Chapter Scholarship Funds
The AKPsi Foundation collects tax-deductible contributions and puts them in chapter specific scholarship endowments. Interest income from these endowments is annually returned to each chapter in the form of a scholarship.
Funding is awarded for use in the following academic year toward tuition, course-related fees, and required textbooks and supplies.
AKPsi membership dues are not an eligible academic expense.
Florida Gold Coast Alumni Chapter Scholarship
Graduate students or undergraduates/alumni planning to enroll in graduate school within one year of application date. Must be attending graduate school in South Florida (preferably a school with an AKPsi chapter or colony). Preference given to members of the Florida Gold Coast Alumni Chapter.
Atlanta Alumni Chapter Scholarship
Eligibility: Student applicants must be enrolled at a school in Georgia with an active AKPsi Chapter, and have a GPA of 2.50 on a 4.00 scale (completed classes only). Alumni applicants must be enrolled in a graduate level degree program at a school in Georgia. All applicants must be in good standing with their chapter and the fraternity.
What chapters can start scholarship endowments?
Any chapter can create a scholarship endowment. Three things need to happen for a chapter to start a scholarship fund:
- The chapter must approve it
- A scholarship fund agreement is signed by the chapter president and the Alpha Kappa Psi Foundation
- A “kick-off” contribution of $250 or more is received by the foundation from the chapter or an individual
What can chapters spend scholarships on?
Because tax-deductible contributions were used to create these endowments, the IRS only allows the foundation to use funds for educational purposes. Chapters have the option of awarding their scholarship to one or more individuals in their chapter, or use the funds to offset registration fees for the Principled Business Leadership Institute or Convention.
Who makes contributions to scholarship endowments?
Anyone can make a contribution to the Alpha Kappa Psi Foundation and restrict the gift to benefit an established chapter scholarship endowment. In most cases, the chapters themselves fund the endowments with some help from alumni. Alumni receive an important benefit when making a gift to a chapter scholarship fund: they are eligible to receive a valuable IRS tax deduction (whereas gifts made directly to a chapter are not eligible for a tax deduction).
When can a chapter award a scholarship, and how much will it be?
Once a chapter’s scholarship endowment reaches or exceeds a balance of $5,000, it is considered officially endowed. At that point, interest income (budgeted at 5%) will be returned to the chapter the following academic year and every year thereafter. The amount of a scholarship will be 5% of the endowment’s balance at the beginning of the academic year. It is assumed the the market will grow at 5% or greater—if the market peforms better than 5%, the extra amount of interest income created will stay in the fund and add to the principal. If the market peforms less than 5%, awarding the scholarship could cause a depletion of the principal. However, over the long run, the 5% amount will not only protect the principal, but also allow for growth as the markets fluctuate from year to year.
What chapter funds are eligible to award scholarships?
What chapter funds are not yet officially endowed?