Heritage Matching Fund Program
The Heritage Matching Fund scholarships are endowed by grants from sponsoring Unit and/or Veteran associations and, subject to General Fund availability, are matched up to $10K within a 10-year period from the General Fund and shall be awarded in perpetuity in accord with the wishes of the donor association, 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 Heritage Fund are accepted, only the first $10K received directly from the sponsoring association 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 organization's pledge. For example an organization must pledge $20K and only its first $10K will be matched by the AAAA SFI for a total of $30K.
Scholarships in the minimum amount of $1K will be awarded from the organization's Heritage Perpetual Matching Fund. Please note that in accordance with the Uniform Prudent Management of Institutional Funds Act (UPMIFA), a 3.5% "Spend Rate" has been established by the Foundation's Board of Governors. This means that in order to preserve and grow your principal, only 3.5% of the gross amount in your fund will be awarded each year regardless of the actual return on the portfolio.
HOW WILL IT BE PAID OUT?
For Freshmen recipients, the scholarship will be paid out in a one-year grant if the organization'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, unmarried siblings, children or grandchildren of AAAA members or deceased members. Eligible applicants affiliated with the sponsoring unit or veteran's organization, 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 sponsoring organization, the scholarship will be awarded to the next most meritorious applicant on the OML. All awards will be awarded in the following priorities: freshmen, upperclassmen, and graduate students.
Because the AAAA picks up all the overhead expenses of the AAAA Scholarship Foundation, Inc., 100% of your donation goes directly to the scholarship funds themselves. This is a very easy and effective way to keep the name of your Unit and or Veteran Organization alive in perpetuity.
If you wish to participate in the Heritage Matching Fund Scholarship Program, please complete the Heritage Matching Fund Contribution Form. For further information on this program, contact the AAAA Scholarship Foundation, Inc., 593 Main Street, Monroe, CT 06468-2806; Telephone: (203) 268-2450; FAX: (203) 268-5870; email [email protected].