The Scholarship Management and Account Reporting for Tenpins (SMART) has announced an income earning distribution of $1.75 million to providers’ funds for 2018.
The SMART Board makes income earning distributions each May based on earning from the previous year. The $1.75 million distribution is from investment earnings in 2017.
“The SMART Board is excited to be able to make such significant distributions to our providers,” SMART Corporation Board Chairman Wally Hall said. “Our conservative investment strategy continues to provide solid returns, which allows the SMART Board to give providers additional scholarship funds for youth bowlers.”
Combined with the distribution of $2.4 million from expired accounts in early January, the SMART Board has infused provider accounts with more than $4 million in 2018. Last May, the SMART Board made an income earnings distribution of $1 million to providers’ funds for 2016 earnings.
During the last year, nearly 6,000 recipients successfully used funds from SMART accounts. SMART has 3,500 providers, and nearly 200,000 scholarship recipients have their scholarships in the SMART program.
SMART made significant improvements to the program in 2018. SMART scholarship recipients now have an easier way to request funds online and providers also can now enter lists and make payments online. The new processes not only will make it faster and easier for scholarship providers but ensures scholarship recipients obtain their awards in a timely manner.
Started in 1994 by the United States Bowling Congress, the SMART program offers a centralized location to manage bowling scholarship funds, as well as provide USBC members with a resource for inquiries about bowling scholarships.
In 2010, the SMART Bowling Scholarship Funding Corporation was created as an independent entity dedicated to the management, protection and promotion of the SMART scholarship funds with USBC staff overseeing the day-to-day operation of the program.
The SMART Board places the largest portion of earned scholarships in safe securities, with remaining assets invested in a diversified portfolio expected to yield larger returns. The majority of investment income is distributed to participating organizations and providers, with a small portion used to cover administrative costs and investment fees.
Click here to learn more about the SMART program.