Author Topic: FAQs  (Read 1579 times)

Desiree

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FAQs
« on: September 13, 2009, 02:03:19 am »
Frequently Asked Questions about the Melinda Doolittle Music Scholarship

How will the scholarship recipient be chosen?

The Scholarship shall be based within the Belmont University School of Music and shall support a talented undergraduate student in the voice degree program who has proven financial difficulties.

In an annual review process the Belmont University Scholarship Committee will determine a list of candidates for the Scholarship in accordance with Belmont’s student evaluation policies.  This scholarship committee may include a representative from the Belmont faculty, student body, and Offices of Admissions, Finance and Development.  Donors are invited to make nominations for service on the Belmont University Scholarship Committee.  A Commission including two representatives of the Belmont University Scholarship Committee, Melinda Doolittle (or a person designated by Melinda Doolittle if she is unable to be present because of professional reasons), and two representatives of Melinda’s Backups™ will choose the recipient of the Scholarship.
 

Is the scholarship a minority based scholarship?
The scholarship is not a minority based scholarship.  Minority status will be used only as a tie breaker.  A big consideration is how the candidate is making a difference in his/her community.


What is an endowed scholarship fund?

Endowed funds differ from others in that they are a gift that keeps giving.  Instead of the entire amount of the gift being spent outright, the total amount of the gift is invested.  Each year, only a portion of the invested income earned is spent while the remainder is added to the original principal.  We have set a goal of $25,000 to begin this endowment, with a long range goal of $100,000 in gifts and pledges.  This will produce enough income each year to help students attend Belmont that may otherwise not be able to afford it.

The money in this account will not be touched until we reach the minimum amount.  Once we reach the $25,000, the fund will be permanently invested in the University's financial portfolio.  The Belmont University Board of Trustees manages these endowment investments.  The principal of the fund is invested to produce income.  An award is expended annually for scholarships and all additional earnings are returned to the principal for fund growth.  We may make additional donations to the scholarship fund at any time and all donations are 100% tax-deductible.  Because the fund investments follow the tax year, in order to start the Scholarship in the Fall 2010 Semester, we need to collect the minimum amount by December 31, 2009.  To start the Scholarship with the Fall 2011 Semester we need to collect the minimum amount before December 31, 2010.


« Last Edit: September 13, 2009, 02:06:56 am by Desiree »
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