Special Funds Creation Policy
The Decatur Education Foundation, Inc.
Scholarship Policy
The Decatur Education Foundation, Inc. welcomes
the opportunity to talk with any individual or group interested
in creating a scholarship to be administered by the Foundation.
The following is the policy established by the Board of Directors
pertaining to Foundation scholarships.
Named Scholarships
In order for a scholarship to qualify as a Decatur
Education Foundation, Inc. Named Scholarship:
- The annual award must equal or exceed $1000
and must be given for a minimum of five years
- The donor must agree to deposit $2,000 for
five years
until the amount of $10,000 is accrued at which time the scholarship
will be named and the monetary award will be made. If the donor
wishes for an award to be made during the period that the $10,000
is being accrued, an additional gift of $250 must be made each
year until the full amount of the endowment is established.
- The donor must agree to deposit a minimum of
$10,000 and agree that the amount of the scholarship will equal
the interest and appreciation earned that year minus an administrative
fee to be determined by the Decatur Education Foundation Board
of Directors
Foundation scholarship recipients shall be selected
by the Decatur Education Foundation Scholarship Committee unless
other arrangements are made and approved by the Foundation Board
of Directors.
The Board of Directors must approve all applications
seeking Foundation scholarship status.
Funds provided for Foundation Scholarships will
be invested and administered by the Board of Directors or their
designee.
Checks for scholarships will be issued by the
Foundation Office directly to the institution the recipient will
attend unless other arrangements are approved by the Board of Directors.
Other Foundation Scholarships
Gifts donated for scholarship purposes, but not
meeting the requirements listed above will accrue in the Foundation’s
General Scholarship Fund.
These gifts will be combined into one or more
scholarships as determined by the Board of Directors. Contributors
to scholarships derived from this fund will be listed when the scholarships
are awarded and will also be acknowledged in other Foundation lists
of contributors.
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