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Post Info TOPIC: SMART & Outside Scholarship Fund Policies-UPDATE 2015


So L33T It Hurts

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SMART & Outside Scholarship Fund Policies-UPDATE 2015


From bowl.com

The SMART Bowling Scholarship Funding Corporation is revising its scholarship use policy to better protect student-athlete eligibility and ensure compliance with collegiate and state high school athletic associations' regulations.

Effective November 1, 2011, SMART scholarship funds may only be used for qualifying secondary education expenses. All funds disbursement, after final review and approval, will be paid directly to the educational institution. No policy exceptions for direct reimbursement of SMART funds to a student or parent will be allowed.

Qualifying expenses for SMART Scholarship funds include tuition/fees, textbooks, meal plans, housing plans, required class supplies and equipment necessary for the successful completion of a course or program at universities, colleges, business schools, technical schools, trade schools or vocational schools.

"A primary mission of SMART is to protect the eligibility of student-athletes," SMART Corporation Board Chairman Wally Hall said. "To protect their eligibility, SMART's policies must guarantee that scholarship funds are applied solely for secondary education and prevent any use of money that could be considered a cash prize or improper benefit."

Under the new policy, SMART scholarship funds may not be used for sport equipment or supplies; bowling and non-bowling sport camp, clinic or lessons; private tutors' fees; elementary or high school tuition/fees; costs related to computer repair; normal school supplies; transportation expenses (including parking permits); or clothing expenses.

A fully revised SMART policy manual is being developed and is scheduled to be finalized next year.



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So L33T It Hurts

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SMART fund policies being revised


This is in reaction to what the Illinois High School Athletics Association was going to do.  Starting for their 2011-12 season, they were going to require anyone that obtained SMART funds while bowling in high school would have to immediately designate those funds to a college, even if it was their freshman year.  If they ultimately didn't attend that college, they would lose those funds. In reading the new language, it doesn't sound like much has changed as far as what the funds can be used for, just who can get them.

I've had some conversations with Lindenwood back in September, plus there has always been another option, but I don't know if the USBC closed that as well.  I'll contact the USBC and let you know.

If anyone has major issues, let me know in writing via email and I'll see what options there are case by case.



-- Edited by philmark11 on Thursday 27th of October 2011 10:13:30 AM

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So L33T It Hurts

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As you can tell from the history of this thread, I originally posted about the change in SMART fund policy very soon after it was announced in late October.  Since this policy change affects just about everyone currently in our program because it goes 180 degrees from what we were told to do by SMART, Ive been exploring what options might be available for fund use in light of their new policy combined with the school policy regarding additional outside scholarships.

I originally contacted SMART at the USBC and was told that the final decision about the policy change came from the board that oversees the program.  As indicated before, they were being challenged by the Illinois and Michigan High School Athletic Associations because apparently some people were getting money back out of their SMART accounts by using bogus receipts and claiming them as school expenses.  This in essence jeopardized a high school athletes amateur status and eligibility within those high school programs (and didnt help future collegiate eligibility much either) because being reimbursed in that way could be construed as receipt of a cash prize or improper benefit.  I explored an extension of the policy exception or a grandfathering for students already in college, but that went nowhere.

I then explored options through the school even though it was SMART that changed policy.  I was able to get some clarity for any future incoming student-athletes, but after internal discussions that went all the way to the President from what Ive been told, the policy for those already here as it relates to outside scholarships hasnt changed.  Its a 50/50 split, which is an exception that bowling gets due to the unique nature of the SMART fund.  For all other athletic programs, the policy is that any additional outside scholarship first replaces the LU grant, and its even more complicated for the soon-to-be NCAA sports on campus.  Lindenwood is not the only school that does things this way.

That being said, there are some options.  Because books are NOT included in any LU packages, SMART funds can be used 100% for books, but you are limited to using $1,000 per year.  You would have to direct the SMART fund to send an amount to the business office with the specific designation that it be for books.  The business office would then issue you a book voucher that you can take to the book store and use.  You can do this for the approximate cost of your books each semester, but only up to the annual cap amount each year.  I do not know if this can be done for on-line book purchases. 

Another apparent option would come into play for anyone that might pursue a masters degree.  Because pursuit of an advanced degree falls outside of the undergraduate package you received, SMART funds can be used 100% for tuition for a masters program.  The only requirement based on SMART rules, is that all funds must be used prior to the sixth anniversary of your high school graduation.  I can put you in touch with someone that can explain this option more.  Just let me know. 

