Local chapters, Sorors, Amicae or individuals, with approval of the Board of Managers, may set up a separate Scholarships endowment fund through the National Educational Foundation (NEF) with a minimum of $40,000.
If the investment is less than $40,000, all funds for the endowment will be deposited in the Foundation’s Endowment Account.
The local chapter, Soror, Amicae or individual may continue to contribute to the scholarship endowment account, and once the contribution reaches $40,000, the local chapter, soror, or individual may request that a separate endowment account be established.
Only the interest on the separate endowment account will be available for the local chapter, soror, or individual to designate a scholarship award, after the account reaches $40,000.
The local chapter, Soror, Amicae or individual shall mail the completed Endowment Scholarship Award Request to the Treasurer of the Foundation, when requesting the award of a scholarship.
The requesting entity must assure that the awardees meet Foundation requirements.
Local chapters, Sorors, Amicae, or individuals must allow a minimum of six weeks for processing the request.
Any chapter, Soror, Amicae or individual desiring to have a named scholarship (a one time, or yearly scholarship issued in the name of a specific person) must make an initial minimum contribution of $5,000.00 and execute an agreement with the Foundation to continuously fund the scholarship, if it is to be given beyond the initial scholarship.
The named scholarship will be administered by the Foundation, and will only be awarded if the commitment for funding is kept.
Relatives of the donor of an endowed named scholarship are not eligible as recipients of that scholarship. Relatives of members of a chapter that establishes an endowed named scholarship are not eligible as scholarship recipients of that scholarship.