A. The total amount awarded annually for scholarships shall be limited to no more than one-half (1/2) of the previous year’s income until reaching a balance of One Hundred Thousand Dollars ($100,000) in the scholarship foundation fund. Thereafter, the total yearly income may be awarded. A minimum of two awards in an amount of at least Five Hundred Dollars ($500) is to be given annually.
B. The Directors will decide on the number and amount of each scholarship and determine the recipients. Basic considerations shall include potential and demonstrated involvement in community service related activities and demonstrated leadership roles and positions in community service related activities. For graduating high school seniors consideration shall also include extracurricular participation.
C. The recipients must present an invoice from the educational institution or college with two years of the award. Once the foundation is presented with an invoice a check for each scholarship awarded shall be forwarded to the financial office at the appropriate college or institution for credit to the account of the recipient.