Common use of Use of the Fund Clause in Contracts

Use of the Fund. It is the general policy of the Foundation that a substantial part of the scholarship fund shall remain as a permanent endowment to the Foundation. It is also the general policy of the Foundation that an amount equal to four percent (4.00%) of the value of the scholarship fund shall be distributed each year. Consistent with those policies of the Foundation, annual awards of $ each shall be awarded upon the recommendation of the Scholarship Review Committee, as specifically set forth and hereby incorporated in Appendix A, and subsequent approval by the Foundation's Board of Directors.

Use of the Fund. It is the general policy of the Foundation that a substantial part of the scholarship fund shall remain as a permanent endowment to the Foundation. It is also the general policy of the Foundation that an amount equal to four percent (4.004.50%) of the value of the scholarship fund shall be distributed each year. Consistent with those policies of the Foundation, annual awards of $ each shall be awarded upon the recommendation of the Scholarship Review Committee, as specifically set forth and hereby incorporated in Appendix A, and subsequent approval by the Foundation's Board of Directors.