The Jefferson Scholars Foundation plans to award fewer scholarships this year than in years past as a result of limited endowment funds.
“We are a bit unlike most entities at the University in that we are 100-percent dependent on our endowment to provide our operating income,” Jefferson Scholars Foundation President James Wright said. “So unless something changes dramatically, we will have to make reductions in the number of scholarships.”
The foundation’s assets are controlled by the University of Virginia Investment Management Company.
“We made the decision to let UVIMCO manage the money, and I’m sure [they are] doing everything they can to reduce losses and [make] gains,” Wright said. “We have confidence in them.”
Because of endowment losses, both UVIMCO and the Jefferson Scholars Foundation have both been working since the summer to address the problem, Wright added.
“The finance committee of the [foundation’s] board has been looking at these things since the summer when [they] began to look not so promising,” Wright said. “We’ve got very talented people who serve on our board and help us make the best decisions we can make.”
As of yet, though, the Jefferson Scholars Foundation has not decided on a definitive plan to address the situation.
“It’s just still a little bit too early to say what we are going to do,” Wright said, noting that the number of scholarships offered this year will be released around March 1.
Second-year College student Abby Adams, a Jefferson Scholar, said while she believes it is unfortunate that the Jefferson Scholars Foundation might award fewer scholarships this year, such reductions in spending will help to continue the program in the future.
“I think the reason they are cutting back on [the number of] scholars [this year is because they] want the program to be able to sustain itself indefinitely,” Adams said. “It’s extremely unfortunate that we can’t have as many scholars next year as we usually do, but I think it’s a wise fiscal decision.”
A current Jefferson Scholar candidate, who requested anonymity because his application is still undergoing review, similarly said the limited number of scholarships is understandable in light of the overall economic status of the country.
“While I’m obviously disappointed that they’re offering fewer Jefferson Scholarships [this year], I do understand the need for doing so,” he said.
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