Finally, although the school has the 50/50 policy in place, if you were to acquire additional SMART funds after starting college through Junior Gold or any other tournament that awards scholarship money through SMART, you do have the option of appealing the 50/50 split.  There HAVE been instances where the school has allowed someone to use an additional outside scholarship at 100%, but each situation is looked at independently, so its not a guarantee, just a possible option.  I would think that one way to present a case is to keep track of expenses related to acquiring the SMART money.  Making the trip to Vegas last summer for Junior Gold probably cost more than any amount of SMART money that could have been awarded.

This is a complicated issue and represents a drastic change in SMARTs policy.  It happened on November 1st with only about four days notice which sure didnt help.  If you have any questions or would like me to review your specific situation as it relates to SMART, send me an e-mail and Ill explore your specific options. 

In reading the list of qualifying expenses, perhaps there are some other avenues that can be explored more thoroughly.

 

Qualifying expenses for SMART Scholarship funds include tuition/fees, textbooks, meal plans, housing plans, required class supplies and equipment necessary for the successful completion of a course or program at universities, colleges, business schools, technical schools, trade schools or vocational schools.

The scholarship funds may NOT be used for the following: transportation expenses (including parking permits), clothing expenses, sport camp/lessons, sports equipment or supplies, private tutor fees and elementary or high school tuition and/or fees.



-- Edited by philmark11 on Thursday 5th of April 2012 10:23:56 AM

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So L33T It Hurts

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Participants and providers in SMART, the scholarship management program for youth bowlers, will notice some changes to the program's online portal in 2013. The changes are designed to strengthen the program and enhance functionality.

Effective January 2013, recipients will see scholarship awards displayed in their SMART account as points rather than dollars, with one point equal to five dollars. The value of all scholarships remains the same, and the points will be converted to dollars when a recipient requests the use of funds.

"Parents, students and providers can be assured their funds are safe and the reporting change to points will not affect scholarship amounts," SMART Corporation Board Chairman Wally Hall said. "This reporting change strengthens the SMART program by better aligning with standards of athletic associations across the country.

"We received valuable counsel from educators and industry leaders in states such as Illinois and Michigan in making these adjustments. The changes will allow more young people to benefit from SMART while protecting athletic eligibility."

A complete list of adjustments and answers to many questions can be found at BOWL.com/SMART.



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So L33T It Hurts

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The Latest Info from the SMART Manual

Scholarship Awards

A recipient will now see their scholarship awards in points rather than dollars. The points will be converted to dollars at the time a recipient requests the use of his/her funds

One point will equal $5.00

Michigan students are required to meet additional standards as defined by The Michigan Bowling Scholarship Fund ("MBSF") and approved by the Michigan High School Athletic Association, before a scholarship can be used. Please contact either mark Martin at

mark.martin@mdusbc.com or Sharon Schildroth at s.schildroth@comcast.net

Time Parameters

Your scholarship funds are available for eight years from the date of your high school graduation, or if you have already graduated from high school when you won the scholarship, eight years from the date you won the scholarship. The one exception would be if a recipient would enlist in the military, the expiration date is extended by the number of years of the first enlistment period only, i.e.: two-year enlistment, expiration date would be extended by two years.

SMART does not allow expiration date extensions and unused scholarship funds are forfeited upon expiration.

Scholarship funds are not transferable; only the original recipient may use the funds.

Use of Funds

Your scholarship funds may be applied to the following: tuition fees, textbooks, meal plans, housing plans and required class supplies and equipment necessary for the successful completion of a course or program at universities, colleges, business schools, technical schools, trade schools, and vocational schools. Funds disbursement, after final review and approval, must be paid directly to the secondary educational institution.

NOTE:  If sending SMART funds to Lindenwood specifically for books (up to $1000/year), the designation of the funds for books MUST be noted or the school will apply the funds to the general ledger account for tuition, room and board and those funds will be subject to reduction of credit, unless included in your original scholarship package. 

Disbursement Requests

To request disbursement of your scholarship funds, go online to www.bowl.com and click on SMART, located at the bottom of the home page, under the heading USBC Departments. Enter your account number and password as the "Scholarship Winner". A tutorial is available to instruct you on how to complete the request for a disbursement.

