The Endowed Scholarship Program 1. Endowments are officially established when reviewed by the OWCC Foundation staff and accepted by the OWCC Foundation Board, to ensure consistency with the OWCC Foundation mission, policies, and procedures. Endowments may be established by individuals, corporations, social groups, estates, charitable organizations, families, friends, and other entities, and wherever possible must designate an individual as a donor representative with whom the Foundation can communicate gifts, policies, and revisions. Each endowment's income will be distributed from time to time by a committee including the OWCC Foundation Executive Director and the College Director of Financial Aid, or their designees, at a minimum, and others as necessary to meet the spirit of the fund. Capital gains on principal will be reinvested to principal.
Income is awarded as scholarship.
Investments may be pooled and income from such investments is allocated equitably to participating funds. Criteria for awarding endowed scholarships can include conditions such as financial need, academic achievement, or potential, community service and leadership, pursuit of a particular course of study, residence within a particular locale, membership in a given group, ability at identifiable tasks, or some combination of these. But in no case may conditions for award be capricious or discriminatory within those broad criteria. Endowments which fail to meet this target revert to either the general fund or the general scholarship fund at the discretion of the Board. Contributions can be made to the endowment at any time to establish a perpetual scholarship in the donor's name within guidelines established by the Foundation.