They are exclusively scientific and include the furtherance of the science of formation evaluation, support of colleges and universities engaged in the teaching and study of formation evaluation, and the award of scholarships and grants for study at such institutions. The Scholarship and Grant Committee is responsible for recommending scholarships and grants. The number and amount of such awards are determined by moneys made available by the Foundation's Board of Directors.
Current assets are nearly a half-million dollars.
The chapter may suggest one or more individuals to be recipients of such scholarships. However, such suggestions are not binding to the Scholarship and Grant Committee which must consider the suggested individuals in the same manner as all other candidates for scholarships. Each chapter scholarship will bear the name of the sponsoring chapter. Scholarship awards have been presented to Junior and higher undergraduate students, and to graduate students who have demonstrated outstanding achievements and plan to pursue a career in the science of formation evaluation. Income generated by this Fund not needed for such programs may be added to funds available for scholarships and grants.