Criteria

Criteria for Establishing an ECFOH Scholarship

PURPOSE: The purpose of an ECFOH named scholarship is to give special recognition and/or commemorate a particular person, company, or group. The named scholarship may be intended to address a financial need or recognize academic excellence in general. The scholarship may be in a designated area of interest or concern as specified by either the donor(s) or ECFOH.

1. The ECFOH Board of Directors reserves the right to create a named scholarship.

2. All Named Scholarships must be approved by the ECFOH board of Directors.

3. Named scholarships may be either endowed or annual funds committed for a period of no less than five (5) consecutive years.

4. Named Scholarships established by an endowment shall be awarded when the earnings accumulate to a minimum of $1,000. Subsequent frequency shall be based on accumulation of the same minimum.

5. Donors wishing to establish an annually presented Named Scholarship must provide a minimum gift of $1,000 annually.

6. Selection criteria for awarding scholarships may be recommended by the major donor(s), but must be approved by the ECFOH Board of Directors.

7. The major donor of a Named Scholarship may recommend/establish the scholarship name, but the name must be approved by the ECFOH Board of Directors.

8. A “One Time” Memorial Scholarship may be given by a donor in the memory or honor of a named individual at the minimum amount of $1,000.

9. If a Memorial Scholarship gift is less than the minimum $1,000, the gift shall be added to a General Memorial Scholarship Fund and individuals honored shall be listed “ In Memory or Honor of “.