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Richardson Rotary Foundation Scholarship Program Established 1983

Richardson Rotary Foundation Scholarship Program Established 1983. HISTORY Formed 1983 - Fred Hill spearheads. Initially, one $4000 scholarship, paid over 4 years. Scholarship increased to $4800 in 1987. Second scholarship added in 1988; the Foundation was incorporated.

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Richardson Rotary Foundation Scholarship Program Established 1983

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  1. Richardson Rotary Foundation Scholarship Program Established 1983

  2. HISTORY • Formed 1983 - Fred Hill spearheads. • Initially, one $4000 scholarship, paid over 4 years. • Scholarship increased to $4800 in 1987. • Second scholarship added in 1988; the Foundationwas incorporated. • Scholarships increased to $5000 in 1999, paidover 4 years. • Third $5000 scholarship added in 2003. • The Foundation is organized exclusively for charitable and educational purposes and is a 501(c)(3) corporation.

  3. SOURCE OF FUNDS • Richardson Rotary Club fund raising projects. • Earnings from accumulated assets (funds). • Contributions from individual club members through endowments, will codicils, or other means as Benefactors.

  4. CRITERIA FOR AWARDING SCHOLARSHIPS • Graduating seniors from local high schools (Berkner, Pearce, Richardson) are eligible. • Based on student need and where the scholarship will make a significant financial contribution. • Students who exhibit academic achievement (not necessarily in the top 10% of the class); SAT and ACT test scores; community/volunteer activities; extra-curricular involvement; letters of recommendation and statement of educational plans and financial need. • A student who has the potential to be a goodrepresentative of Rotary.

  5. PROCESS • Applications distributed to high school senior counselors at Richardson’s high schools the last week in February. • Applications due the first week in April. • Normally have 30 to 40 applications which are screened; the top 9 to 12 are selected for interviews. • Students interviewed by Richardson Rotary Foundation selection committee. Students should be prepared to discuss college costs and funding plan. Interviews scheduled during the last week in April. • From the interviewed group, three are selected to receive the scholarships. • Scholarships awarded at the club meeting the second week in May.

  6. RESULTS • To date, 70 scholarships totaling over$300,000 have been awarded. • Currently, we have 12 students on scholarship. Three graduate in May and are replaced the following Fall by our newest recipients. • Since its beginning, three students havewithdrawn from the program and all other recipients have graduated.

  7. CURRENT FINANCIAL POSITION • Approximately $200,000 in assets which are invested conservatively in money market funds, bond funds, treasury notes and equity mutual funds. • Richardson Rotary Club’s fund raisers are very important to the Scholarship Program. With today’s lower investment returns, they ensure that we can continue to help worthy and needy students and have the ability to add additional scholarships in the future.

  8. WHO BENEFITS FROM THIS? • Worthy area high school seniors benefit from the Foundation’s grants of financialaid for tuition, student fees, books, and personal living expenses. • You have the satisfaction of knowing you helped students pursue their education.

  9. YOU CAN MAKE A DIFFERENCE 100 YEARS FROM NOW!

  10. THE FOUNDATION’S PURPOSE • To ensure the future of our community for years to come, by providing financial assistance to worthy students. • We hope that Rotarians and non-Rotarians alike, along with small business owners and large corporate givers, will find merit in supporting this effort by contributing to the Scholarship Program.

  11. Become a BENEFACTOR by donating$1,000 to the Foundation or informing it in writing that you have made provision in your Will, by memorandum, or other estate plan, naming the Foundation’s Permanent Fund as a beneficiary. • Endowments of $20,000 or more will be granted in the name of the Benefactor in perpetuity. • See a Richardson Rotary FoundationBoard Member for more information.

  12. BOARD OF DIRECTORS 2014-2015 Wayne Millsap, President Elizabeth Purdy-Bergin, Vice President Andy Chaffin, Treasurer Greg Moore, Secretary Glenn Barnett, MD, Director Jimmy Doty, Director Ron Poff, Director Tim Quilici, Director Courtenay Tanner, Director

  13. IT’S UP TO ALL OF US… • Help ensure everyone’s future by contributing to the Foundation’s Scholarship Program. • We all benefit when worthy students continue their educations!

  14. “No one was ever honored for what they received, but rather for what they have given.” ~ Thomas Jefferson ~

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