Set up and manage renewable awards

Use renewable awards to distribute funds over a specified period of time (e.g., quarterly, annually).

These awards often include compliance checks to ensure that applicants are maintaining certain standards (major, GPA, etc.).

Note: Renewable awards are only included in certain subscriptions of Award Management.

Renewable awards are a bit like a Ferris wheel:

  • You first get into the renewable award by receiving an initial opportunity award (i.e., an attendant allows you to get onto the Ferris wheel)

  • Each award has a set number of iterations or times you can renew an award (i.e., the number of revolutions per ride on the Ferris wheel)

  • Between each iteration of the award, admins can check for applicant compliance (i.e., the attendant making sure you're not causing a disturbance)

  • After all iterations are complete, applicants exit the renewable award (i.e., you have to get off the Ferris wheel at some point)

  • Set up communication templates: Update the Renewal Application Request to make sure you're communicating the right information to applicants.

    Tip: Since this template is used for all renewable awards, don't add information specific to a single award.

  1. Set up renewal portfolios: Update individual portfolios (and other parts of your system) to make them ready for renewals

  2. Set up future renewal opportunities: For each iteration of your award, determine dates, award amounts, and compliance criteria

  3. Monitor renewable awards : Track applications, distribute awards, and force apply applicants (if necessary)

  4. Clone and archive renewal opportunities: Learn what (slight) adjustments to make when cloning and archiving renewal opportunities

  5. Use selective renewal disbursements (optional): Adjust renewal disbursements to account for unique situations