Chapter 062 Scholarship Trust Fund

Chapter 062, in order to assure that funds would be available for future scholarships to members, established a perpetual trust to provide interest revenue for scholarships.  The trust fund was given to the California State University, Fresno Alumni Trust Council, Inc., a foundation established by the alumni association, to provide trust investment opportunities for organizations with smaller initial investments than those accepted by the university's foundation.  The other advantage afforded by this organization was the absence of fees charged for yearly administration or for fund withdrawals.

As an example of how a perpetual trust document might be formulated, we present our document below.

The Trust Fund Document

The Pledge of Phi Kappa Phi
"I pledge myself to continue to search for truth, and to engage in a continuing quest for an understanding of what is unknown. I will seek, through logic and experimentation, a better comprehension and more fruitful application of what is known. I pledge myself to the use of knowledge for the benefit of mankind. I will continue the quest of wisdom, strive to nurture it, and to translate it into reality in the conduct of every day life."

Purpose
The California State University, Fresno Chapter of the National Honor Society of Phi Kappa Phi, in order to further an ongoing pledge to strive to nurture wisdom and search for truth, hereby establishes this scholarship to help deserving students at Fresno State in their pursuit for academic excellence.

This trust is dedicated to all Fresno State Phi Kappa Phi members, past and present, alumni and departed, who have demonstrated a commitment to the principles fundamental to Phi Kappa Phi and who have subscribed to the motto: "Philisophia Krateito Photon", "Let the love of learning rule humanity". These are the individuals who have helped further academic excellence at Fresno State.

The Trust
This scholarship trust shall be managed, directed, and controlled by the California State University, Fresno Alumni Trust Council, Inc., or any other succeeding organization, which shall have all powers of investment, management, and control allowed by law, and according to the standards and qualifications set forth herein.

The scholarship award(s) is(are) to be a minimum of $500.00 (Five Hundred and no/100 Dollars). This shall be a perpetual scholarship, with only the earnings from the principle to be disbursed to the recipient(s). There shall be no invasion of the corpus of this fund for any purpose whatsoever, at any time. The California State University, Fresno Chapter of Phi Kappa Phi has the option of adding to the earnings received from the trust to meet the minimum scholarship award amount should that amount not be met by the earnings from the principle. The California State University, Fresno Chapter of Phi Kappa Phi also has the option of increasing the award(s) amount as the monetary size of the trust principle increases.

This scholarship shall be made available to any student at California State University, Fresno, regardless of race, color, sex, or creed, who shall, in the sole exclusive opinion of those authorized to control and manage this fund, meet the following qualifications:

1. Are working towards a Bachelor’s degree at California State University, Fresno and have maintained an overall Grade Point Average of 3.5 in a minimum of 90 semester units of study;

2. Are working towards a Master’s degree at California State University, Fresno and have maintained an overall Grade Point Average of 3.9 in their course of study;

3. Are members of Phi Kappa Phi or candidates for induction into membership and who have, therefore, accepted the principles of Phi Kappa Phi as expressed in the Society’s Pledge and Motto.

Selection of the recipients will be made by a committee appointed by the President of the California State University, Fresno Chapter of Phi Kappa Phi. The Chapter will submit a list of recipients, their student identification number, and the award amount to the Alumni Trust Council following the Chapter’s Initiation to be held each academic year.

If no award of this scholarship is made during any year, the earnings from the principle of this fund may either be accumulated and awarded at subsequent years, or may be made a part of the corpus of this trust. Notification of preference must be made to the Alumni Trust Council by the California State University, Fresno Chapter of Phi Kappa Phi or the earnings will automatically revert to the corpus. Once made part of the corpus, however, no such earnings can thereafter be withdrawn from the corpus.

In the event circumstances arise which would make inapplicable the conditions herein set forth for the administration of this fund, it is understood and agreed by all Parties hereto that the Alumni Trust Council shall have the power and authority to modify such conditions so that there may always be appropriate methods for the administration of said fund, provided, however, the Alumni Trust Council shall seek the advice of the California State University, Fresno Chapter of Phi Kappa Phi if available.

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