Final answer:
The statement is false because SAE's purpose is to provide practical engineering experience through competitions and hands-on projects, not to offer financial assistance based on need.
Step-by-step explanation:
The statement 'This award program provides financial assistance to begin or further SAE and is based on financial need' is false. SAE, which stands for the Society of Automotive Engineers, was established with the goal of advancing mobility in various environments including land, sea, air, and space. Its main objective was to address the gap between theoretical knowledge and practical experience in engineering education. To provide students with hands-on experience, which is critical for on-the-job success, SAE began organizing and sponsoring competitions. These competitions focus on the practical aspects of engineering, such as the manufacturing and production process of designs rather than financial assistance based on need.