VIRGIN ISLANDS ACADEMIC AND

CULTURAL AWARDS ENDOWMENT



RULES AND REGULATIONS



(Approved by the Board of Directors October 29, 2008,

Revised March 22, 2013; Revised March 27, 2015)



I. SCOPE AND PURPOSE OF THE RULES AND REGULATIONS:



a. These Rules and Regulations are promulgated pursuant to Title 17

Virgin Islands Code §524 for the purpose of establishing the

policies for the granting of loans, grants and awards to residents of

the United States Virgin Islands in accordance with Title 17 V.I.C.

§520, et. seq. These Rules and Regulations may be amended

from time to time, without prior notice to an Applicant.



b. As established by law, the Virgin Islands Academic and Cultural

Awards Endowment shall be hereafter referred to as the

“Endowment”.



II. DEFINITIONS



For purposes of these Rules and Regulations, the following terms

shall have the following meanings:



. “Accredited Graduate School” or “Accredited Professional School”

shall mean an institution accredited by a nationally or

internationally recognized accreditation agency of institutions of

higher education.



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b. “Applicant” shall mean a person who has submitted an application

for funding from the Endowment pursuant to these Rules and

Regulations.



c. “Approved Program” shall mean a professional, graduate or other

studies or research program offered or facilitated by an accredited

graduate or professional school, as herein defined, leading to a

Graduate degree.



d. “Due Return Date” shall mean the date that is one year (1) from

the date of Applicant’s graduation or completion of the Approved

Program on which date Applicant agrees to return to and reside in

the Virgin Islands.



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e. “Full-Time Student” shall mean a student accepted and enrolled in

an Approved Program(normally a graduate or professional

program) for nine credit hours or such number of credit hour (or

quarter hour) certified by the institution as constituting full-time

status during the fall, spring, or summer term.



f. Official Transcript is defined as such original transcript presented

under seal and directly transmitted from the Applicant or

Recipient’s academic institution.



g. Proof of Admission shall include an original letter of admission to

an Approved Program, as herein defined.



h. Proof of Good Standing shall include an official copy of the

Applicant’s transcript evidencing a cumulative grade point average

of 3.00 or better



i. “Virgin Islands Resident” shall be a person who is a citizen or

permanent resident of the United States of America and who is

domiciled in the United States Virgin Islands.



III. ELIGIBILITY REQUIREMENTS



The applicant for funding from the Virgin Islands Academic and

Cultural Awards Endowment:



a. Must have been a resident of the United States Virgin Islands for

at least ten (10) years, at least five (5) years of which must

immediately precede the date of filing the application.



b. Either must have made a significant contribution to the Virgin

Islands through government service or otherwise, or must require

financial support and have established financial need for such

support in order to pursue professional, graduate or other studies

or research; or must engage in a cultural project(s) which will

substantially continue to benefit the people of the Virgin Islands.



c. Must matriculate and maintain the status of a full-time student

within the Approved Program of Study.



d. Applicants admitted to Non-accredited degree or Non-approved

certification programs are not eligible for funding from the



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Endowment.



e. Applicants enrolled in an on-line program of study or

correspondence program may be eligible for funding from the

Endowment, provided such on-line program of study or

correspondence program is offered by an Accredited Graduate

School or Accredited Professional School as herein defined.

Applicants in these categories are subject to the same

requirements, and must meet the same service contribution as

applicants who leave the territory to pursue their educational

objective.



IV. APPLICATION PROCEDURES



a. No later than ninety (90) days prior to the start of the semester for

which funding is sought, Applicant shall file an Application with the

Corresponding Secretary of the Governing Board for the

Endowment, or such other person as the Board may designate

from time to time, at the VI Academic & Cultural Awards

Endowment, Office of the Provost, No. 2 John Brewers Bay, St.

