CVAP Accounts and Scholarship Funds Explained
CVAP Scholarship Categories:
CVAP supports two categories of scholarships: (a) Scholarships for young women graduates of public high schools in the Coachella Valley who have met our scholarship requirements and who are enrolled as full-time students in a four-year college or university; and (b) Sorority Member Scholarships for previous CVAP scholarship recipients who have subsequently pledged a national sorority. They must continue to meet CVAP scholarship requirements and must apply for the Sorority Member Scholarship.
With the exception of the CVAP Endowment Fund (which supports Sorority Member scholarships), all of the other accounts and funds described below support scholarships to attend college. The Finance Committee determines the funds available each year for scholarships and the Scholarship Committee determines the recipients – both the funds and the recipients are approved by the General Membership.
The purpose of the Benefit Account is to help fund scholarship awards as recommended by the Scholarship Committee. The Benefit Account receives revenue from the annual Scholarship Benefit, other fundraising projects, contributions, and gifts. Revenue from the annual Scholarship Benefit, less expenses, is allocated for scholarships for young women who are public high school graduates from the Coachella Valley who are enrolled in a four-year college or university and who have met CVAP’s scholarship requirements.
CVAP Endowment Fund:
The purpose of the CVAP Endowment Fund is to provide money to help young women defray the costs of sorority membership. These funds come from non-principal monies which include accumulated interest, specific donations from the Operating Account, and excess funds from the Operating Account over $6,000.00 at the end of the fiscal year. CVAP scholarship recipients who become new members in one of the twenty-six National Panhellenic Conference member groups may apply for a Sorority Member Scholarship Award.
Diamond Award Legacy Fund:
The Diamond Award Legacy Fund is comprised of monies donated specifically in honor of, or in memory of, a Diamond Award Honoree. Monies will accrue in this fund until the yearly interest earned will provide a scholarship. When the principal amount exceeds $20,000.00, any funds exceeding the principal amount may be given for scholarships in honor of the Diamond Legacy Honorees at the recommendation of the Finance Committee, the selection of the Scholarship Committee, and the General Membership approval.
Marianne Timmins Memorial Fund:
In 2006, a CVAP member, Marianne Timmins, bequeathed to CVAP monies for a scholarship fund. 5% of this fund is used each year to provide one of the scholarships selected by the Scholarship Committee for that year.
CVAP is an IRS 501(c)(3) Non-Profit Organization #33-0454927 Donations are tax deductible to the extent allowed by law.
The Patron Program raises funds from an annual letter of solicitation to CVAP Members and others for scholarships. All of the funds raised under the Patron Program go directly to scholarships and are included in the total amount raised from all sources by CVAP during the year for scholarships.
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