Page 14 - 2024 April report

ZOOM MEETING WITH SCHOLARSHIP AMERICA (2)
Lydia then ran some estimates, which show how much JSF funding would be required to meet the current need. Her estimates take into account the $513,629.16 left over from 2023. (Of that $130,00 is currently considered the 10% that JSF traditionally recommends be held in reserve.) This is the amount remaining after the bonus awards were granted. Including those funds, approximately $700,000 of the $1.3 million JSF has budgeted for 2024 would meet the requirement. Maria suggested that Scholarship America could return to its earlier practice of submitting a first invoice followed by a second one in the fall. This would allow JSF time for additional discussions with UPS. The call concluded with Lydia promising to send her calculations, which are attached.
1. BriefhistoryofactionstakensinceOctober2023re:decliningapplications 2. ScholarshipAmericareportonuseof2023funds
a. Total 2023 Grant Received: $1,445,000 i. Total $$ used as of 4/24- $1,067,093
ii. Unused Funds: $377,907.00
1) Additional 2023 Grant Installment: $145,000.00 2) Credits from 2023: $232,907.00
b. Total Funds/Credits on account: $513,629.16 i. Left in Holding Account: $259,447.50
1) Additional Installment: $145,000.00
2) Reserve Funds Held Back from 2023 Grant
ii. Other Credits: $254,186.66 1)2023: $232,907.00
2)2022: $21,274.00
c. Available funds to use towards 2024 awards: $513,629.16
3. ScholarshipAmericareporton2024applicationsandlikelyapprovalsandrenewals
a. Total started applications: 101 b. Submitted: 66
i. Of the 66 submitted, at most 52 are eligible to receive the scholarship (based on the eligibility criteria)
c. Recipient Selection should be completed this week. We should have everything ready for your approval soon.
d. Likely Approvals: 52
i. Funds Needed: $478,000.00
e. Likely Renewals: 89 (the most it will be) i. Funds Needed: $733,000.00
f. Total Needed to Pay Awards (At Most): $1,211,000 4. Discussionofpotentialgrantfundsfor2024
Page 12 April Report