Thomas, United States Virgin Islands 00802, who shall distribute

copies to all Board Members, and the ex-officio Secretary of the

Governing Board. (The form of Application to be completed is as

set forth in Appendix A hereto).



b. Together with the Application, the Applicant must submit the

completed Certification of Residency and Justification, in the form

as set forth in Appendix B hereto.



c. If the application for funding is based on an Applicant’s enrollment

in a professional, graduate or other studies program, Applicant

must submit proof of admission to a fully Accredited Graduate

School, or to a fully Accredited Professional school.



d. If the application for funding is based on an Applicant’s enrollment

in a research program or cultural project, Applicant must submit

proof of acceptance in such research or cultural program, which

research program or cultural project shall substantially benefit the

people of the Virgin Islands. For cultural projects, the Applicant

must submit the following:



1. A comprehensive cultural project proposal

2. A detailed budget



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3. Letters of support for the cultural project from at least two of

the following agencies:



e The VI Council on the Arts



e The VI Humanities Council



e The Cultural Education Division of the Dept. of

Education



e The Virgin Islands Archives Council (Division of

Libraries, Archives & Museums)



e The VI State Historic Preservation Office (Division

of DPNR)



e Any other agency as approved by the Endowment



The cultural project applicant will be required to make an oral

presentation to the VIACAE Board at the end of each award year for

which the project is funded. The Endowment will be duly recognized

at any such time that the project is being presented.



e. Applicant in the academic program must have completed the Free

Application For Federal Student Aid (FAFSA), and must present a

copy of the student aid report to the Corresponding Secretary or

such other designee on behalf of the Endowment



f. Applicant must submit at least two (2) letters of recommendation

from persons not related by blood or marriage to applicant.



g. Unless Applicant submits the application for funding on the basis

of having made a significant contribution to the Government and

people of the Virgin Islands, all applications must include an

Applicant’s financial statement, copy of most recent year’s income

tax return, and justification of the need for financial assistance.



h. Where applicable, an Applicant shall submit proof of significant

contribution to the people of the Virgin Islands



i. Applicant shall be required to submit all such further information

and documentation as shall be requested by the Board



V. TIMELINESS OF APPLICATION



a. Unless an Application for funding is postmarked or received by the

Endowment at least ninety (90) days prior to the start of the

semester for which funding is sought, or prior to the start of the

research program or cultural project, said application shall be



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considered untimely and will not be considered for funding



b. An untimely application may be reviewed and considered for

funding subject to the sole discretion of the Chairman of the

Endowment’s Board.



c. Anuntimely application may not be considered unless supported

by a complete explanation of the reasons for the late submission.



VI. INCOMPLETE APPLICATIONS



a. An application submitted to the Endowment which does not fully

satisfy the requirements set forth in Section IV hereof shall be

considered incomplete.



b. Incomplete applications will not be considered by the Board, unless

an Applicant establishes a special case of extreme financial

hardship.



c. Subject to the Endowment Board of Directors’ acceptance of an

incomplete application for consideration as a special financial

hardship case, an Applicant shall be required to satisfy all of the

requirements of Section III hereof within such timeline as may be

established by the Board.



d. A decision of the Board of Directors to accept an incomplete

application for consideration shall not obligate the Endowment

to approve said Applicant’s request for funding.



VII. PROOF OF RESIDENCY



a. The following documents may be considered in determining proof

of residency when they include your current Virgin Islands address:



i. Certified school record or transcript.



ii. Voter’s Registration Card



iii. Employee photo identification card issued by your

current employer, containing your employer's name and

address. Your employer's telephone number may be

required for verification.



iv. Pay check or stub with your name and Virgin Islands

address, and your employer's name and address. Your



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employer's telephone number may be required for

verification.



v. A utility bill for water, gas, electricity or land-line

telephone service at least 30 days old.



vi. An account statement at least 30 days old from a Virgin

Islands financial institution. The account statement

must show activity.



