CORPORATE SCHOLARSHIP FUND PROGRAM
HOW CAN A COMPANY DONATE?
A Corporation may donate funds over a period of one to five years. Due to the Uniform Prudent Management of Institutional Funds Act (UPMIFA) required "spend rate" established by the AAAA Scholarship Foundation Board of 3.5%, the principal total must eventually be $30K or more before an actual award of $1,000 per year in perpetuity will be made.
These scholarships are endowed by corporate donations, matched dollar for dollar based on gross revenue for our industry partners. For those corporations with gross earnings less than $10MM the match is up to $15K and for those corporations with gross earnings of $10MM dollars or greater the match is up to $10K.
CORPORATE GRANT DETAILS
Each type of corporate grant must be matched within a five-year period from the General Fund, and is subject to General Fund availability and shall be awarded in perpetuity in accord with the wishes of the donor corporation, consistent with Foundation policy, unless otherwise stipulated. Scholarships are awarded first to the top one-third freshmen, upperclassmen, and graduate students, then the middle third freshmen, upperclassmen, and graduate students, and lastly the bottom third freshmen, upperclassmen, and graduate students.
While all donations to a corporate fund are accepted, only those received directly from the corporate sponsor will be matched. It should be noted that in all cases, a total principal of $30K must be reached in order to become "permanently restricted" and complete the company's pledge. For example an over $10MM class of company must pledge $20K and only its first $10K will be matched by the AAAA SFI for a total of $30K.
NAMING THE FUND
The corporation may wish to name its Fund in honor of a pioneer who was instrumental to the development of Army Aviation. The corporation may make additional donations to its Fund but only the first $15K or $10K, based on gross earnings, received within a five year period may be matched by the AAAA Scholarship Foundation, Inc., subject to the availability of funds.
HOW SCHOLARSHIPS ARE AWARDED
Scholarships in the minimum amount of $1K will be awarded from the corporation's Corporate Perpetual Fund as soon as the principal equals or exceeds $30K. Once the first installment of a pledge is received (with a minimum annual donation of $3K) an option is available to allow a corporation to (separately from the annual donation) award $1K each year in the name of its Scholarship during the pledge period.
The fund will be awarded in $1K increments for every $28,571 of principal. For example, $57,142 will generate a $2K award. For Freshmen recipients, the scholarship will be paid out in a one-year grant if the Corporation's scholarship fund has less than $57,142; if the Corporation's fund generates from $2K to less than $4K, the scholarship will be paid out in a two-year grant; and if the Corporation's fund generates $4K or more from the 3.5% "Spend Rate", the scholarship will be paid out in a four-year grant. For upperclassman or graduate recipients, awards will be paid out in equal parts over the remaining upperclassman years.
Applicants must be current AAAA members, or the spouses, unmarried siblings, or children or grandchildren of current AAAA members or deceased members. Eligible applicants affiliated with the corporation, either directly or through their AAAA member relative, will be given preference over other applicants on the overall Order of Merit List (OML) established by the Selection Committee. If there are no applicants affiliated with the corporation, the scholarship will be awarded to the next most meritorious applicant on the OML unless the corporation specifies an alternate eligible applicant population (e.g. local AAAA chapter) to receive preference over other OML applicants. All awards will be awarded in the following priorities: freshmen, upperclassmen, and graduate students.