Donations can be designated to a particular chapter or general scholarship and any amount can be donated for this purpose. Once the minimum $5,000 is raised, the scholarship may be granted during the next school term. The amount of the award will be determined annually by the TKE Educational Foundation Board of Directors and will be based upon the percentage of the fund earnings the past year.
Contributions may be added to the fund at any time to increase the corpus, and the size of the annual award. Any excess earnings not awarded for scholarships will be reinvested in the fund.
The Board of Advisors of the chapter would determine the criteria for awarding a chapter scholarship, and it need not be limited to scholarship awards. If desired, a portion of the allocation may be designated for educational endeavors of collegians; such as chapter delegate attendance at Conclave or a regional leadership activity. Alternatively, if the scholarship is a general scholarship, the donor may determine the criteria for awarding a scholarship, and the Scholarship Committee of the TKE Educational Foundation Board of Directors would review the applicants each year.
A memorandum of intent must be executed by a principal individual or entity involved in the establishment of the fund. The principal individual will receive a balance status report from the Foundation annually, after the previous fiscal year audit has been completed. Normally, there are reports available by the end of September.
Once established, recipients for awards are usually selected by the Board of Advisors of the chapter, a scholarship selection committee, chapter advisor, alumni association board or the fund’s benefactor. Collegiate chapter members may not authorize awards.
An authorization form must be completed by the principal individual and submitted to the TKE Educational Foundation staff for consideration. The acceptance form
is filled out by the award recipient. These forms are included with the annual fund status report letter, which is sent annually to the principal individual once the fund reaches the $5,000 fully funded status. All scholarship contributions are assessed a 5% initial administration fee and on June 1 of every year a 2.5% administration fee on the principal of the account.
Read more about the Foundations Statement of Policy regarding designated scholarship funds.