The fund’s current endowment is approximately $1,000,000 (early 2018).
To preserve Chris’ legacy and award scholarships to as many deserving students as possible, for as long as possible, the founders and board have decided to aim for preservation of the Fund’s principal assets as a guiding principle (although tax law may require larger disbursements from time to time). Continuing contributions by many generous donors and conservative asset management have enabled us to do so, and even grow the Fund. As the Fund grows the board may decide to award more scholarships, increase the amount, or both.
The amount awarded is a fixed amount, regardless of actual duration of study abroad. The scholarship, however, is principally targeted at those students who will spend the major portion of a full academic year abroad. If students abandon their study abroad program, forfeiture of the award results. From the beginning through the 2006/2007 academic year the scholarships awarded were $3,000 per student. Starting with the 2007-2008 academic year the board decided to increase the amount of the award to $3,750. For 2008/2009 and after, the scholarship was increased to $5,000. Starting with 2012/2013 the award was increased to $7,000. Starting 2013/2014 the board awarded 4 scholarships per year. Generally the board attempts to grow the award according the the observed growth in cost for studying abroad.
The amount was purposefully chosen to not constitute an effective full scholarship, although it may be a substantial portion of the overall financial need. As the pool of student applicants at UCSD each year continues to be limited to about a dozen or so, the fund is fundamentally limited in the amount it can spend for these awards. As the fund’s endowment reaches a certain level, the tax requirements related to the fund’s tax status will potentially require spending more than this amount. Consequently the board is considering other grant options for the future.