A Traditional Scholarship Fund may be established to provide financial assistance to Eastwood High School graduates pursuing post-secondary education, as well as to students and organizations within the Eastwood Local School District. All funds previously contributed and all future donations to the scholarship shall be administered by the Trustees of the Eastwood Educational Foundation, Inc. (EEF).

The scholarship fund is established through an initial principal contribution. Additional contributions to the principal may be made at any time. 

Scholarship funds will benefit from market investments. Traditional scholarships receive an annual distribution amount. The annual distribution amount is calculated by multiplying the fund's principal balance as of December 31 by the distribution percentage established annually by the EEF Trustees (typically 4%). 

Each February, the distribution from investment earnings will be allocated to the scholarship fund to be awarded to the student recipient(s). The scholarship portfolio of the EEF insulates the individual scholarship fund from market fluctuation. 

Please note: In order for scholarship funds to qualify for an annual distribution, the scholarship must provide an award of at least $100 and be awarded to a recipient during the current scholarship cycle.

Each March, EEF will provide the donor with a statement outlining the fund balance, the projected distribution from investment earnings, and the proposed scholarship award amount. At that time, the donor may make an additional contribution or modify the scholarship award amount. Any changes must be submitted to EEF by April 1.

If the principal balance of a scholarship fund falls below $1,000, the scholarship will be dissolved and the remaining balance transferred to the EEF Mini-Grant Fund.

Applications to establish a new scholarship must be submitted by November 30 to be considered for awards in the following May scholarship cycle. All new scholarship funds are subject to review and approval by the EEF Trustees, and the approval will be documented in the official meeting minutes.

Scholarship awards are distributed by check issued by EEF and made payable jointly to the recipient and the recipient’s college, university, or designated organization. Distribution of scholarship checks is coordinated through the Eastwood High School Guidance Office. If a recipient does not cash the scholarship check by March 1 of the following year, the funds will be returned to the scholarship fund. Prior to this deadline, EEF and the Guidance Office will make reasonable efforts to contact the recipient. If no recipient is selected for a given award cycle, the scholarship amount will remain in the fund and no distribution will be made.