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Donors
In 2009, COBSS disbursed 468 bursaries, scholarships & awards from donors, including individuals, families, school Parent Advisory Councils, community volunteer organizations, community athletic organizations and private businesses. Approximately $323,000 was allocated to students in the Central Okanagan pursuing post-secondary education in 2009. With one centralized application process these students can apply for many awards through COBSS.
Criteria
Donors should be aware that the designation of bursary/scholarship/award determines the primary criteria for allocation.
- Bursary - If you name your donation a bursary, COBSS will consider the primary criteria to be met by the recipient to be a need for financial assistance in order to pursue studies at a post-secondary level.
- Scholarship – If you name your donation a scholarship, COBSS will consider the primary criteria to be met by the recipient to be the achievement of any criteria the donor specifies.
- Award – If you name your donation an award, COBSS will consider the primary criteria to be met by the recipient to be any criteria which the donor specifies.
- Once the primary criteria for a donation is determined all other criteria for consideration, in order of priority, should be listed for allocation purposes. Examples of other criteria which you may wish to include are: potential for chosen area of study, citizenship and involvement within school and community, membership in the donor organization.
- It is further understood that bursaries/scholarships/awards will be awarded to students in full-time attendance at a post-secondary educational institution recognized by the Society. Such institutions would include, but are not restricted to, universities, regional colleges and trade and technical schools.
- Selection of bursary/scholarship/award recipients will be made by the Allocation Committee of the Society or by the donor (as indicated on the donor contract). The selection will be guided by the criteria and instructions provided by the donor. In order to qualify for consideration, a student must provide the Society with a complete comprehensive COBSS application.
Financial Options
There are a few choices how a bursary/scholarship/award can be set up. Donors can send money for their award to COBSS on an annual basis or money can be held in trust (as in the case of some memorial awards).
- If paying for awards on an annual basis, a donor renewal contract will be sent out in October and should be returned to the COBSS office with payment by December 1 of the same year.
- If money is held in trust, COBSS will withdraw the money to fund a particular award from the trust fund (as in the case of memorial awards). COBSS uses RBC Dominion Securities to invest the money held in trust.
- Those donors with money held in trust will also receive a donor renewal contract in October . They need only to return their contract by mail or fax to the COBSS office after they have reviewed it.
- Donors have the option of donating through The Central Okanagan Foundation (COF). In this case, COF will instruct the donor on the amount of money needed to generate a $500, $1000, etc., award from the interest on their investment. COF sets up ‘perpetual trusts’ which means the initial investment (principal) with COF will never be touched and the money used to fund bursary/scholarship/award is from interest on the principal. For further information on Perpetual trusts please contact COF (www.centralokanaganfoundation.org).
As of December 2009 an annual $25 administration fee will be levied on each award. This fee will be reviewed annually. Please refer to Letter to Donors 2008 below.
" I am truly blessed and I know in my heart that I will not forget your generosity and efforts that have helped me go further in my education and in my life." (GPSS Grad)
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