vii. A credit card or other credit account statement with

your name and Virgin Islands address



viii. Mortgage documents for a residential property in the

Virgin Islands



ix. An affidavit from two persons who are Virgin Islands

residents for more than ten (10) years who can verify

under oath Applicant’s status as a Virgin Islands

resident. Such affidavit is acceptable only if it includes

the complete address in the Virgin Islands resided in by

the Affiant for the period of ten (10) years; the

complete name and address in the Virgin Islands of the

Applicant, and Affiants’ personal knowledge of the

Applicant’s domicile in the Virgin Islands for a ten year

period, five of which must be immediately preceding the

filing of the Application.



b. The Endowment reserves the right to decline to accept any

document presented if it does not provide conclusive proof of

residency.



c. The Endowment reserves the right to require the presentation of

an original document for proof of authenticity, or to request all

other documentation in support of an application for funding.



VIII. SCHOLARSHIP AMOUNTS

a. The Board of Directors of the Endowment shall have the authority

to set the amount of the Endowment grant/loan to be awarded on



an annual basis to each Applicant.



b. The Board of the Endowment reserves the right to modify the

amount of funding an Applicant may receive.



IX. DECISIONS ON FUNDING APPLICATIONS



a. All decisions on applications for funding by the Endowment shall be

made in accordance with the Bylaws of the Endowment, as the



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same may be amended from time to time.



b. Conditional approval of funding for an applicant may be made

subject to the applicant’s strict compliance with the terms of the

approval.



c. Approvals of applications for funding are made subject to the

availability of funds



X. TERMS AND CONDITIONS OF AN AWARD OF GRANT OR LOAN



a. Upon approval of an Applicant for Funding from the Endowment,

the Applicant shall execute a Contract of Commitment in the form

set forth in Appendix C hereof; and shall execute a Promissory

Note(s) in the form set forth in Appendix D hereof.



b. No award of a grant or loan from the Endowment shall be made

unless the Applicant shall, as a prerequisite thereto, confirm

his/her agreement, in writing, to return to the Virgin Islands to

contribute the skill acquired for a period of time as provided for in

the Contract of Commitment. Applicants pursuing Medical degrees

will be granted an allowance of three (3) years for residency

training after graduation from Medical School prior to meeting the

requirement to return to the Virgin Islands for their service

contribution. Applicants seeking additional time for training related

to their area of specialization, must seek board’s approval for each

subsequent year requested.



c. The amount of grant or loan from the Endowment must be applied

to meet educational expenses of the Approved Program.



d. After the appropriate processing and screening of applications, the

Board may approve such grants, awards, loans or fellowships in

the amounts and for the period of time which it deems appropriate

under the circumstances and based upon the availability of funds.



e. The approval of a loan from the Endowment shall be made subject

to the Endowment’s rights to convert such loan into a grant upon a

recipient’s satisfaction of each term and condition of the Contract

of Commitment.



f. Subject to Applicant not being in default thereon, Applicant shall

agree that a loan from the Endowment shall be subject to interest

establish in Title 17 V.I.C. 520 et. seq. as the same may be



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amended from time to time.

XI. STUDY ABROAD PROGRAMS



a. An Applicant enrolled in a study abroad program shall be ineligible

for funding from the Endowment unless:



i. The Applicant is enrolled in an Approved Program while

abroad, AND



ii. The Applicant will receive credit towards the degree to be

attained from the accredited graduate or professional school,

OR



iii. Otherwise approved by the Board of the Endowment in its

sole discretion.



b. An Applicant enrolled in an international research or cultural

program is ineligible for funding from the Endowment unless:



i. The international research or cultural program is an

extension of an Approved Program in the United States of

America, or a cultural exchange program in the United States

of America, or its territories and insular possessions, OR



ii. Otherwise approved by the Board of the Endowment in its

sole discretion.



