If your child had all the paperwork in before the first board, s/he was seen on the first board. All scholarships are "rolled over" to the next board automatically.
The next board does not look at the packet again. During the first board, the packet was given a score and placed in the stack based on score order. Then they gave out scholarships to the top X number of packets. (We don't know how many.)
When new applications come in from people who didn't make it to the first board in time, their applications are given a score and fed into the stack (where your child's packet still sits) by score order. They award scholarships to the top X number of packets.
This continues for each board until they run out of scholarships to give out. Sometime after the first of the year, when they know they have, for example, 20 scholarships left to award, and your child is #30 in the stack, and it has become mathematically impossible to earn a scholarship at that point...