San Juan-based Nonprofit chosen to manage UPR scholarship money
Fiscal Agency: Fundación Comunitaria to manage $213 million fund
SAN JUAN – The Puerto Rico Fiscal Agency and Financial Advisory Authority (Aafaf by its Spanish acronym) chose Santurce-based nonprofit Fundación Comunitaria de Puerto Rico (FCPR) to manage and provide investment services for a new scholarship fund for University of Puerto Rico (UPR) students, established in accordance with the UPR Fiscal Plan, Aafaf Executive Director Omar J. Marrero said Thursday.
“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,” Marrero said in a press release. “We are very pleased with the selection of Fundación Comunitaria de Puerto Rico 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.”
The scholarship fund will consist of approximately $213 million to be awarded to students during a five-year period ending in 2023, in accordance with the UPR Fiscal Plan and the Certified Fiscal Plan for the Central Government, Marrero said, noting that “this initiative is the product of long negotiations between AAFAF and the Fiscal Oversight Board to provide scholarships for university students in the main public university of the of the Island.”
FCPR, which is an independent tax-exempt entity, has provided consulting in Puerto Rico and overseas for 35 years. The foundation provides services involving establishing, safekeeping and managing scholarship funds or donations.
FCPR has designed programs related to grants, technical assistance and capacity building. After the devastation wrought by Hurricane María in 2017, FCPR’s strategic plan has prioritized equitable access to potable water, renewable energy, public housing, community economic development and education, among other key areas for society’s well-being.