WATERVILLE ROTARY CLUB

POLICY FOR:

SCHOLARSHIP FUND

 

 

Purpose

 

The purpose of this policy is to provide a history of the Scholarship Fund and also a statement of intent regarding future administrations of the Fund.  It is understood that this policy may be changed at any time by the Board of Directors of the Waterville Rotary Club.

 

Background Information

 

The Scholarship Fund was created by the Waterville Rotary Club in the 1940’s or 1950’s with approximately $10,000 to provide loans to students pursuing vocational training.  Over time, the Fund was established as an endowment and was changed to provide grants, not loans, to local students attending local colleges – Colby, Thomas, or KVTC.  The annual amount was set at $500/student/year which was to come from annual interest from this endowment.  It was decided that the $500 award must be matched by each college and that it be awarded in the second semester of the school year.  It was also hoped that this assistance would go to students who may not be eligible for others kinds of financial aid.  At one time the Club played a role in the selection of the students.

 

Since the early 1990’s, it has been Club practice to dedicate one half of the revenues from the Club’s annual Pig Roast/Auction to build the Scholarship fund.  The other half of the proceeds go to the Inner Wheel Club in return for their assistance with the Pig Roast/Auction.

 

Current Practice

 

At this time the Fund has grown to approximately $53,000.  Three scholarship grants of $500 each are awarded each year to deserving students at Colby, Thomas and KVTC.  Financial aid directors at each school are responsible for the selection of students.

 

The fund is still supported by proceeds from the annual Pig Roast/Auction and also from Paul Harris contributions.  This is accomplished by the Club using Paul Harris credits that have accumulated.

 

Recommendations

 

It is hereby agreed that the Club will:

  • Establish a $100,000 goal for this Scholarship Fund
  • Donate at least one half of the proceeds of the annual Pig Roast/Auction each year to this fund
  • Allow Club members to designate their Paul Harris contributions (full or sustaining) to this Fund.
  • Award $1000 scholarships (to be matched by the college) beginning in 1999-2000 and budget this expense in the Charitable Budget annually.
  • Equally divide the annual contributions to the Fund between two investment vehicles – The Galaxy Fund (Fleet Bank) and the investment fund at A. G. Edwards.
  • Develop fund raising activities to augment the goal of a $100,000 endowment.

 

Adopted by the Waterville Rotary Club Board of Directors on December 16, 1998.

 

 

 

_________________________________  ______________________________

Mert Rowe                                                       Mike Roy

Club Secretary                                                 Club President