Scholarship Management Resources
Scholarship programs provide essential financial support for today's college students at a time when a college degree is required for more workforce positions but obtaining a degree depends heavily on financial means.
Managing a scholarship program, however, is complex and time-consuming. It requires creating and maintaining a network of high school and college contacts; tracking applications; working with selection committees; distributing funds; monitoring academic performance and continuing financial need; and reporting to the provider.
Scholarship Management Resources (SMR) provides a service for clients to outsource the management of their scholarship programs to an experienced team with an established network of higher education contacts and a record of success. SMR efficiently and cost-effectively facilitates a range of programs for its clients, corporations, trust officers, foundations, service or affiliation organizations, and individuals.
The criteria for managed scholarship programs meet the requirements of the client and may differ from the Ohio Scholars Program® standards. For example, students attending any accredited institution of higher education in the U.S. may be eligible. Programs may be funded annually or supported by endowments or trusts. SMR's financial records and processes are audited annually.
Scholarship Management Resources will provide any or all of the following services:
- Develop policies, procedures and timelines for new scholarship programs.
- Assist in marketing and promoting the scholarship program to the target population in specific high schools or colleges, churches, service clubs, corporate offices, etc.
- Create and maintain a web-based application.
- Identify outstanding scholarship candidates and select scholars.
- Verify with client that scholars meet scholarship criteria.
- Notify scholars and colleges/universities of awards.
- Distribute funds to scholars' colleges/universities.
- Work with financial aid offices to verify appropriate use of funds and avoid violation of NCAA regulations.
- Monitor student success, ongoing eligibility, and financial need.
- Provide status reports and thank you letters from scholars.
Corporate clients often choose to fund scholarships for students from their communities or create a scholarship program for children of employees. Employee scholarship programs have a significant positive impact on corporate loyalty and employee retention. As the human capital crunch escalates, more corporations are expected to turn to scholarship programs as an effective way to retain a talented workforce.
Additionally, outsourcing the corporate scholarship program helps to avoid issues of perceived favoritism by putting scholar selection in the hands of experienced people who will match scholars with your strategic goals.
Foundations & Trusts
Foundations and trust officers find that using the services of SMR allows them to focus on the core elements of their responsibilities. Outsourcing scholarship activities can also provide a clear separation between donors and the selection process, making it easier to comply with the restrictions placed on scholarship programs in the Pension Protection Act of 2006.
Your partnership with Scholarship Management Resources will provide a customized, cost-effective and proven solution to managing your organization's scholarship program.