To establish a Designated Scholarship Fund:
*An initial gift of $3,000 must be received with a statement of intent to establish a Designated Fund.
*Accumulated contributions must reach $15,000 by the end of the calendar year following the third anniversary of the initial contribution.
*Awards may not be made from a Designated Fund until the Fund has achieved an initial total of $15,000 balance on hand.
*When funds on hand fall below $3,000, the remaining balance on hand is transferred to the General Fund.
*Designated scholarship Awards must be awarded at least annually, at a minimum of $3,000. For information, the District Scholarship Awards are set at $3,000 each.
*Prorated interest and dividends will accumulate to the Designated Fund provided the fund maintains a minimum balance of $3,000. Expenses shall be charged to the Designated Fund on the basis of the Fund's pro rata share of expenses or 10% of a fund's realized investment income, whichever is the lesser.
Types of Awards
Awards for scholarships may be made to full-time students pursuing a graduate or undergraduate degree in a fully accredited four-year college or university.
Selection Process Options
Designated Scholarships may be awarded in one of the following ways:
*Awarded by the Foundation to a qualified applicant sponsored by an ISSA member firm for the college of the awardee's choice in the name of the Designated Fund. Publicity and advertising for applicants from within our industry will be handled by the Foundation and ISSA through its publications, direct mail, and at the Convention and other ISSA functions as deemed appropriate.
*Awarded at a specific college by the college authorities or by the Foundation to an incoming or current student from among a group of applicants prescreened by the college. In this case, the Foundation provides no advertising.
*Awarded to a graduate of a specific high school by the high school authorities or by the Foundation to an applicant from among a group prescreened by the high school. In this case, the Foundation provides no advertising.
ISSA Foundation in partnership with ISSA