Hi BuddyPress team! Though it seems far away, GSoC is coming up sooner than you think! WordPress is going to put together a strong application as a mentoring organization this year, but you never know what will happen. In the past, we’ve lumped BuddyPress projects under WordPress’s GSoC acceptance, which we are more than happy to do again if you’d like. If so, time to start thinking about who you want to offer up as mentors, what student projects you want to suggest, etc.
That said, BuddyPress is big enough now that you could apply as a separate project, and be accepted or rejected as a mentoring organization on your own merits (meaning, if WordPress got rejected again, you wouldn’t automatically be rejected, too).
Talk amongst yourselves, and let me know what you’d like to do. Either way is fine, and I’m happy to help you get the application going.