Fund: Ohana Scholars Business Scholarship Fund Department: Undergrad Student Financial Aid D02089 Purpose: Undergraduate Student Support BACKGROUND Inspired by their parents’ experience that achieved generational socio-economic change through education, Laura and Rodney McDermott would like to build a meaningful, supportive, and connected community to bolster student success. Inspired by the word "ohana" which means "family" in Hawaiian, the McDermotts understand how important family-and the support that family provides-is for young people as they pursue their academic goals. In this spirit, the McDermotts would like to establish the Ohana Scholars Business Scholarship Fund to support a 4-year cohort of students majoring in business (pre-business and business). Over the four years, the McDermotts’ donation will support students financially to reduce economic hardship. The family will also encourage students to study abroad through the Ohana Scholars Education Abroad Support Fund and offer mentorship and career-building opportunities through their personal commitment. Rodney has been an entrepreneur for over 20 years. He is the CEO + Co-Founder of McDermott + Bull, an executive search firm founded in 2001, the President + CEO of M+B Interim Leaders, which he co-founded in 2011, and the CEO + Co-Founder of Activate180, an employee coaching and performance development company. The McDermotts have a special connection to UCR. Laura’s father, Eliud Martinez, taught at UCR in the Comparative Literature Program from 1972 - 1995. Martinez also chaired the Chicano Studies Program and helped develop the Creative Writing Program. In 1985, he designed "Introduction to Race and Ethnicity," a course that became a requirement for all students at UC Riverside. After Martinez’s passing in 2020, the McDermotts established the Professor Eliud Martinez Endowed Scholarship in Creative Writing in his honor. Fund Purpose: This Fund shall be used to provide scholarship assistance to a cohort of students majoring in Pre-Business or Business that are low-income and are in good academic standing. The scholarship is intended to cover the financial aid gap that low-income students experience and reduce financial hardship. The cohort will support a combination of incoming freshman and students transferring or applying into a Bachelor of Science major within the School of Business over four years, 2023/24 – 2026/27. It is the donor’s intention to support students for a maximum of 4 years for freshman, and 2 years for transfer students. Recipients who change majors after initial selection still qualify to receive the award in future years. Students will be invited by the McDermott family to voluntarily participate in a variety of career-building opportunities approved by CHASS and the School of Business—such as internships, networking events, industry panels and other events that promote career readiness. They will also encourage students, in the Ohana spirit, to support each other in their academic and professional careers. It is also the donor’s intention that the Ohana Scholar recipients receive additional study abroad support as outlined by the Ohana Scholars Education Abroad Support Fund. If a student drops out or leaves UCR at any time, another student shall be selected to receive the remainder of the funds. Criteria and Selection Process The Financial Aid Office will select students who apply to the Ohana Scholars fund who also meet the following criteria: - Incoming freshman into the Pre-Business major or transfer students into a Bachelor of Science major within the School of Business - Low-income - First-generation college students - Good academic standing - For annual renewal, students must maintain satisfactory academic progress