XII. ELIGIBILITY FOR ADDITIONAL FUNDING



a. In order to be eligible for additional funding from the Endowment,

an Applicant:



i. Must continue to satisfy all requirements set forth in Section

III and IV, hereof;



ii. Must continue to maintain a Virgin Islands’ residency;



iii. Must have attained a cumulative grade point average of 3.00

or better in the Approved Program of study. The first time an

applicant fails to achieve the minimum cumulative grade

point average of 3.00, but not less than 2.75, he/she will be

placed on a one-time scholarship probation for the following

semester. Failure to achieve the required minimum

cumulative grade point average of 3.00 at the end of the

probationary semester, or any semester thereafter, will

result in the termination of funding from the endowment;



iv. Continue to establish financial need; or in the case of an

applicant engaged in a cultural project, said project must be



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proven to the satisfaction of the Board, to be one which will

substantially benefit the people of the Virgin Islands

v. Must be in good standing within the Approved Program;

vi. Must be enrolled in the Approved Program, full-time, during

the academic semesters for which funding is sought;

vii. Must provide the Endowment with Applicant’s intended

address during the succeeding academic year;

viii. Not otherwise be in default under the terms of the Contract

of Commitment;

ix. Not have withdrawn, be terminated, or be on academic

probation from the Approved Program;

x. Must submit all such further information and documentation

as shall be requested by the Board.



XIII. APPLICATION FOR ADDITIONAL FUNDING



a. No later than ninety (90) days prior to the start of the

academic year or term for which funding is sought, Applicant

shall submit a written request for funding.



b. All applications for additional funding shall be accompanied by

Applicant’s Official Transcript for the preceding academic

periods of enrollment in the Approved Program; a new

Certification of Residency and Justification for award; and

proof of applicant’s good standing at the Approved Program;



c. Applicant must satisfy all of the eligibility requirements set

forth in Section XII above.



d. Upon approval of an application for additional funding,

Applicant must execute a promissory note in such equivalent

amount as approved by the Board of the Endowment



e. Approval of all applications for additional funding are subject

to the availability of funds



f. An application for additional funding may be approved only

where the Board is satisfied that such application is consistent

with, and will enhance or complete, the proposal in the

original application for funding.



g. Upon request by the Endowment, a recipient shall be

obligated to confirm in writing the amount of funding



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received, the expected return date to the Virgin Islands, and

such other information as the Endowment may request for

time to time.



. Prior to the receipt of the final disbursement of funds from the



Endowment, Applicant shall be obligated to complete an exit

interview and to complete the Exit Report, in the form

attached hereto as Appendix E.



XIV. TRANSFERS TO ANOTHER APPROVED PROGRAM



XV.



a. Arecipient of funding from the Endowment may transfer to



another Approved Program and continue to be eligible for

Endowment funding provided that written notification as to

the change in status is provided within sixty (60) days prior

to the start of the transfer Approved Program for which

funding or re-funding is sought.



. Transfers from an Approved Program to an unapproved



program of study will result in discontinuation of funding from

the Endowment.



DISBURSEMENT PROCEDURES



a. Disbursements of funds made pursuant to these Rules and



Regulations shall be made to an applicant duly approved for

funding by the Board of Directors of the Endowment



. Disbursement shall be made on a semi-annual basis after the



receipt of all documents required to be received by the Board

pursuant to Sections IV and XIII hereof.



. No disbursements shall be made pursuant to a conditional



approval of funding unless Applicant shall have satisfied as

pre-conditions of such conditional approval as established by

the Board.



. After verification of eligibility, approval of funding, and



satisfaction of all conditions required for the disbursement of

funds, the Endowment may disburse loan or grant proceeds

to a recipient corresponding to the academic term, semester,

quarter or equivalent time period of the Approved Program.

In no instance may the entire amount of the loan or grant for



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Rules and Regulations — Page 10

an educational year be paid to or on behalf of an applicant in

advance.



e. Verification of an awardee’s full-time enrollment status in the

Approved Program must be obtained from their institution

prior to the disbursement of the initial funding to the

awardee. Following the initial disbursement of an award or

loan, future or continuing disbursements will be made only

upon receipt by the Endowment of an official transcript

indicating proof of the awardee’s good academic standing. It

shall be the awardee’s responsibility to apply for and direct

that official transcripts be forwarded to the Endowment.



