Scholarship Frequently Asked Questions

 

 

Q. What is The Greater Kanawha Valley Foundation’s scholarship program?

A. Our program has over 90 scholarships established by individuals, firms and organizations wanting to assist West Virginia residents in obtaining a college education. Applicants apply to the program and, if eligible, may be awarded a scholarship.

 

Q. When will I find out if I have been awarded a scholarship?

A. Applicants will be notified by The Greater Kanawha Valley Foundation by May 15th of each year.

 

Q.  Are these scholarships taxable?

A. Monies received for tuition, fees and books may not incur tax liability while monies applied to room and board may be considered taxable income. This award is to be applied to direct college expenses at the institution, such as tuition, fees and books. The recipient is responsible for any tax liability incurred as a result of this award. The Greater Kanawha Valley Foundation does not provide tax information to the student or the Internal Revenue Service. The student is fully responsible for all tax reports.

 

Q. If I am awarded a scholarship, how much will I receive?

A. Most scholarships offer $1,000 awards. A scholarship may offer a larger award. The average scholarship award is listed under that scholarship description. Many scholarships are renewable.

 

Q. Where may I attend school?

A. Many scholarships are for schools in West Virginia. However, some scholarships are for schools out of the state. This is noted under the scholarship description. All scholarship awards shall be conditioned upon each educational institution meeting applicable federal tax law requirements under Internal Revenue Code, Section 170(6)(1)(A)(ii).

 

Q. May I receive more than one scholarship?

A. No. You may apply up to two scholarships; if you are awarded a scholarship, you will be selected as a recipient from only one of the two.

 

Q. If I withdraw from school, what do I do about the scholarship?

A. A student who withdraws from school for any reason will be expected to notify the Foundation of his or her status and refund to the Foundation any unused portion of the scholarship.

 

Q. Does the Greater Kanawha Valley Foundation make the decisions about who is awarded a scholarship?

A. Each scholarship has its own selection committee. The Greater Kanawha Valley Foundation processes the application materials for the committees who make the recommendations to the Board of Trustees for approval.

 

Q. If I am awarded a scholarship, do I receive the check?

A. Yes. The Foundation will mail the full amount of the award in August. It is applied to the entire academic year. The check is payable jointly to the student and the college, but is mailed directly to the student.

 

Q. If I receive a scholarship for one year, will I automatically receive that award for the following year?

A. No. Renewals, where applicable, are competitive and at the Committee’s discretion. If you are eligible for a renewal, you must apply again. Academic performance will be considered for renewals. Some of the scholarships are not renewable and are only a 1 year award. The recipient of a one-year award may apply the following year for a different scholarship. Each scholarship description will designate the length of time for which the scholarship is awarded.

 

Q. Do I need to send a copy of my parents’ IRS Form?

A. Yes. Make sure to scan your or your parents’ most recent IRS Form 1040, 1040EZ, etc. and any other documentation supporting unique financial circumstances.

 

 


 

             

The Greater Kanawha Valley Foundation - 1600 Huntington Square, 900 Lee St. E., Charleston, WV 25301 - [P] 304-346-3620 - [F] 304-346-3640 - tgkvf@tgkvf.org

Confirmed in Compliance with National Standards for U.S. Community Foundations