PURPOSE

The Surety Association of Ohio (SAO) intends to recognize and reward excellence in academics, personal achievement, leadership, and community involvement through the granting of college scholarships. This scholarship brings positive attention to the surety industry and in particular the SAO. It also fulfills our mission of educating the general public about the value the surety industry brings and the protections it affords.

OVERVIEW/BACKGROUND

The SAO Board of Directors expressed the desire to begin a scholarship program to benefit SAO members and their dependants who are pursuing a bachelor’s degree. The SAO will annually distribute one (1) scholarship, not to exceed a total of $4,000 for each scholarship. Each scholarship, distributed over a four-year period (totaling a maximum of $1,000 annually), begins at the start of the fall semester/quarter (August/September).

Note: SAO members are not eligible to receive this scholarship; only dependents of the members are eligible.

ELIGIBILITY

Scholarships are available to dependents of SAO members who are entering their first year of college or currently enrolled in college. SAO Scholarship Award Panel dependents are not eligible to apply.

Applicants must be entering into a business major in college or presently enrolled as a business major.
Applicants need to score higher than a 21 on the ACT and/or 1020 on the SAT (these scores are considered average).
Applicants need to earn a 3.0 grade point average (GPA) or higher in high school.
Applicants already enrolled in a college or university must have maintained a cumulative GPA of 3.0 or higher whiled enrolled in the college or university.
To retain the scholarship through the four (4) years, recipients need to maintain a 3.0 GPA.

CHANGES IN RECIPIENTS ELIGIBILITY

If a winning candidate finds that they are unable to attend college before beginning their first scholarship year, the scholarship will be awarded to the next eligible candidate.

If a winning candidate does not maintain their eligibility requirements during an academic year, they will forfeit the funds for the following academic year. If during the following academic year, the candidate meets the eligibility requirements again, they will receive the scholarship installment for the next year.

Note: If a student fails to maintain eligibility as a result of circumstances over which the student has no control (i.e. military service, extended illness) special consideration may be given by the SAO.

This is solely at the discretion of the SAO. The SAO should be notified of the circumstances as soon as possible. A SAO member must remain a member of the association in order for their dependent to continue receiving funds. If his/her employment terminates and consequently membership is ceased during an academic year, the funds will cease for the following academic year and beyond. If his/her employment with his/her company terminates before the start of an academic year, funds will cease for that same academic year.

For example: Scholarship awarded for the academic year August 2008– May 2009.

The employee’s employment with his/her company terminates before August 2008, funds will not be provided for the academic year August 2008– May 2009.

If the employee’s employment with his/her company terminates after August 2008, funds will not be provided for the academic year beginning August 2009– May 2010 and beyond.

DISBURSEMENT AND CONTROL OF FUNDS

Scholarship installments are distributed at the start of the fall semester/quarter. For scholarship recipients to receive subsequent installment payments, the student must submit a copy of his/her academic grades at the close of the academic year (May/June). The student is solely responsible for ensuring that grades are received at the SAO by July 15 for consideration of funds for the following semester/quarter.

GENERAL INFORMATION

The SAO reserves the right to amend, revise, or terminate the Surety Association of Ohio Scholarship Program without prior notice. No scholarships under this policy will be denied because of race, gender, national origin, religion, disability or handicap of the applicant.