Endowed Scholarship Fund Agreement
It is the responsibility of the Committee to follow these procedures, to keep these records and to submit these reports in writing, as requested by the Foundation. Failure by the Committee to comply with the scholarship procedures and the submission of the necessary reports may lead to the dismissal of the existing committee and the appointment of a replacement committee. This agreement is concluded on this date between the donor and the Rosbud Scholarship Fund. The donor enters the assets processed in his transaction in order to create a scholarship fund known as the Rosebud Scholarship Fund. The donor or any other person may make additional contributions to the Fund. This donor agreement may change and the donor has the opportunity to reach an agreement on a potential problem through arbitration, after a change can occur. However, no minimum amount is required to establish a foundation scholarship fund, if the value of the foundation`s scholarship fund does not reach at least $10,000 within three years of the establishment of the Fund, or if this value remains below $10,000 for three consecutive years, the Foundation may transfer the Fund to its General Scholarship Fund or distribute all remaining funds, to achieve the objective of the Fund. If the donor chooses the above option for the non-foundation-related scholarship fund, the amount that will be distributed, including all management fees and guaranteed renewals for future years, should be paid to the Foundation no later than December 31 of the year preceding the scholarship year. After the donor`s resignation, incapacity or page 3 of 4 deaths and after the inclusion of any testamentary contributions in the fund, any un created scholarship fund with a balance of USD 10,000 or more becomes a scholarship fund of funds.
_____ Un-created scholarship fund – An un created scholarship fund can distribute up to 100% of the value of the fund. The amount distributed, including administrative costs, renewals, etc., should be paid to the Foundation no later than December 31 of the year preceding the year in which the scholarships are awarded. The scholarship cannot be published until the aid has been obtained. If the Committee does not advise the Foundation on the awarding of scholarships for a given year, no scholarship from the Fund will be awarded for that year. If the Committee does not consult the Foundation for the award of scholarships for three consecutive years, this may lead to the dismissal of the existing committee and the appointment of a replacement committee. At the time of the creation of a scholarship fund, the founder of the Foundation must provide the Foundation with a detailed written criterion for the choice of scholarship holders and all the conditions for scholarships of the scholarship fund. Employees of the Foundation, donors or the Committee may recommend changes to the scholarship criteria in order to keep the scholarship up to date with current practices and the appropriate candidate market, but these changes must be approved by the Foundation`s Board of Directors. The objective of the Fund is to provide educational scholarships to Lakota youth. Detailed admission criteria for the selection of scholarship holders and the list of conditions applicable to scholarships must be defined by December 31, 2019. When awarding fund grants, the Foundation follows these criteria and conditions. A Scholarship Committee (Committee) is an advisor to the Foundation to make recommendations for the award of scholarships from the Fund. However, these recommendations are only advisory and the Foundation is not bound by such recommendations.
The Committee shall be composed of at least three persons, all appointed by the Foundation. . . .