XVI. LOAN DISCHARGE/ENFORCEMENT PROCEDURES



a. In the event the recipient of a loan from the Endowment shall

have fully satisfied all of the conditions in the Contract of

Endowment, then any and all amounts loaned by the

Endowment shall be deemed fully satisfied and the

promissory note(s) shall be fully discharged.



b. In the event a recipient shall have earlier withdrawn, been

terminated, or be placed on academic probation from the

Approved Program, then the Endowment shall be entitled to

issue an Effective Notice of Default, demanding repayment of

any and all amounts loaned to recipient from the Endowment.

All such amounts shall be due and payable to the Endowment

within thirty days (30) days following the recipient’s effective

withdrawal, termination, change of Virgin Islands residency,

or placement on academic probation.



c. Where a recipient partially satisfies the terms of the Contract

of Commitment and other loan documentation, and returns to

the Virgin Islands for a lesser period of time than required

under the terms of his/her contract, the Endowment shall be

entitled to recover such loan amounts, on a pro rata basis.



XVII. DISCONTINUATION OF ENDOWMENT FUNDING



A recipient of funds from the Endowment is subject to

discontinuation of further Endowment funding under the following



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circumstances:



a. The recipient is not in material compliance with the terms of the

Contract of Commitment, or other loan documentation;



b. The recipient has either withdrawn, been terminated, or placed

on academic probation from the Approved Program;



c. The Recipient has changed his residency from the United States

Virgin Islands;



d. The recipient has been convicted of a felony offense;



e. The recipient has engaged in a material misrepresentation of any

matter involving his/her application for, or receipt of, funding

from the Endowment



f. A recipient has failed, after reasonable requests therefor from

the Board of the Endowment, or its designee, to provide such

additional information as allowed by these rules, and continues

in that failure for forty-five (45) days or more after the request

for the additional information.



XVIII.COLLECTION AND ENFORCEMENT PROCEDURES



a. Upon receipt of a Notice of Default, the Recipient shall be

obligated to repay of any and all loan proceeds, plus interest

calculated at the statutory rate set forth in Title 17 V.I.C.

§520 et. seq.



b. Upon approval by the Board of the Endowment, the University

of the Virgin Islands, acting on behalf of the Endowment shall

maintain such action(s) in a court of law necessary to enforce

its rights under the terms of the Contract of Commitment,

and the executed Promissory Note(s).



c. The Endowment shall be entitled to report the debt to such

national or local credit reporting bureaus as it deems

necessary.



XIX. ADMINISTRATIVE DUTIES



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a. In its discretion, the Board may appoint a staff assistant to

assist in the handling of the administrative functions in order

to perform the statutory administrative duties of the

Endowment, which have been delegated to the University of

the Virgin Islands, and to ensure the achievement of the

objectives of the Endowment.



b. The administrative staff shall maintain complete and up-to-

date records of all endowment matter, including but not

limited to records of academic progress and accomplishments

of each recipient, evidence of all amounts loaned by the

Endowment, the executed contract of commitment, evidence

of enrollment in the Approved Program, or other research of

cultural project, and collections made on all loans.



c. No less than once annually the University of the Virgin Islands

shall report to the Board of the Endowment on the receipt and

disbursement of funds, the management of Endowment

funds, default and collections matters, and such other matters

as may be requested by the Board from time to time.



d. Endowment records for each recipient shall be maintained for

a period of five (5) years following a recipient’s satisfaction of

all terms and conditions of the Contract of Commitment, or

following the receipt of all amounts required to be repaid by a

recipient.



APPROVED on the 21st day of April 1980; amended the 21st day of

January 1983, amended 29" day of October, 2008; amended February 9,

2012; amended March 22, 2013; amended March 27, 2015.



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