The Ron Kuhns Memorial Scholarship Memorandum of Understanding
WHEREAS, the family and friends of Ron Kuhns wish to establish a scholarship to be administered by The Rotary Club of Estes Park Foundation (hereafter referred to as the Foundation) in the sum of $1,000; and
WHEREAS, such funds have been received by the Foundation; and
WHEREAS the Trustees of the Foundation have gratefully received such funds to be utilized for the purposes intended; and
WHEREAS the Trustees of the Foundation desire that this be a permanent endowment to the greatest extent possible;
NOW THEREFORE, the Trustees do establish the Ron Kuhns Memorial Scholarship Fund, to be administered as follows:
- Funds were received in the amount of $30,000 as of the date of this agreement (the “corpus”).
- For years following 2015, two calculations will be made by the Foundation:
a. The interest generated by the corpus over the period ending December 31th of each year will be calculated based on the average return of the entire Foundation endowment fund. This will be the base amount available for the scholarship award.
b. The amount of the scholarship of $1,000 for the student selected in May of each year.
- Should there not be a student identified the income (return) generated shall be added to the corpus.
- It will be assumed that the Kuhns funds will be incorporated into the other assets invested in the endowment portion of the Foundation. The amount in the Kuhns corpus will, however, be separately identified in the Foundation reporting and for the purposes of calculating the return.
- The scholarship so awarded shall be a one year scholarship to a student who:
a. does not qualify academically for another scholarship being awarded that year;
b. is identified by the Scholarship Committee as possessing a passion for a unique field of study that, nevertheless, meets the general criteria for a Rotary Scholarship:
c. is pursing full-time studies at an accredited college, university, or technical/trade school;
d. is a citizen of the United States or permanent resident in the process of applying for citizenship;
e. is a resident of Estes Park for the last 2 or more years;
f. applies for the scholarship through the Estes Park High School Scholarship Application process.
- The scholarship may be awarded at the Awards Night ceremony.
- In the event the amount in the Kuhns fund becomes insufficient to provide for the intended purpose, the Trustees may combine the then balance with other Foundation funds and administer them pursuant to the general purposes of the Foundation
Adopted at a regular meeting of the Rotary Club of Estes Park Foundation this ________ day of ________________, 2015.
The Rotary Foundation of Estes Park, Inc. By:___________________________________
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