History of Financial Aid: Prior to 2017 and dating back to 1960’s the fund had been passively managed with a principal balance that hovered around $100,000 and scholarship awards totaling between $5,000-$7,000 annually. Since 2017 we have raised or have commitments in hand to take our Sigma Nu Scholarship Fund to $1.25 million. A result that will produce $50,000 in scholarship grants to be awarded throughout the 2018-19 academic year.
Fund Management: The Scholarship Fund (SF) has a separate Board of Directors under the direction of President Peter Merlone (EP 972). The 7-10 year goal is to take the SF to a value of $3-5 million through additional donations and investment performance in excess of educational grants. Presuming this goal is reached, the annual grants are expected to grow from $50,000 in the 2018-19 academic year to inflation adjusted annual grants of $150,000 in perpetuity.
Alumni Oversight: Once the SF makes an academic year grant determination, the Alumni Board (which owns the facility and handles the recurring oversight of the active chapter) in turn uses an Alumni Scholarship Committee, now chaired by Russ Wylie (EP 516), to work with the active chapter’s Scholarship Committee to qualify and approve grant recipients. 75% of scholarships are awarded based on merit while 25% are awarded based on need.
Grant Details: A Chapter Scholarship Committee advertises availability of the scholarships among active chapter members and sets deadlines for application submissions. After reviewing and selecting winners, the Committee’s recommendations are submitted to the Alumni Board for review and approval. When completed, the Scholarship Chair announces the awards to the chapter members. To fund the scholarships, the Alumni Board’s accounting and bookkeeping service forwards the names, amounts and funding to an office at UCLA that applies the scholarships to each student’s tuition account. Grants made from SF proceeds may only be used for educational purposes, of which much is in the form of tuition payments made directly to the University for credit to enrolled students. Gifts to the SF are tax-deductible and can be in the form of cash or appreciated public securities.