SMART Corporation makes $2.4 million distribution to providers
January 08, 2018
ARLINGTON, Texas – The Scholarship Management and Account Reporting for Tenpins (SMART) Corporation distributed more than $2.4 million from expired accounts to providers.
The distribution took place Dec. 31, 2017. The SMART Board of Directors distributed to providers funds from expired recipients and expired providers, so the funds can be used for additional scholarships.
“Our goal is to ensure funds reach the youth bowlers and now providers can use the funds to deliver more, or possibly larger, scholarships at their events,” said SMART Corporation Board Chairman Wally Hall.
Expired recipients accounted for approximately $1.9 million of the distribution, with the remainder coming from expired providers.
As stated under SMART’s terms and conditions, if a provider account becomes inactive, meaning a deposit or a funded list is not entered into the account during any five-year period, SMART can suspend or terminate a user’s account. Activity does not include the return of expired funds from a recipient or earnings allocated to a provider from SMART.
The SMART Board has placed more than $3.4 million in providers accounts over the last eight months. In May 2017, the SMART Board made an income earnings distribution of $1 million to providers’ funds. The distribution was for 2016 earnings.
Started in 1994 by the United States Bowling Congress, the SMART program was a way to offer a centralized location to manage bowling scholarship funds, as well as provide USBC members with a resource for inquiries about bowling scholarships.
The SMART Bowling Scholarship Funding Corporation was created as an independent entity in 2010, 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.
Visit BOWL.com/SMART to learn more about the SMART program.
The distribution took place Dec. 31, 2017. The SMART Board of Directors distributed to providers funds from expired recipients and expired providers, so the funds can be used for additional scholarships.
“Our goal is to ensure funds reach the youth bowlers and now providers can use the funds to deliver more, or possibly larger, scholarships at their events,” said SMART Corporation Board Chairman Wally Hall.
Expired recipients accounted for approximately $1.9 million of the distribution, with the remainder coming from expired providers.
As stated under SMART’s terms and conditions, if a provider account becomes inactive, meaning a deposit or a funded list is not entered into the account during any five-year period, SMART can suspend or terminate a user’s account. Activity does not include the return of expired funds from a recipient or earnings allocated to a provider from SMART.
The SMART Board has placed more than $3.4 million in providers accounts over the last eight months. In May 2017, the SMART Board made an income earnings distribution of $1 million to providers’ funds. The distribution was for 2016 earnings.
Started in 1994 by the United States Bowling Congress, the SMART program was a way to offer a centralized location to manage bowling scholarship funds, as well as provide USBC members with a resource for inquiries about bowling scholarships.
The SMART Bowling Scholarship Funding Corporation was created as an independent entity in 2010, 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.
Visit BOWL.com/SMART to learn more about the SMART program.