|Applications Open||Applications Due||Interviews||Decisions Communicated|
|Round three(decisions rolling)||4/28/2023||5/19/2023||5/20-5/26/2023||5/31/2023|
Apply to the Internship Fund for Social Impact
Applications for 2024 Summer funding will open on February 26, 2024.
Below you will find the Internship Fund for Social Impact’s current application/interview criteria. If you have any questions, feel free to contact us at email@example.com.
Please note: the maximum funding amount is $14,000 for a full-time summer internship, defined as 40-hours per week and a minimum of eight weeks. This translates to $43.75 per hour. If your internship is paid less than $43.75 per hour, you are eligible to apply for a prorated stipend up to the Internship Fund’s funding amount.
Applications will be assessed against the following criteria:
- The sponsoring organization has a well-articulated social impact mission and is also a recognized 501© nonprofit, certified B-Corp, Public Benefit Corporation, or a public sector organization. IFSI will also consider an organization that has a well-articulated social impact mission and is also a certified Minority Business Enterprise or a women-owned business.
- A public sector organization is one that is operated by a state or the federal government.
- The Internship Fund defines a social impact mission as one where the organization as a whole, or a role within that organization, is intentionally designed to specifically help those individuals/communities/ecosystems who are disadvantaged relative to other groups OR the organization as a whole, or a role within that organization, works towards solving a social impact problem, advances research/knowledge-sharing, or provides programmatic support for social impact initiatives. If the role is in support of social impact work at an organization without a strong social impact mission (ie: start-up, for-profit corporations), the organization’s commitment to social impact work should be public, clearly stated, and supported by goals/metrics. The organization as a whole, or role within that organization, should provide additionally on that social topic. Intern’s work should be substantial, strategic and supported by the organization.
- The summer internship is unpaid or underpaid (currently defined as less than $14,000 for at least 40-hours per week and a minimum of eight weeks during summer 2023). Internships that are not full-time will be prorated, but can be funded no more than the $14,000 maximum.
- The summer internship will be overseen by a manager, supervisor, etc., and the project must be clearly defined with appropriate performance milestone assessments. The project cannot be an academic research opportunity.
- The summer internship cannot be a position within any school at Boston University or led by a Boston University faculty or staff member. The internship cannot be overseen by another MBA student or at a company owned or operated by another current MBA student. Exceptions may be made when working for a student in the PEMBA program.
- The candidate demonstrates an enthusiasm for the mission of the Internship Fund for Social Impact and a willingness to support the organization in the future as a spokesperson and advocate.
Although IFSI aims to provide funding to students pursuing under- or unpaid purpose-driven internships, IFSI does not guarantee funding to any applicant. If you feel that your internship fulfills the Internship Fund’s definition of social impact as stated above, but your organization is not included in the stated criteria, please contact the Leadership Team at firstname.lastname@example.org. Please see the FAQ’s for more information.
Who is eligible to apply?
All Boston University MBA students are eligible to apply for funding. Candidates should have secured or be actively pursuing a summer internship within the field of social impact or that creates a larger social good.
What is the application process?
What does "well-articulated social impact mission" mean?
Many organizations contribute to positive social outcomes in their community, and there are many definitions of Social Impact. However, to receive funding, an internship must exhibit public efforts to work towards these following characteristics that go beyond general “social good” effects:
- Organization as a whole, or a role within that organization, is intentionally designed to specifically help those
individuals/communities/ecosystems who are disadvantaged relative to other groups.
- Organization as a whole, or a role within that organization, works towards solving a social impact problem, advances research/knowledge-sharing, or provides programmatic support for social impact initiatives. If a role is in support of social impact work at an organization without a strong social impact mission (ie: start-up, for-profit corporation), organization’s commitment to social impact work should be public, clearly stated, and supported by goals/metrics.
- Organization as a whole, or a role within that organization, should provide additionality on that social topic. Intern’s work should be substantial, strategic, and supported by the organization.
How much can I apply for?
Funding applications will be considered for amounts up to $14,000. If an internship is 100% unpaid, students can apply for $14,000. If an internship offers a stipend or an hourly wage that is less than $14,000 for a 8-week period, students can apply for the remainder needed to reach $14,000. Example: If an internship offers a stipend of $4,000, a student can apply for $10,000.
What are the obligations of Internship Fund for Social Impact recipients?
Internship Fund for Social Impact recipients are expected to assist in furthering the Fund’s efforts. Recipients will be asked to write about their summer experiences, complete video interviews, join donor pitches, interview new applicants, and contribute to the Internship Fund for Social Impact’s mission in other ways. In addition, it is our hope that recipients will consider “paying it forward” in the future, to whatever extent is financially feasible.
Can I apply if I haven’t accepted a final internship offer?
Provisional approvals: If a student has received an official summer internship offer, but has not formally accepted that offer, the student may apply to the Fund for provisional approval. The Fund will assess the application and provide a decision to be confirmed upon the student’s acceptance of the internship. The provisional approval cannot be transferred to an internship with a different organization or an internship that is significantly different from the one described during the initial application process. The student may reapply for funding for the new internship.
If my internship organization was funded in prior years, does this mean it is guaranteed that my internship will be funded?
The Internship Fund for Social Impact criteria may be revised prior to each application period in order to meet the Fund’s definition of social impact. Therefore, it is possible that an internship organization funded in the past would not meet the criteria to be funded in the current year.
If I’m applying with a part-time internship, how will the amount of funding I receive be calculated?
The Internship Fund for Social Impact will calculate the hourly rate based on a 320 hour internship (40 hours/week for 8 weeks). This hourly rate will be applied to the number of internship hours in the part-time internship for up to 8 weeks in the months of June, July and August, and can be funded no more than the $14,000 maximum.
How will funding be distributed?
Funds are distributed to the recipients’ student account. Recipients can see this distribution by navigating to Student Link > Money Matters > Student Account Inquiry and selecting the ‘Summer’ semester from the dropdown options. To disburse your funds from your student account follow the instructions for “Request a Refund.” Please note that it may take up to four weeks to see the funds in your student account after a funding decision is communicated by the IFSI leadership team. The disbursement process is managed by BU administrators, and not the IFSI leadership team.