Scholarship Award Disbursement Policy (Approved 10/17/2023)
1. Introduction
This policy outlines the procedures and guidelines for the disbursement of scholarship awards to recipients at the SI SE PUEDE Scholarship Foundation. The primary goal of this policy is to ensure the accurate and timely distribution of scholarship funds to eligible recipients.
2. Award Disbursement Timeline
a. Scholarship awards will be disbursed according to a predetermined schedule, which will be communicated to scholarship recipients. The disbursement schedule may vary based on the type of scholarship, academic term, or other relevant factors.
b. The disbursement schedule will take into account the start of the academic term and any specific requirements for payment.
3. Verification of Eligibility
a. Before disbursing scholarship funds, recipients' eligibility will be verified. This includes confirming enrollment status, academic progress, and compliance with any specific scholarship criteria.
b. Recipients may be required to provide documentation, such as class registration, academic transcripts, or other relevant records, to confirm their eligibility.
4. Payment Methods
a. Scholarship funds may be disbursed directly to the recipient or to the educational institution, depending on the scholarship's terms and conditions.
b. The SI SE PUEDE Scholarship Foundation will prefer to disburse through the educational institution as a means to verify that the funds are used for educational purposes.
c. If the scholarship funds are to be paid directly to the recipient, they will be informed of the payment method (e.g., electronic transfer, check) and the information required to facilitate the payment.
5. Compliance with Regulations
a. The disbursement of scholarship funds will comply with all applicable laws and regulations, including those related to taxation and financial aid.
b. Recipients will be responsible for reporting scholarship funds as required by relevant tax authorities.
6. Notification of Disbursement
a. Recipients will be notified in advance of the scheduled disbursement date and the amount of the scholarship award.
b. The notification will include instructions on how to ensure a smooth disbursement process, including any necessary actions or documentation required.
7. Changes in Circumstances
a. Recipients must promptly inform SI SE PUEDE Scholarship Foundation if there are any changes in their circumstances that may impact their eligibility for the scholarship or the disbursement process.
b. Changes in enrollment status, field of study, or financial circumstances should be reported to the scholarship office.
8. Unclaimed Funds
In the event that a scholarship recipient does not claim their awarded funds within a specified period, the SI SE PUEDE Scholarship Foundation may take appropriate actions, such as reallocating the funds to another deserving recipient or retaining them for future scholarship cycles.
9. Conclusion
This Scholarship Award Disbursement Policy reflects the SI SE PUEDE Scholarship Foundation's-commitment to ensuring the fair and efficient distribution of scholarship funds to eligible recipients. By adhering to this policy, we aim to support the educational aspirations of individuals while maintaining transparency and compliance.