Washburn University Board of Regents
SUBJECT: Amend WEA MOU - Dissemination of Scholarship Information
Through a formal agreement, Washburn Endowment Association is the primary fundraising affiliate of Washburn University. That agreement stipulates, in brief, that WEA will develop gifts, manage assets, conduct fundraising activities and develop and conduct solicitation of funds for projects that are deemed priorities by Washburn University to the extent that fundraising for those priority projects is feasible. Under the responsibility of managing assets, WEA has the responsibility to send detailed information to WU each year about the amount of dollars available for distribution for each endowed and current fund scholarship.
Washburn University, through the office of Financial Aid, has determined it is appropriate to move the priority deadline for financial aid to February 15, from March 1. This earlier deadline will facilitate the earlier award of scholarships for the subsequent fall semester, and as such, the admissions process.
Currently, WEA, in accordance with the Memorandum of Understanding (MOU), computes the scholarship amounts available based on December 31st market values. The information needed to complete the computations is not available until the end of January. The change in the priority award date leaves insufficient time to make the necessary computations.
Solution:Change the date on which scholarship values are computed from December 31st to September 30th. WEA would continue to use the market values of endowed funds averaged over 21 quarters. By continuing to average the market values over 21 quarters, there would negligible impact on the values of any individual scholarship value.
FINANCIAL IMPLICATIONS: None
RECOMMENDATION: President Farley recommends amendment of the Washburn/WEA MOU paragraph 9.d. dated June 13, 1997 to read:
"WEA agrees and covenantsan amount equal to five (5) percent, or such
other percentage as the parties later agree, of the market value of the pooled
endowed funds averaged over the period of 21 quarters ending on the
of December 30th day of September of the year preceding distribution,
It is further recommended this change be made applicable for the scholarships awarded based on the 2006 priority financial aid deadline.
(date) Jerry B. Farley, President