ARLINGTON, Texas – For the second consecutive year, the Scholarship Management and Account Reporting for Tenpins (SMART) will make a distribution of $1.75 million to providers’ funds from investment earnings.
Based on income earned from investments, the SMART Board determines any possible income earnings distribution and releases the funds to providers by the end of May each year. The $1.75 million distribution is from investment earnings in 2018.
“The SMART Board is excited to make such a significant distribution for the second consecutive year,” SMART Corporation Board Chairman Steve Moehrle said about the distribution announced by SMART during its presentation at the USBC Convention. “We will continue to protect SMART funds through conservative investment strategies and look to continue our yearly earnings distributions so providers can provide more youth bowlers with scholarships.”
With this year’s earnings distribution of $1.75 million, SMART has returned more than $4.3 million to Providers accounts in the last year. It includes $2.2 million in expired Recipients Funds and $430,000 in Expired Provider accounts.
The SMART Board provided an income earnings distribution of $1 million in 2017 and $450,000 in 2016.
SMART also has continued to make improvements to the program. Within the last year, providers were given the ability to make online payments and SMART scholarship recipients now have an easier way to request funds online.
The SMART Bowling Scholarship Funding Corporation was created in 2010 as an independent entity dedicated to the management, protection and promotion of the SMART scholarship funds with the United States Bowling Congress staff overseeing the day-to-day operation of the program. USBC started the SMART program in 1994 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 seven-member SMART Board places the largest portion of earned scholarships in conservative 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.