Gov’t picks nonprofit to manage University of Puerto Rico scholarship fund
The Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF, in Spanish) chose the Puerto Rico Community Foundation to provide management and investment services for a new scholarship fund for University of Puerto Rico students.
“After careful analysis of the independent firms that were interested in the project, we have chosen the organization that has the most comprehensive capacity to manage the new scholarship fund for our university,” said AAFAF Executive Director Omar J. Marrero.
“We’re very pleased with the selection of the Puerto Rico Community Foundation given its reputation and proven level of experience that will translate into efficiency and expediency in the management and distribution of these scholarships for our students,” he said.
The scholarship fund will have an estimated $213 million available for the five-year period (2019-2023), according to the University of Puerto Rico’s Fiscal Plan and the central government’s Certified Fiscal Plan.
Furthermore, this initiative is the product of long negotiations between AAFAF and the Fiscal Oversight Board to provide scholarships for university students enrolled in the island’s main public university
For the past 35 years, the Puerto Rico Community Foundation has contributed to the development of Puerto Rican communities providing personalized philanthropic advice to individuals, families, corporations and foundations in and out of Puerto Rico, working with them on establishing, safekeeping and managing scholarship funds or donations for the benefit of the community.
In addition, the nonprofit designs and implements programs based on the needs of the communities.