SCHOLARSHIP FUND AGREEMENT BETWEEN
STARVED ROCK COUNTRY COMMUNITY FOUNDATION
THIS AGREEMENT made and entered into on _____________, 2016 is between Starved Rock Country Community Foundation (“SRCCF”, “the Foundation”) and ____________________. (“the Donor”).
WHEREAS, __________________desires to establish a scholarship fund to award annual scholarship(s) to a qualified individual who is enrolled for the following academic year in a college or university to obtain a degree.
WHEREAS, SRCCF is a non-profit Illinois corporation exempt from taxation pursuant to Section 170 (b)(1)(A)(vi) of the Internal Revenue code, and is an appropriate entity within which to establish said charitable fund; and,
WHEREAS, SRCCF is willing and able to create such a fund, subject to the terms and conditions hereof;
NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS:
- NAME AND PURPOSE
In accordance with the Articles of Incorporation and Bylaws establishing and governing SRCCF, the following directions shall apply with respect to the assets of the fund hereby created:
(a) NAME OF FUND. There is hereby established in SRCCF,_the________________________Scholarship, (herein referred to as the “Fund”), to receive gifts, in whatever form of money or property and to administer the same as provided herein.
(b) PURPOSE. An award(s) is to be made annually from the fund for the purpose of granting a scholarship to a student from ___________________________ to provide financial assistance to said student to attend a college or university.
2. GIFTS. The initial gift to the fund is $______. The Donors understand that this is an irrevocable gift, which will be used to establish and maintain a charitable fund of the Foundation, subject to
the Foundation’s governing documents and bylaws. Any person, whether an individual, corporation, trust, estate or organization may make a gift to SRCCF of property acceptable to
SRCCF in whole or in part for the Fund. All gifts, bequests and devises to this Fund shall be irrevocable and subject to the terms and conditions hereof.
- DISTRIBUTIONS. If, in the opinion of the committee described in Section 4, there is no deserving individual in a particular year, no award will be made that year. In that case the distributable amount will be added back into the principal of the fund and will be available for making multiple or larger grants in subsequent year(s).
- ADVISORY COMMITTEE. SRCCF will establish an advisory committee for this Fund. The committee will consist of three to five members, all of whom must be appointed by SRCCF. One member may be the donor, a person related to the donors, or a person the donors appoint. The committee will operate in accordance with the Foundation’s Policies and Procedures for Scholarship Funds. Donor representative to the committee, if any, will be the following persons:
The following individual will be donor representatives to the committee.
Selection of the recipient of the scholarship(s) will be based on the following criteria:
- A current high-school senior, or a recent graduate, must graduate with, or have graduated with, a cumulative grade point average of at least _____.
- Must be enrolled in an accredited, degree-granting college or university (minimum of 12 credit hours) for the following academic year.
- Must be a resident of LaSalle, Bureau or Putnam Counties in Illinois
- Has demonstrated the following attributes:
o Positive attitude
o Encourages others
o Hard working
o High moral character
o Role model to underclassmen, if applicable
- Preference will be given to students who have been involved in school activities and/or have volunteered in various ways both at school, and in the community, and/or have ________________________________________.
- Applicant must include an essay of 500 words or less outlining community involvement over the past two (2) years.
Applications for the Scholarship(s) will be accepted annually during the month of February. The Advisory Committee will determine the winner(s) during April, and the scholarships will be announced, if appropriate, at the annual Spring awards ceremonies at the applicant’s high school or other appropriate location.
- VARIANCE POWER. This Fund is a component fund of the Foundation and its assets are assets of the Foundation. The Fund is subject to the Foundation’s governing instruments including the Foundation’s power (1) To modify any restriction or condition on the distribution of funds for any specified charitable purposes or to specified charitable purposes or to specified organizations if in the sole judgment of the governing body (without the necessity of the approval of any participating trustee, custodian, or agent), such restriction or condition becomes, in effect, unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community or area served.
- EXPENSES OF THE FUND. Except as otherwise determined by SRCCF, the Foundation shall charge an annual, non-prorated fee of 2% on the average principal balance of the Fund to cover administrative expenses of SRCCF. This fee shall be deducted from the income attributed to the Fund.
- NOT A SEPARATE TRUST. All money and property in the Fund shall be assets of SRCCF and not a separate trust.
- ACCOUNTING. This Fund shall be accounted for separately from other gifts to SRCCF.
- CONTINUITY. It is intended that the Fund herein established shall continue for so long as the need thereof exists and money or property is available in the Fund for its purposes. If the Fund is terminated for any reason, any money or property remaining therein shall be devoted to the entity and for the purposes which, at the discretion of SRCCF, most nearly fulfills the original intent of the Fund.
- ANONYMITY/PUBLICITY To recognize and honor our donors, the Foundation’s policy is to include our donors’ names in publicity about the Foundation unless they wish to remain anonymous. Please check the box below that best describes your wish regarding publicity:
□ I have no objection to the inclusion of the name of the ______________________________Scholarship in Foundation publicity
□ I do not wish to have the name included in Foundation publicity and we wish to be listed as an anonymous donor
□ Other ____________________________________________
- ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and understanding of the parties and supersedes all prior and contemporaneous agreements, understandings, negotiations and proposals, oral or written. This Agreement may be amended or modified only by a subsequent agreement in writing signed by each of the parties and may not be modified by course of conduct.
- GOVERNING LAW. This Agreement is made under, and shall be interpreted pursuant to, the laws of the State of Illinois.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day and year above first written.
DONOR SIGNATURE DONOR SIGNATURE
PRINTED NAME OF DONOR PRINTED NAME OF DONOR
Approved by the Board of Directors of the Starved Rock Country Community Foundation on _______________, 2016.
One may also download the application from here.