SAMPLE SCHOLARSHIP ENDOWMENT FUND AGREEMENT

 

 

The _______________ (Memorial) Scholarship Endowment Fund

 

 

_________________(name)__ named Princeton Theological Seminary to receive a bequest/gift of $____________  to establish a scholarship fund in his/her name (the “Fund”) out of his/her gratitude for the blessings he/she received, especially as a member of the Seminary’s Class of ______. 

 

 

The parameters of this scholarship are as follows:

 

 

•     The Seminary shall invest the Fund in its General Endowment Fund and may pool and manage the Fund with its other endowment funds in accordance with regular Seminary investment and management policies.  Net income from the Fund, as determined by application of the Seminary’s spending rule policy approved by the Board of Trustees, as it may be amended from time to time, shall be used for the scholarship.

 

•    Additional gifts of any size may be made at any time.  Such gifts designated to the Fund will be placed in the corpus unless otherwise indicated by the donor.

 

•    Each year, the income from the Fund will be used to support a student or students engaged in study at the Seminary, with preference for ______________.  If there are no aid-eligible students enrolled at the Seminary who meet this criterion, preference will next be given to current student(s) _____________________________ .

 

•    Recipients will be selected by the director of financial aid, in accordance with the Seminary’s financial aid policies in place at the time of the award, who will notify the Office of Seminary Relations of the recipient’s name.

 

•    With the consent of the scholarship recipient, the Office of Seminary Relations will forward the recipient’s name to _______(Donor)_________, or her/his designee, on an annual basis and will ask the recipient to write a personal note of thanks to members of the Donor’s family.

 

•    The Seminary fully agrees and intends to use this generous gift for the purposes expressed above.  However, because circumstances sometimes change with the passage of time, should the Seminary in the future deem that any of the terms of this agreement have become impracticable, the President may at the President’s discretion direct the use of the gift for a purpose at the Seminary as close as possible to the Donor’s original intent, after discussing the matter with the Donor’s family if possible.

 

___________________________________   _______
Name of Donor(s)   Date
___________________________________   _______
M. Craig Barnes, President

Princeton Theological Seminary

  Date