ESTABLISHING THE
CENTRAL OF LUNENBURG CLASS OF 1967 SCHOLARSHIP FUND ENDOWMENT
THIS
DOCUMENT is made this 1st day of February, 2018, BY THE CENTRAL OF LUNENBURG
ALUMNI SCHOLARSHIP FOUNDATION (“Foundation"), a corporation organized
under the nonprofit corporation law of the State of Virginia with its principal
office located at 1128 S. Broad Street - Kenbridge, VA 23944:
WITNESSETH:
WHEREAS,
the Foundation is a qualified charitable organization (as defined herein); and
WHEREAS,
the Foundation has been established with a principal purpose to receive and
administer funds for various educational purposes in Lunenburg County Virginia;
various interested persons and in particular the Donors have expressed a desire
to establish a fund in the Foundation in the nature of endowment to provide for
the purposes set forth herein;
NOW,
THEREFORE, in consideration of the mutual covenants contained herein, the
Foundation agrees as follows:
1. Establishment of
Fund. A fund shall be established on
the books of Foundation which shall be known as the CENTRAL OF LUNENBURG
CLASS OF 1967 SCHOLARSHIP FUND ("Fund"). The initial amount of $28,000.00 is endowed
to this fund in perpetuity.
Neither,
the current board, or any future board of the foundation or its successors
shall have any authority to alter the terms of this document establishing this
endowment.
2. Property of the
Fund. The Fund shall include the
property received herewith, such property as may from time to time be
transferred to Foundation by Donors for inclusion in the Fund, such property as
may from time to time be transferred from any other source for inclusion in the
Fund and accepted by Foundation, and all undistributed income from the
foregoing property. The Fund shall be
the property of Foundation held by it in its corporate capacity and shall not
be deemed a trust fund held by it in a trustee capacity. Foundation shall have the ultimate authority
and control over all property in the Fund, and the income derived therefrom, in
accordance with the Articles of Incorporation and Bylaws of Foundation (as they
may be amended from time to time), and the terms of this document applied in a
manner not inconsistent with said Articles and Bylaws.
3. Designation of
Purposes. The purpose of the Fund shall
be to award annual scholarship grants according to the following guidelines:
The net income of the Fund up to a total
of $1000.00 will be distributed annually to provide a scholarship to a student
(or students) who is a graduate of Central of Lunenburg High School, or any
future Public High School serving the citizens of Lunenburg County Virginia.
Any net income of the endowed funds exceeding the annual award amount will be
retained in the fund. Excess income funds retained may be used to supplement
the award in any year in which the net income of the endowed funds are less
than the designated distribution amount. The designated distribution amount may
be changed by a vote of the Foundation Board as needed to use excess
accumulated net income.
4. Distributions.
(a)
To be eligible the recipient must: be a
graduate from a Public High School located in Located in Lunenburg County
Virginia, and have enrolled in a post-secondary college or university in the
United States;
(b)
Having met the criteria set forth above, the annual scholarship grants shall be
awarded based on the following considerations:
financial need, academic achievement, extracurricular school activities
or employment, community service, personal integrity, and character. Written
recommendations from teachers, pastors, counselors, coaches, etc. will be
accepted by the Scholarship Advisory Committee.
(c)
One or more awards may be made each year.
The award(s) need not be made in advance in a lump sum amount, but may
be made in installments on a periodic basis.
Expenses, which are covered, shall include tuition, books, room and
board, and other such related educational expenses.
(d)
A Scholarship Advisory Committee (“Committee”) consisting of at least three (3)
and no more than five (5) individuals shall by majority approval, recommend and
advise the Foundation concerning the selection of the award recipient(s) and
the amount(s). The original Committee
shall consist of the Foundation Board of Directors. Replacements for any vacancies that occur on
the Committee shall be selected by majority approval of the members of the
Committee remaining at the time such vacancies occur. If any member of the Committee shall have
son, daughter, grandchild, niece, nephew, brother, sister or stepson,
stepdaughter, etc. or is the legal guardian of any applicant for the
scholarship award, said Committee member shall be removed from the Committee
during such year.
5.
Variance.
(a)
If the Foundation ceases to be a qualified charitable organization, or if the
Foundation proposes to dissolve, the assets of the Fund shall, after payment or
making provision for payment of any liabilities properly chargeable to the
Fund, be distributed in such manner and to such organization in Virginia as
satisfies the requirements of qualified charitable organization at the time and
serves purposes similar to those of the Foundation. Any organization receiving
these funds must maintain the herein, initially endowed funds in perpetuity and
continue to award an annual scholarship according to the guidelines herein
established and in the name of the herein established fund.
6.
Definitions and Construction.
(a)
As used in this Agreement
(1)
"Qualified charitable organization" means an organization
described in 501(c)(3) of the Internal Revenue Code.
(2) References to any provision of the
Internal Revenue Code shall be deemed to refer to the U.S. Internal Revenue
Code of 1986, as the same may be amended from time-to-time and the
corresponding provision of any future U.S. Internal Revenue Code.
(b) It
is intended that the Fund shall be a component part of Foundation and that
nothing in this Agreement shall affect the status of Foundation as an entity
which is a qualified charitable organization.
This Agreement shall be interpreted in a manner consistent with the
foregoing intention and so as to conform to the requirements of the Internal
Revenue Code and any regulations issued pursuant thereto applicable to the
intended status of Foundation.
IN
WITNESS WHEREOF, the Foundation has executed this Document by its duly
authorized officers effective as of the day and year first above written.
Board meeting minutes –
Establishing this Endowment
Board meeting minutes – Addendum
to this Endowment