • This is out of concern of the number of applications overwhelming the scoring committee in ratio to the amount being awarded.

(See “Establishing Scholarships” in Foundation Policy)