Individual Matching Fund Program
The AAAA Individual Matching Fund Scholarship Program was established as a pilot program in 2007 with initial authorization for 3 such awards in that year's program. In Spring 2012, the SFI BOG voted to make the pilot program a new Standing Program along with the existing Heritage and Corporate Matching Fund Programs.
In order to make sure all AAAA members have an equal opportunity to participate, the Individual Matching Fund program will open a window annually from January 1, for 90 days allowing interested applicants time to submit. All names of those who asked to participate will be placed in a drawing and selected one at a time to establish an Order of Merit List (OML). Subject to available funds, the first three will be accepted the first year, second three the second year, and so on until the list is exhausted. When the OML is exhausted, the program will again be opened for a 90 day window on January 1 of that year to establish a new OML with subsequent random drawing assignments of three donors per year. Donors will have a maximum of 10 years to complete their pledge.
Each year, the SFI BOG will review the program with a view to matching more than three a year if the General Fund allows. In all events, the SFI will allow each donor to donate funds prior to their drawn year of acceptance with the understanding that the matching funds from the SFI General Fund will not be available until the designated year of acceptance.
HOW MUCH CAN I DONATE TO RECEIVE A MATCH?
Under the program, an individual may donate $15K over a maximum of 10 years in order to receive a matching donation from the AAAA Scholarship Foundation, Inc., of up to $15K as donations were received, for the purpose of establishing and maintaining an Individual Perpetual Matching Fund in their name or in the name of their choice. The individual may make additional donations to their Fund but only the first $15K received within a 10-year period will be matched by the AAAA Scholarship Foundation, Inc., subject to the availability of funds. Scholarships in the minimum amount of $1K will be awarded from the individual's Individual Perpetual Matching Fund as soon as earnings generated from the fund equal or exceed $1K.
HOW WILL IT BE PAID OUT?
For Freshmen recipients, the scholarship will be paid out in a one-year grant if the individual's scholarship fund earns less than $2K per year; if the fund earns from $2K to less than $4K, the scholarship will be paid out in a two-year grant; and if the fund earns $4K or more, the scholarship will be paid out in a four-year grant. For upperclassman or graduate recipients, the scholarship will be paid out in equal parts over the remaining upperclassman years.
Applicants must be AAAA members, or:
- the spouses or
- unmarried siblings or
- unmarried children or grandchildren of AAAA members or deceased members.
Individuals may designate an eligible population (e.g., local AAAA chapter, engineering degree, etc.) to be given preference over other applicants on the OML established by the Selection Committee. If there are no applicants in a designated population, the scholarship will be awarded to the next most meritorious applicant on the OML unless the individual specifies an alternate eligible applicant population to receive preference over other OML applicants. All awards will be awarded in the following priorities: freshmen, upperclassmen and graduate students.
If you wish to participate in the AAAA Individual Matching Fund Scholarship Program, please indicate the selected option(s) on the AAAA Individual Matching Fund Form and return with your check made payable to the "AAAA Scholarship Foundation, Inc." to the AAAA Scholarship Foundation, Inc., 593 Main Street, Monroe, CT 06468-2806 by June 20 of the year in which the scholarship will be awarded.