In June 2016, COBSS disbursed 533 bursaries, scholarships & awards from donors, including individuals, families, school Parent Advisory Councils, community volunteer organizations, community athletic organizations and private businesses. Approximately $432,270 was allocated to students in the Central Okanagan pursuing post-secondary education. With one centralized application process students applied for all of these awards, through COBSS.
Donors should be aware that the designation of bursary/scholarship/award determines the primary criteria for allocation.
Bursary - If you name your donation a bursary, COBSS will consider the primary criteria to be met by the recipient to be a need for financial assistance in order to pursue studies at a post-secondary level.
Scholarship – If you name your donation a scholarship, COBSS will consider the primary criteria to be met by the recipient to be achievement based on academics and/or any criteria the donor specifies.
Award – If you name your donation an award, COBSS will consider the primary criteria to be met by the recipient to be any criteria which the donor specifies.
Once the primary criteria for a donation is determined all other criteria for consideration, in order of priority, should be listed for allocation purposes. Examples of other criteria which you may wish to include are: potential for chosen area of study, citizenship and involvement within school and community, membership in the donor organization.
It is further understood that bursaries/scholarships/awards will be awarded to students in full-time attendance at a post-secondary educational institution recognized by the Society in the year following graduation. Such institutions would include, but are not restricted to, universities, regional colleges and trade and technical schools.
Selection of bursary/scholarship/award recipients will be made by the Allocation Committee of the Society or by the donor (as indicated on the donor contract). The selection will be guided by the criteria and instructions provided by the donor. In order to qualify for consideration, a student must provide the Society with a complete comprehensive COBSS application by the deadline.
Note: Applications from students become property of COBSS and cannot be photocopied or shared with outside organizations or individuals.
There are a few choices how a bursary/scholarship/award can be set up. Donors can send money for their award to COBSS on an annual basis or money can be held in trust.
- If paying for awards on an annual basis, a donor renewal contract will be sent out in October and should be returned to the COBSS office with payment by December 1 of the same year.
- Donations can be made at any time during the year to any award. Please make cheques payable to COBSS and indicate in the "memo" portion of cheque the name of the award that the money should be deposited to.
- If money is held in trust, COBSS will withdraw the money to fund a particular award from the trust fund. COBSS uses RBC Dominion Securities to invest the money held in trust.
- Those donors with money held in trust will also receive a donor renewal contract in October . They need only to return their contract by mail or fax to the COBSS office after they have reviewed it.
- Donors have the option of donating through The Central Okanagan Foundation (COF). In this case, COF will instruct the donor on the amount of money needed to generate a $500, $1000, etc., award from the interest on their investment. COF sets up ‘perpetual trusts’ which means the initial investment (principal) with COF will never be touched and the money used to fund bursary/scholarship/award is from interest on the principal. For further information on Perpetual trusts please contact COF (www.centralokanaganfoundation.org).
2017 01 Donor Power Point presentation.pdf