RECORD KEEPING REQUIREMENTS
The Foundation shall retain the following records in connection with all scholarship grants, individual achievement awards, and awards and prizes to achieve a specific objective: all information obtained by the Foundation to evaluate the qualification of potential grantees, the identification of grantees, including any relationship of any grantee to the Foundation staff member, board member, or committee member, the purpose and amount of each grant, the grant period, and any additional information the Foundation obtains in complying with its grants administration procedures. Information pertaining to unsuccessful applicants for awards shall be kept along with information on successful applicants.

Records pertaining to any scholarship and other related grants and awards shall be kept for no less than three years after the filing of The Foundation’s annual tax return for the period in which the last installment was paid.

IMPROPER USE
If the Foundation determines that any part of a scholarship grant or other related award or prize has been used for improper purposes, it shall take all reasonable and appropriate steps to recover improperly expended grant funds and to ensure that any grant funds held by the recipient will be used exclusively for the purposes of the scholarship. Such steps may include legal action unless such action in all probability would not result in satisfaction of execution of a judgment.

SCHOLARSHIPS NOT AWARDED
If a scholarship grant, award, or other related prize is not awarded (i.e., no applications received) in any given year, the award amount will remain in the fund endowment. However, any amounts gifted to supplement will be held available to supplement the following year’s award unless the Fund Donor requests that the supplement be immediately added to the fund endowment. If the scholarship cannot be awarded the following year, then all amounts remain available, including supplements not specified for endowments.

OTHER RELATED GRANTS AND AWARDS
The selection process for other related grants and awards must be objective, non-discriminatory and meet the requirements of paragraphs (1), (2), or (3) of section 4945 of the IRS, which includes individual achievement awards, and awards and prizes to achieve a specific objective.

Individual Achievement Awards - The Foundation staff and designated members of selection committees established for such awards shall contact relevant community institutions and individuals to publicize the availability of these awards and to solicit nominations. Candidates and related parties for such awards may take no part in the selection process.

Criteria may include but are not limited to: the individual’s past achievements and community involvements, other biographical information regarding an applicant’s career, academic and other relevant experiences. The Foundation reserves the right to impose reasonable restrictions and requirements upon the awarding and administration of such achievement awards and grants. Any substantial or material changes will be made only with the approval of the Foundation’s Board of Trustees.

Awards and Prizes to Achieve a Specific Objective - The Foundation staff shall develop application and nomination procedures that are appropriate to accomplish the purposes of the fund under which any such award is established.