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What is a scholarship?
Non-taxable income that must be used for its intended purpose according to IRS Topic. 421.
What is a scholarship used for?
According to IRS Topic. 421 a scholarship is "used for tuition and fees required for enrollment or attendance at the education institution, or for fees, books, supplies, and equipment required for courses at the educational institution."
Where can I use my Scholarship Funds?
Any degree or certificate-granting public or private college or university, junior or community college or any accredited school in accordance to (Title IV of The Higher Education Act of 1965). Technical or trade schools may be eligible to receive Scholarship Funds dependent on the criterion set by the sponsor, provider or educational institution.
How have Scholarship Funds been awarded?
Merit-based Scholarship Funds are awarded on academic, artistic or athletic achievements. Need-based Scholarship Funds are awarded on financial need.
Where have Scholarship Funds come from?
Donors, Sponsors, the collegiate athletic associations, or private entities
What is a Scholarship Provider?
A tax-exempt, IRS approved organization, that is required to administer Scholarship Funds on an objective and non-discriminatory basis with funds provided from Donors or Sponsors.
What is a Donor?
An individual or organization that provides tax-deductible funds to a charitable organization without restriction in use of the funds.
What is a Scholarship Sponsor?
An individual or organization that provides tax-deductible funds for a specific Scholarship Award through a Scholarship Provider.
What is a private scholarship?
Funds that are disbursed from an entity that is independent from the school. The recipient is required to notify the institution's Financial Aid department as it may adjust their Financial Aid Award Package.
What is an Academic Scholarship?
The primary source of funding is from the educational institution or a Donor or Sponsor. Selection may be based on Grade Point Average (GPA), SAT/ACT admission test scores or performance in a particular field of study.
What is an Athletic Scholarship?
The source of funding is the collegiate athletic associations in which primarily sign network agreements and then allocate such revenue to the collegiate athletes.
Who is eligible for a postsecondary education scholarship?
All students that are or will be seeking a degree in a postsecondary educational institution.
What is Prize-Money?
Taxable-income that is prohibited by the NCAA® to be accepted by potential collegiate student-athletes above actual and necessary expenses under their philosophy of Amateurism. The NAIA® prohibits potential collegiate student-athletes from accepting Prize Money after July 1st, the 'last day of summer,' prior to enrolling in an NAIA® institution. The NJCAA® prohibits potential student-athletes from accepting Prize mMoney after a students 19th birthday or enrolling into a NJCAA® recognized institution- whichever comes first.
What is
Legislative-Compliance?
In order for potential collegiate athletes to be eligible to participate in collegiate athletics- it is a requirement for them to complete their perspective Amateurism Questionnaire with the NCAA®, NAIA®, NJCAA® or NACE® which verifies that recruits meet the minimum academic requirements and are considered an Amateur Athlete.
The collegiate athletic association has the jurisdiction to determine a collegiate athlete ineligible to compete in their events if they accept Prize Money based on Place finish. In order to maintain compliant to their legislation Scholarships 4 Us, LLc keeps track record in the S4Us.portal™ of accumulated Prize Money which funds The Trust of Scholarships 4 Us to be disbursed as a Scholarship Award.
Who owns
Scholarships 4 Us, LLC?
Scholarships 4 Us, LLC is a subsidiary company owned by FanastasiasEstate, LLC. The formation is established for checks and balance for oversight of the appointed governing members: President, Principal and Administrator.
Who is the 'Custodian of Funds' for the savings contributions and
Prize Funds?
The Trust of Scholarships 4 Us shall be the custodian of funds with the financial records being found at www.FanastasiasEstates.com/S4UsFinancials.
What happens to my accumulated Prize Funds if I don't graduate high school?
As Scholarships 4 Us, LLC is not a non-profit Scholarship Provider and manages Prize Money on behalf of Student-Participants the funds shall be disbursed to the former Student-Participant as taxable-income subject to any applicable federal and/or state tax laws.
What happens to my accrued savings if I don't graduate high school?
All accrued savings will be disbursed to the former Student-Participant according to any applicable federal and/or state tax laws.
What happens to my accumulated Prize Funds if I receive a full tuition scholarship?
A student that intends to participate in collegiate athletics is required to request their disbursement as a Scholarship Award to ensure they maintain their eligibility to compete in collegiate athletes. The financial aid department will receive the Scholarship Award and issue a refund of any amount owed to you.
What is an Early Disbursement Request?
See Disbursement Request page
Can my parent, legal guardian or authorized representative submit my Disbursement Request?
YES. According to page 20 of The Scholarships 4 Us Program a Disbursement Request may be submitted on behalf of a Student-Participant.
Can third-party individuals or organizations contribute to increase the Prize Fund in an event?
NO. Scholarships 4 Us, LLC is not a non-profit charitable organization and it is prohibited in any of our Accredited Events.
Why did Scholarships 4 Us, LLC choose age 12 as the beginning of a student's Eligibility Time Period?
Scholarships 4 Us, LLC analyzed child development when considering comprehension of events and consent with guardianship to ensure it is a bilateral decision to enroll instead of a unilateral choice or coercion. What has also been taken into consideration is having a balance of competition where children are more developed and can be grouped with other children with similar skill or ability levels.
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