Scholarships add value

by Larry Meyer
MRA Chairman and CEO

There’s a student affiliated with a retail business in southeast Michigan who could be receiving a Michigan Retailers Association college scholarship this fall, but won’t—through no fault of the student’s.

That’s unfortunate for a good many reasons, including the fact that the misfortune could have been prevented.

The student’s name was on the list of those selected in late April by the independent firm that administers the Association’s scholarship program. As it does every year, a panel of educators chosen by the firm made its selections based on academic performance and extracurricular activities (including retail employment) and sent us the list to verify membership in MRA.

Only families and employees connected to MRA-member businesses are eligible for the scholarships. And that’s where the problem arose: the business had not renewed its membership for 2003, and the student—either a family member or employee—was no longer eligible for up to a $1,000 award.

The business undoubtedly had a good reason for not renewing. Some 90 percent of all members renew their membership each year, and in most non-renewal situations the owner has retired, sold the business or gone out of business. In this case we don’t know why the business let its membership lapse; all we know is that it is still in operation.

But I wanted to mention this situation as a way to highlight the added value provided by the scholarship program. The company’s failure to renew its fair share investment in MRA cost one of its employees or family members a scholarship to offset some of rising costs of attending college.

The scholarship program provides additional membership benefits in addition to the cost savings from such MRA services as credit card processing, workers’ compensation insurance, health and dental insurance, and electric and natural gas discounts. It not only provides direct financial benefit to members, their employees and families, it also can be used as a recruitment tool for keeping good employees.

The importance of the scholarship program is why the MRA Board of Directors has made it a priority to grow the Michigan Retailers Foundation, which funds the scholarships. The Foundation has launched an ambitious campaign to increase its assets to more than $1 million and boost the number and size of the annual scholarships. The campaign also enables contributors to build a lasting legacy through their tax-deductible donations and receive lifetime recognition by having a scholarship named in their honor.

In next month’s Retailer you’ll see and read about this year’s scholarship winners. I hope it reminds you, and moves you, to add to your own legacy by supporting the efforts of the Foundation.