How much money will I need for the sponsorship? How will my finances be assessed?
Each group member who will be making a financial contribution, as well as the group as a whole, must show that they have sufficient financial resources available to support the sponsored refugee(s) for the duration of the scholarship period (i.e. 15 months).
The Scholarship Cost Table is used to determine whether a group member is financially eligible to participate in the scholarship and whether the total funds pledged by group members are sufficient for a particular scholarship undertaking.
It is strongly recommended to refer to the Scholarship Cost Table as a guide for determining your individual and group level of financial support.
However, a group should always take into account that the actual cost of the sponsorship may be higher than the amount listed in the sponsorship cost table. In calculating the overall budget, the Host Network can factor in any in-kind donations they have received, i.e. furniture or housing. Please see the in-kind deductions table for the dollar amounts that can be deducted.
During the scholarship period, the group is responsible to provide for the basic needs of the refugee(s), including monthly income support. Because of this, there is an expectation that the sponsored persons will not require income support from the government through social assistance or welfare.
The Settlement Plan and Financial Assessment forms are used by Refugee Action Network to assess whether your group is able to provide the settlement assistance and financial support needed during the validity of the scholarship. Group members contributing financially to the sponsorship should provide the amount of money they are committing towards the scholarship, and if applicable, all other sources of funds. Please contact us for further information on the documents you will need to provide for the financial assessment and for guidance in calculating your individual financial eligibility.