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Scholarship Program Policy

Scholarship Donor-Foundation Agreement

  • To establish a scholarship fund with the Citrus College Foundation, the donor completes the Scholarship Agreement form. The director of the Foundation is available to clarify items on the form and assist the donor in making decisions related to the criteria for awards. A prospective donor may call the Foundation Office (626) 914-8825 to schedule an appointment or to receive guidance over the telephone. 
  • The Scholarship Agreement form should be returned to the Foundation Office with a check or money order made out to the Citrus College Foundation. Donors who wish to make their gift by credit card will need to contact the Foundation Office for assistance.
  • Changes or revisions may be made to the Scholarship Agreement at a future date at the discretion of the donor; however, changes will not take effect until after an award cycle has been completed if the scholarship has already been advertised in the scholarship brochure.
  • Donors are encouraged to keep the criteria for awards as broad as possible to assure that the scholarship can be awarded. The director of the Foundation can assist a prospective donor with this.

 

    Minimum Scholarship Awards
    The minimum scholarship award will be $250.

    Endowed Scholarships

    • An endowed scholarship may be established in the name of the donor or in another name specified by the donor with an initial minimum gift of $75,000. The endowment will be allowed to grow for the first year or until such time that 50 percent of the appreciation and/or dividends or interest from the endowed account is sufficient to make the minimum award specified by the donor. The corpus of the endowed account is defined as that amount originally endowed by the donor plus any future endowed amounts contributed to the fund by the donor. If the donor specifies that a certain designated percentage of the appreciation, dividends and/or interest from the account are to become part of the endowed portion annually to paw the endowment, that amount will also become part of the corpus of the fund and may never be spent.
    • Although no scholarship awards will be made from an endowed fund until the corpus can generate sufficient income and appreciation to make the initial award, a donor may fund the scholarship awards separately with an additional gift annually until such time that the endowed fund has gown sufficiently to make the stipulated awards.

     

      Designated Scholarship Funds

      • To establish a designated (not endowed) named scholarship fund, the donor must gift at least $1,000 and commit to making scholarship gifts from this account for a minimum of three years. The minimum scholarship award will be $250. The donor may stipulate that one or more awards at or above that level will be made each semester or annually.
      • Designated scholarship accounts that fall below the $250 level will have their balances swept into the General Scholarship Fund only after the donor has been contacted and given an opportunity to bring the balance back up to the $1,000 minimum level. If the awards of a scholarship fund were above the $250, and the account balance is insufficient to make the awards, the donor will be contacted and given the opportunity to make a contribution to the fund. If no contribution is made or a contribution is made that is not sufficient to make the designated award/s, the fund will be liquidated and the balance swept into the General Scholarship Fund.
      • Because the scholarship brochures are published at least a semester before the selection process begins, it is important that donors maintain the balances in their scholarship accounts. Scholarships will not be included in the brochure if at the time of publication, the balance is below what is required to make an award at the appropriate time.

       

        General Scholarship Fund

        One-time scholarship awards will be handled through the General Scholarship Fund. The award will be made in the name of the donor or his/her business, or in honor or memory of a person designated by the donor. The minimum award remains $250.

        Gifts to the General Scholarship Fund may be of any amount.

        Scholarship Agreement Form

        Adopted 2/22/99

        Amended 1/21/05

         
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