Purpose: A scholarship is established and each year the foundation will receive a lump sum that will be given as a scholarship that year. There is no fund accumulation.
Payout Logic: The student receives a payout of all the funds deposited throughout the year.
This scholarship has been established to provide assistance to Eastwood High School graduates continuing their education after high school. The name of the fund will be maintained as established by the donor. All funds previously collected and all future funds donated to the scholarship will be administered by the trustees of the Eastwood Educational Foundation Inc. The amount of the scholarship must be minimum of $100. The scholarship must have an annual distribution.
Scholarship application must be submitted by November 30 to be approved for the following May distribution. The EEF trustees will vote/approve the application and it will be noted in the minutes. A notice will be mailed on 3/1 requesting the donation amount to be mailed to EEF. Donor has the option at this time to change the scholarship amount and quanity.
In the event that a recipient is not selected, the amount of the scholarship will be returned to the fund and scholarship will not be awarded. The amount will then be available for the following year.
The student will be given a check from the EEF which will be made payable to the student and the college/university. The distribution of the checks is coordinated thru the EHS guidance counselor. If the recipient does not cash their scholarship check by 3/1 of the following year, the amount will be returned to the fund and be available for next year. EEF/Guidance Counselor will make several attempts to contact the recipient before the 3/1 deadline.
A letter will be sent to the donor in May each year listing the amounts that were received by the foundation and the recipient that was chosen. Any contributions of $5000 or more are reported annually to the IRS.