1. Managing Endowed/Restricted Scholarships – A Streamlined Approach
Presenter:
Samantha Veeder
Associate Dean of College Enrollment/ Director of Financial Aid
University of Rochester, Rochester NY

2. Agenda Goal – “ideal state” Organizational challenges A case study
Analysis of two different processes
Communication with students
Donor relations
Q&A

3. Goal – “ideal state” An efficient process to:
Determine earnings/interest income (spending levels)
Identify students who meet scholarship/donor criteria
Prepare aid packages
Notify Development Office in time for “Gratitude Gathering”
Communicate with donors

4. Organizational Challenges
Typically involves three different divisions within the institution
Finance/ Treasurer
Advancement/ Development
Enrollment Management/ Financial Aid

5. Organizational Challenges
IHE’s have a culture of “silos”
Lack of understanding of each other’s business process
Ownership
Timing
Communication

6. A Case Study A choice between two approaches
And one philosophy – supplant the financial aid budget

7. #1 – Transparency
Early February- Financial Aid receives earnings from the Treasurer’s office to establish awarding limits
Through packaging season (February-August) look for opportunities to include named scholarship in student’s financial aid package
Awards are called out by name, i.e. Carrie Auchter Scholarship
Typically involves “swapping out” another award

8. #1 – Transparency Update Development Office with recipient information
Often students are offered scholarship but have not yet enrolled, or are enrolled but withdraw prior to term
Often students are awarded after Development is notified
Receive update from Development Office on students who have not participated in Gratitude Gathering and/or completed “thank you” portfolio
FA removes scholarship from pending aid on bill until requirements are met (unnecessary re-work!)

9. #1 – Transparency Advantages
Scholarship is listed individually on financial aid award letter
Students see the dollar value of the scholarship
Disadvantages
Difficult to find students to “swap out” because almost all FA is merit scholarship
Recipient list is “fluid” creating complications for Development in arranging Gratitude Gathering
Process for updates between FA and Development is manual and cumbersome
Based on “swap out” with unfunded aid, students are upset that it is not more money

10. #2 - Efficiency
Financial Aid continues to receive earnings/ spending level from Treasurer’s Office although not needed as early
Do not list scholarship by name in the award letter
Instead, notify student that existing scholarship is “funded in part by the generous donation of X”
Condition students ahead by including text in the Financial Aid award letter
Identify recipients in one step rather than over several months, after packaging is complete and enrollment is known

11. #2 - Efficiency
Update Development with a “final”/accurate recipient list
Prepare invitations to the Gratitude Gathering in same notice as scholarship letter
One communication instead of two
Receive update from Development Office on students who have not participated in Gratitude Gathering and/or completed “thank you” portfolio
Development places a hold on spring term registration

12. #2 - Efficiency Advantages
Administratively easier to swap endowed funds for unfunded grants – can use merit scholarships
More accurate & timely recipient list to Development
One GL transfer of all interest income at end of fiscal year
All revenue supports the financial aid budget
Disadvantages
Risk that students will not appreciate value and are unwilling to write a thank you note
Not individually listing the scholarship on the award letter

13. Communication With Students
Gratitude Gathering Invitation
Financial Aid Award Letter

14. Donor Relations
Financial Aid provides an annual, detailed report of recipients for each named scholarship to the Development Office
Development prepares a portfolio annually for the donor with updates on market value and recipients, including photos and the personal thank you notes written at the Gratitude Gathering

15. Q&A