We will soon be coming up on Yellow Ribbon season and I wanted to share an updated FAQ put out by VA Central Office.
The two important questions/answers I wanted to point out that have been better clarified in the attached are Numbers 23 and 28:
Question 23. Can a school use funds from a grant or scholarship to satisfy its matching contribution?
Answer: Yes. Funds for Yellow Ribbon contributions may derive from any source of institutional funding that is not already allocated or awarded for a non-Yellow Ribbon purpose. Student ledgers must denote contributions as “Yellow Ribbon.” Yellow Ribbon funds cannot be denoted as any type of grant, scholarship or other fund sources that would be applied to the student’s account regardless of Yellow Ribbon program participation. To ensure consistent observation of this limitation and to avoid confusion during audits, schools must denote its contributions as “Yellow Ribbon” on student ledgers. Schools may not denote its contributions as “grant,” “scholarship” or any other analogous terms.
Question 28. If there is a change to the names or contact information for either the institution’s Authorizing Official, School Financial Representative/Yellow Ribbon Program Point of Contact, or School Certifying Official, does the institution need to submit a modified agreement?
Answer: No, however, a modified agreement is required if there are any changes made to page 1 and/or to item number 7 of the agreement.