Wallace resources provides scholarships for students.
An entity outside the college (a company, a foundation, or an individual) decides to pay for one or more scholarships; I would have imagined that it would be this entity that chooses who benefits from its scholarship, but I imagine that the entity can simply write a check to the college and leave it to deal with the rest (choice of recipients, and all the associated paperwork).
So we have Wallace resources funding scholarships, and for some reason (it doesn't matter), Mr. Burke has the power to decide who can benefit. We see him remove Mona's name when she leaves college, and then we see him put in Maya's name, and finally remove it when he learns she's a member of HOT.
It's clear that something's up. We don't know exactly what, but the clues left in the story point in two directions: either Burke is using his scholarship power to bang college girls, or he's not banging girls but rich old men (members of Wallace resources), which would explain Mona's words to Quinn (ok to sleep for money or a scholarship, but not with old men).
As for Priscilla, this is Quinn's real name, and Burke summons her to express his displeasure. Firstly, the first girl sent (Mona) chickened out, and secondly, Quinn was unable to spot another prey (Maya) and, more importantly, ensure that she wasn't a HOT member (making her unsuitable for Burke's plans). Maybe he'll demand that Quinn make sure Maya quits or is kicked out of HOT so that Maya becomes exploitable prey again.