How the Fund works.

How awards are made

We follow the order section 25F sets. First come students who received our scholarship the previous school year. Next come their brothers and sisters, including adopted, foster, half-, and step-siblings. After that, we award each school's balance among its eligible applicants based on financial need: household income compared with the area median, and the tuition left after other scholarships and aid.

A school's recommenders may also weigh, consistently for every applicant, how heavily tuition falls on a family's income, including middle-income families. Where a school has no recommenders, we use an award schedule with larger awards for lower incomes, reducing all awards by the same percentage when funds are short.

No award exceeds the student's remaining qualified expenses. We do not select recipients by lottery. Our directors, officers, recommenders, substantial contributors, and their families are not eligible for scholarships. At least 90% of the Fund's income is spent on scholarships by the end of the following year.

Governance

The Fund is governed by its board of directors, currently one director, Dave Geretz, who also serves as President, Secretary, and Treasurer without compensation. The Fund has adopted a conflict of interest policy. Any transaction between the Fund and a director or a company a director owns must be in writing, priced at or below fair market value, and approved in advance by an independent person with no conflict of interest.

An outside bookkeeper reconciles the Fund's accounts monthly, and the Fund has an independent financial and programmatic audit each year. Each participating state receives the Fund's audit and annual certifications.