Money for college
At its July board meeting, the Charlottesville Scholarship Program, with the advice of the Charlottesville Area Community Foundation, which administers its funds, voted to adopt a new policy for handling future donations. The Charlottesville Scholarship Program, which grants scholarships to low- and moderate-income city public school graduates and city employees, will now split all contributions between the endowment (60 percent) and a fund for immediate use (40 percent).
The board made this decision in part because of city residents’ need for immediate workforce development and higher education funds due to the recent economic downturn. The Charlottesville Scholarship Program board is working hard to ensure a robust fund to meet the needs of adults 25 and over in the next scholarship cycle. Applications for adults are due October 1 for the spring semester. By splitting contributions, the board will continue to honor the intentions of the City Council to build an endowment for the future well-being of city residents, while also addressing pressing needs in our community.
Charlottesville City Council established the Charlottesville Scholarship Program 10 years ago with an allocation from a budget surplus. In the ensuing 10 years, the Charlottesville Scholarship Program board has more than doubled the funds put in its care by the city and has awarded scholarships to more than 50 city residents or employees.
