The Board of Trustees started a new scholarship fund by allocating millions of dollars in university surplus at its most recent meeting last Thursday Aug. 29.
"The new fund currently totals $25 million, but Ohio University officials hope to increase that fund to $75 million with money from donors," OU President Roderick McDavis said at the board's retreat.
"We will go out and tell them for every 50 cents we put in, they'll put in a dollar," McDavis said. "Our hope is that we're able to identify some of our current scholarship programs as well as some new scholarship programs that people may want to contribute to."
At the board's June meeting, Craig Cornell, vice provost for enrollment management, outlined OU's new scholarship goals to be implemented in the 2014-15 school year.
In Cornell's presentation to the board, he claimed OU's current scholarship model is clear but very restrictive and no longer competitive with peer institutions.
The new model will be more flexible and "determine student enrollment behavior based on aid received and their likelihood to enroll," he wrote.
"We're not interested in matching a scholarship program that's (highly) specific," Executive Vice President and Provost Pam Benoit said. "We've designed the program to be very broad."