Endowed accounts after they have matured for one fiscal year, will be eligible for disbursement to fund expenditures in accordance with their signed agreement or internal agreement (agreement) for applicable accounts. If an account is underwater as defined herein, then the account will be ineligible for expenditure. The annual spending shall be determined by the December 31st value each year with the smoothing formula based on a rolling 12 quarter average of their market values. Accounts, depending on their type (Scholarship, Professorship/Chair or Departmental) shall be governed by the policy herein and the procedures below:
The campus Scholarship Director or designated employee (Director) shall oversee the selection process for the awarding of endowed scholarships. The Director will annually post the scholarships for student applications following the restrictions of the scholarships in the agreement and applications will be reviewed by a committee formed and chaired by the director. The scholarship committee shall consist of no less than three members and no more than nine members. At no time, shall one singular employee make the decision of who is awarded a scholarship nor shall the funder or family of the scholarship hold a majority vote of the committee.
The scholarship will be awarded in the academic year and may be renewable per the agreement. If a student is no longer eligible, the application will automatically be reviewed by the Scholarship Committee. By definition, a student must be an enrolled student of Kentucky State University and must have a balance to receive funding from an endowed scholarship. The application of payment for endowed scholarships shall be made prior to institutional aid and following external sources including federal and state aid. Endowed scholarship funds are not able to produce a refund unless otherwise directed by the donor agreement.
Upon written recommendation by the Provost to the President, Faculty members will be designated annually, up to three total years, to serve in an endowed professor or chair position. Designation as an endowed professor or chair shall not affect the tenure status of any employee and faculty members may reapply for the position following the initial appointment. Should an employee separate from the institution for any reason, the endowed professor or chair will be deemed vacant and the Provost shall recommend to the President the replacement for the vacant position.
Prior to the initial recommendation by the Provost, the Provost may appoint a selection committee to review any application for the annual professor or chair positions ensuring all Human Resources Policies and Procedures are followed. Should a selection committee be formed, the committee's charge, membership and application process will be shared with all faculty. The selection committee shall follow any written instructions of the Provost, which shall include any instructions from the donor or internal agreement, and may include but are not limited to:
a review of the current curriculum vita
solicited letters from stakeholders and extramural reviewers (if any)
a statement by the professor of no more than five pages that:
explains how the goals of the professorship will be met during the first year, and subsequent two years;
describes how resources that support the endowment (e.g., funds, space, equipment) will be used during the first year period to meet the criteria of the endowed position, and subsequent two years;