Physical Therapy Department Scholarship

The Department seeks to use external monies received from services it provides to support its students through scholarships. This policy outlines the establishment and operation of a Department-specific quasi-endowment fund to further those scholarship efforts. Definitions: Quasi-Endowment (“QE”): a fund that is treated like an endowment for investment and spending purposes but is established by the University rather than by a donor. This fund is established primarily from spending funds where the University desires to maintain and extend a program beyond the current spending period to provide long-term program benefits. Income: interest, dividends, and realized gains, net of losses and expenses Distribution: The process of allocating QE-derived income Spending Policy: Spending shall be 100% of the income up to a ceiling of 4% Income in excess of 4% shall be reinvested into the endowment account Distribution shall not occur if the QE principal market value is less than the historical value or if income is not generated Distribution shall be determined annually based on the December 31st market value. Distribution Procedure: On or about January 15th of each year, the Office of Financial Affairs shall send a report to the Department detailing the QE profit or loss from the previous year. During years in which the QE account generates sufficient income, on or about March 1st of said year, the Department Chair shall provide the Director of Student Financial Planning a list of all rising second-year Department students who are to receive account-derived scholarship support. The Office of Student Financial Planning shall distribute the income to the listed students, regardless of need, in an equally divided amount. Scholarships shall be for the next academic/fiscal year and are non-renewable. The Department shall notify its students of the scholarship support. The Office of Student Financial Planning shall place its internal award letter in the student’s file. In years where insufficient income is generated, on or about January 30th of each year, the Department Chair shall notify the Director of Student Financial Planning and the Vice President of the Office of Financial Affairs whether he/she intends to supplement the QE income with annual scholarship funds derived from the Departmental two fund account or hold the income within said two account for expenditure in subsequent years. Modification: Modifications to this Agreement shall require the unanimous approval of the Executive Vice President, the Vice President for Financial Affairs, the Provost, the Dean of the School of Health Sciences, and the Chair of the Department of Physical Therapy. If required by High Point University policy, approval shall be sought and obtained from the President before implementation of any modifications. In witness whereof, the individuals hereto have executed this Agreement effective as of the date noted above.