Purpose

The purpose of this policy is to establish the roles, responsible parties, and policy guidelines for the establishment of scholarships, fellowships, and prizes.

Authority

Code of Virginia Section 23.1-1301, as amended, grants authority to the Board of Visitors to make rules and policies concerning the institution. Section 7.01(a)(6) of the Board of Visitors Bylaws grants authority to the President to implement the policies and procedures of the Board relating to University operations.

Code of Virginia Section 23.1-2003, as amended - Powers and Duties

Board of Visitors Policy 1631 - Spending Policy for Endowed Funds

University Policy 1100 - Development Policy

University Policy 1102 - Acceptance of Gifts-in-Kind to the University

Definitions

Acceptance Criteria - Decision factors in the award of scholarships, fellowships or prizes that include, but are not limited, to the following: participation in a certain program or activity, minimum GPA or rank in class, class level (graduate or undergraduate), declared or intended major in a designated field, and residency in designated locality. Restrictions on the basis of ethnicity, race or that otherwise involve the application of affirmative action/equal opportunity laws must be approved by University Counsel prior to establishment of the award.

Annual Scholarships/Fellowships - A contribution for an annual scholarship/fellowship may be provided by an individual or an institution. It is an annual payment that is to be expended for scholarships/fellowships awarded according to criteria established by the donor, in conjunction with the Office of Development, with prior approval of the Director of Student Financial Aid. All annual scholarships/fellowships are subject to acceptance criteria.

Endowed Scholarships/Fellowships - Scholarships are gift aid that may be awarded to undergraduate and graduate students. Fellowships are gift aid that may be awarded to graduate students. An endowment is a permanent fund that has been established for the purpose of providing scholarships/fellowships for students. Endowed scholarships/fellowships are awarded according to criteria established by the donor, in conjunction with the Office of Development with prior approval of the Director of Student Financial Aid. All endowed scholarships/fellowships are subject to acceptance criteria.

Gift Aid - Funds such as grants or scholarships that do not require repayment.

Prizes for Students/Faculty - Student/faculty prizes may be endowed or annual and are awarded according to criteria established by the donor with prior approval of the Office of Development. Student prizes differ from scholarships in that students generally do not apply for them and the disbursements may be handled by the Foundation. Depending on the criteria established by the donor, continued enrollment may not be a condition of the award. Prizes are awarded "after the fact" in that they are given to students/faculty for prior achievements in coordination with the Office of Development and individual University departments. Achievement may be determined through, but is not limited to, demonstration of performing or artistic ability, submission of written work, performance in an activity, or calculation of a grade point average. All prizes for students/faculty are subject to acceptance criteria.

Scope

This policy applies to all employees and students . Employees include all staff, administrators, faculty, full- or part-time, and classified or non-classified persons who are paid by the University. Students include all persons admitted to the University who have not completed a program of study for which they were enrolled; student status continues whether or not the University's programs are in session.

Policy Statement

The University provides endowed and annual scholarships, fellowships, and student prizes in accordance with established financial and operational controls and criteria and adheres to legal standards regarding nondiscrimination. Responsibilities for fund development, award, and disbursement are assigned to individual University administrative units. A written agreement with appropriate administrative approval is required in advance of establishing a scholarship, fellowship, or prize.

The Director of Student Financial Aid has been delegated management authority and responsibility to monitor the endowed and annual scholarship delivery process and the acceptance and approval of all new programs, the budget process, and the implementation of policies and procedures for the administration of these programs. Fiscal controls will be established in budgeting, awarding, and accounting processes.

Procedures

1. A written agreement for scholarships, fellowships and prizes must include the following statements:

   1. in which category of aid the award will be aligned so that existing policies and procedures may be applied
      

   2. the nature and source of funding
      

   3. the acceptance criteria to be eligible for the award
      

   4. a spending rule or general reference to the current spending policy in effect
      

   5. the authority of the Board of Directors of the Foundations to change the criteria of the award if the purpose of the award no longer exists with, whenever possible, the inclusion of the donor's approval.

2. Prior to Old Dominion University's acceptance of responsibilities to administer or develop any annual or endowed scholarship, a written agreement must bear the signature of the President of the University or a Vice President and the Director of Student Financial Aid.

3. Recipient selection and disbursement of funds for endowed and annual scholarships are coordinated through the Office of Student Financial Aid.

4. Funds may be awarded or disbursed before they have been received and transferred to appropriate accounts with prior approval by the Office of Development.

5. Fiscal controls are established in the budgeting, awarding, and accounting processes to ensure the following conditions:

   1. Donors of financial aid funds are to be assured that the conditions under which their funds were granted are being followed except as noted in 1.e. above.

   2. Donors of financial aid funds are to be assured that the students who receive the funds meet the award's criteria.

6. Written policies and procedures for each program/award/scholarship must be defined and regularly reviewed, reevaluated and revised as necessary by the Office of Development.

Records Retention

Applicable records must be retained and then destroyed in accordance with the Commonwealth's Records Retention Schedules.

Responsible Officer

Assistant Vice President of Foundations

Related Information

Board of Visitors Policy 1810 - Naming of University Buildings, Building Spaces, or Areas