Taxes Implications

Your use of these scholarship funds may have certain tax implications. Please read IRS Tax Publication 970 (Tax Benefits for Education), contact the IRS or consult a financial advisor for further information. DO NOT CONTACT SMART WITH TAX QUESTIONS!

By participating in and accessing the SMART system and program, each recipient agrees to all terms, conditions and limitations of warranties and liability established by SMART and the SMART Corporation including all terms, conditions and limitations in Appendices A, B and C.

 

 



-- Edited by philmark11 on Monday 20th of May 2013 02:12:17 PM

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So L33T It Hurts

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Instructions for designating SMART funds for books (as of August 21, 2013)

On the funds request page, when you enter your student ID number, add a dash and note for BOOKS.

If you are requesting funds for tuition, room and board as part of what was set up through your financial package, but also need to send money for books, DO NOT submit requests together at the same time.  Make two separate requests and make sure they are separated by at least TWO business days so the amounts will not be sent on the same check. 



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So L33T It Hurts

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SMART & Outside Scholarship Fund Policies-Read Before Sending ANY Money


 

Here is the Latest Summary as I know it as of 5/23/14

Using SMART & Outside Scholarships for Tuition, Room, and Board

If you have SMART money and other outside scholarships that you plan to use for tuition, room, and board, that money should have been incorporated into your financial package from the beginning. 

 

If you do have SMART money thats been declared and worked into your financial package, you are able to send up to HALF of the annual amount each semester.  For instance, if $1,500 was declared per year, you may only send up to $750 PER SEMESTER.  Do not send the full $1,500 at once.  That will mess things up and youll end up losing value for your money.  I realize that the way SMART requires you to select amounts and get to a figure you want to send is very inefficient and makes it almost impossible to hit the number exactly.  In cases like this, DO NOT GO OVER.  Its always better to come up a bit short rather than go over, even by just $1. 

 

With that in mind, any scholarship money sent to the business office of the school will automatically default to use for tuition, room, and board.  But, if it was not incorporated into your financial package, you will only get credit for 50 cents on the dollar.  We want to avoid that scenario.

 

Using SMART & Outside Scholarships for BOOKS
At Lindenwood, you may use UP TO $500 of SMART and/or other outside scholarships PER SEMESTER to pay for books, but THE MONEY MUST BE SPECIFICALLY DESIGNATED FOR BOOKS WHEN SENT TO THE LU BUSINESS OFFICE.  If its not, it will default to use for tuition and could create the above scenario we want to avoid. 

 

It used to be possible to use a drop-down menu on the SMART website funds request page, but they removed it for some reason, so now there are only two ways that I know of to make the proper designation.  1)  Call the SMART offices and request that money be sent with a BOOKS designation.  This can be a slow process because the office isnt the quickest to respond, so the best way may be the second process, as I was told by the head of SMART last fall.  2)  On the funds request page, when entering your student ID number, add a dash right after, then type out in all-caps the word BOOKS. 

 

If you need to send funds for tuition, room, and board, but also need to send money for books, SMART has told me to separate those requests by AT LEAST TWO BUSINESS DAYS to ensure that the amounts will not be sent on the same check.  Based on past experience, I would make that separation longer if at all possible.

Additional Options
Finally, although the school has the 50/50 policy in place, if you were to acquire additional SMART funds after starting college through Junior Gold or any other tournament that awards scholarship money through SMART, you do have the option of appealing the 50/50 split. There HAVE been instances where the school has allowed someone to use an additional outside scholarship at 100%, but each situation is looked at independently, so its not a guarantee, just a possible option.

 



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So L33T It Hurts

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RE: SMART & Outside Scholarship Fund Policies-UPDATE DECEMBER 2015


Disregard everything related to the use of SMART funds and other outside scholarships specifically at Lindenwood University listed in this thread.  

SMART money is now 100% stackable on top of any Lindenwood grant you may be receiving.  There is no longer a 50/50 split of any kind, and you are no longer limited to the amounts that may have been listed in your packages.  You just can't "cash in" more scholarship money than you owe and get a refund.  

Let me know if you have any questions moving forward, but this will GREATLY simplify things and allow you to use the SMART money and other outside scholarships that you have earned.  The things you can use the SMART money for is still the same.



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