SMART re-distributes to providers more than $1 million from expired accounts
December 22, 2016
ARLINGTON, Texas – The Scholarship Management and Accounting Reports for Tenpins (SMART) Corporation will distribute more than $1 million from expired accounts to providers by the end of 2016.
The SMART Board of Directors unanimously voted to have all expired funds returned to providers to be used for more scholarships.
“SMART is able to put these expired funds to work by placing them in the hands of providers, who can provide more scholarships for their events and hopefully increase the number of participants,” said SMART Corporation Board Chairman Wally Hall.
Under its terms and conditions, SMART can suspend or terminate a user’s account if a provider account becomes inactive, meaning a deposit or a funded list is not entered into the account during any five-year period. Activity does not include the return of expired funds from a recipient or earnings allocated to a provider from SMART.
While SMART has made income earnings distributions in the past, including a $450,000 distribution to providers’ funds earlier this year based on 2015 earnings, this is the first time for SMART to allocate expired funds to providers. The SMART Board previously determined that income distributions would take place each May.
The SMART program was started by the United States Bowling Congress in 1994 to provide a centralized location to manage bowling scholarship funds, as well as providing USBC members with a resource for inquiries about bowling scholarships.
The SMART Bowling Scholarship Funding Corporation was created in 2010 as an independent entity dedicated to the management, protection and promotion of the SMART scholarship funds. USBC staff oversees the daily operation of the program.
Visit BOWL.com/SMART to learn more about the SMART program.
The SMART Board of Directors unanimously voted to have all expired funds returned to providers to be used for more scholarships.
“SMART is able to put these expired funds to work by placing them in the hands of providers, who can provide more scholarships for their events and hopefully increase the number of participants,” said SMART Corporation Board Chairman Wally Hall.
Under its terms and conditions, SMART can suspend or terminate a user’s account if a provider account becomes inactive, meaning a deposit or a funded list is not entered into the account during any five-year period. Activity does not include the return of expired funds from a recipient or earnings allocated to a provider from SMART.
While SMART has made income earnings distributions in the past, including a $450,000 distribution to providers’ funds earlier this year based on 2015 earnings, this is the first time for SMART to allocate expired funds to providers. The SMART Board previously determined that income distributions would take place each May.
The SMART program was started by the United States Bowling Congress in 1994 to provide a centralized location to manage bowling scholarship funds, as well as providing USBC members with a resource for inquiries about bowling scholarships.
The SMART Bowling Scholarship Funding Corporation was created in 2010 as an independent entity dedicated to the management, protection and promotion of the SMART scholarship funds. USBC staff oversees the daily operation of the program.
Visit BOWL.com/SMART to learn more about the SMART program.