I got this scholarship last year (as well the my other one), and as long as it hasn't changed (which it might have, because we didn't get the extra $500) then its mostly just extra events that you can go to and such, which I didn't take 'advantage' of because I was too busy with actual uni, although I went to the ceremony night for the VC Access one, which was basically just a free food, met others who got it and a speech from someone.
There are other events that you get to join throught the VC Access if you want to, like eladership programs and such (looking back at my emails most of it seems to be leadership stuff, although there were some events that were 'Sustaining Academic Excellence' and 'Speaking Up - the Power of Communication'). The thing is, you don't have to do any of these if you don't want to (I didn't besides the free food at the first one), and you'll get the 1K (only once off though) to help you with things.
The 'Access to a range of special activities and opportunities to support your Monash experience (valued at $500)' part, I'm not exactly sure what it is, it might just be all thos leadership things mentioned above.
On accepting, there should be something coming in the mail with details about it, it just might not have gotten there yet, if you are really worried you can always call the scholarship unit up.
EDIT: I think this was the number for the Scholarship Unit at Monash, although I'm not sure if thats just for people currently on a scholarship or not.
(03) 9905 3069.
The way it worked last year is once you'd enrolled in your course, you'd go on WES (the Web Enrollment System) and enter the number that you got in the mail in the scholarships part, to accept it. All the details for access to WES and stuff should be in the letter coming in the mail, as long as its the same as last year.
Anyways hope that helps, and congrats on getting it!
