All Society award activity should be budgeted and self-sustaining, except for the Society sponsored Awards and those activities conducted on a volunteer basis for the benefit and on behalf of the Society. Financial arrangements for awards are subject to the approval and periodic review of the Awards Policy Committee and the Finance Committee. All awards for which nominations are processed through ASEE Headquarters shall be assessed an Award Administration Fee as approved by the Finance Committee.
5.1 ENDOWED AWARDS
An endowed award is one which is funded in perpetuity by the earnings of a restricted Society investment with the corpus of the investment being untouchable for purposes other than providing income for the purposes of the award. When planning an endowed award it is important to be aware of the following Society Policies:
5.2 SPONSORED AWARDS
A sponsored award is one which is funded on an annual or multi-year basis. They can be externally sponsored through outside grants and contributions or sponsored with funds earned by a Society unit. The basic parameters of Sponsored Awards are as follows:
Externally Sponsored Awards
1. Externally Sponsored, National Award:
The requirements for a national award which is externally sponsored are:
2. Externally Sponsored, Society Unit Award:
The minimum financial requirements for a Society Unit Award which is externally sponsored are as follows:
Society Unit Sponsored Awards
The requirements for a Society Unit Award which is externally sponsored are as follows:
Any unexpended balance in an award account shall be carried forward into the next fiscal year or placed in the endowed account, as recommended by the Award Policy Committee and the Finance Committee.
5.3 ADMINISTRATIVE EXPENSES
Board of Directors' policy prescribes that all awards be self-supporting, except the Society sponsored awards. The costs associated with any and all awards, except salaries, benefits and overhead, are to be covered by the income from the endowment, external sponsors, or the Society unit sponsors. ASEE Headquarters provides a number of services in support of the various awards and the overall awards program.
5.4 SPONSOR FINANCING AND BILLING
The Society maintains permanent, restricted awards funds (e.g. trusts, endowments, etc.). The investment of such restricted funds is authorized by the Investment Policy Committee and the Finance Committee and managed by the Executive Director. As funds are collected by an ASEE unit, monies should be accumulated by using the Headquarters Banking and Accounting Services System (BASS) until sufficient funds are available for external investment such that the award can be operated on the interest earned.
ASEE Headquarters is responsible for invoicing the sponsors of National Awards for the direct costs and an award administration fee incurred. Society units chairs are responsible for invoicing the sponsors of externally sponsored Society unit awards. Billing should take place allowing reasonable and sufficient time for funds to arrive prior to the end of the fiscal year.