7:006 Foundation and University Private Scholarship Management Policy
|Austin Peay State
|Foundation and University Private Scholarship Management Policy
It is the policy of Austin Peay State University to effectively manage privately funded scholarships awarded to students at Austin Peay State University.
The University and APSU Foundation establish, maintain and manage privately funded scholarships for the benefit of students attending Austin Peay State University. As such, the scholarship accounts benefit the entire University by attracting and retaining outstanding students and by allowing the University to maintain its enrollment numbers and quality. Although some scholarships are designated for students with specific majors, all scholarships will be coordinated for the University as a whole by the Office of Student Financial Aid. Scholarship awards shall be based on the criteria designated for selection and shall reflect the diverse community of students attending Austin Peay State University.
|Fiduciary Responsibility||The University and Foundation have a fiduciary responsibility to comply with the restrictions
imposed by the donors. A similar responsibility exists to disburse non-endowed scholarship
funds in a manner consistent with donors' wishes and the needs of the University.
There is a legal responsibility to manage the funds in compliance with the laws of
the State of Tennessee and the policies and guidelines of Austin Peay State University.
All applicable standards established by the Governmental Accounting Standards Board
(GASB), the Financial Accounting Standards Board (FASB), and the National Association
of College and University Business Officers (NACUBO) will be followed.
|Endowment Establishment Policies||An endowed fund is a permanent, self-sustaining source of funding. Endowed assets
are invested, and each year, a portion of the value of the fund is paid out to support
the fund’s purpose. Any earnings in excess of this distribution are used to build
the fund’s market value. In this way, an endowed fund can grow and provide support
for its designated purpose in perpetuity. When an endowed fund is established, a
permanent legacy of support is created for Austin Peay State University.
APSU Policy 7:006 (previously 3:029) – Rev.: March 25, 2017
APSU Policy 7:006 – Rev.: August 11, 2016
APSU Policy 7:006 – Rev.: May 8, 2014
APSU Policy 7:006 – Issued: April 4, 2007
President: signature on file