STATEMENT OF UNDERSTANDING
FURMAN UNIVERSITY FACULTY SCHOLARSHIP FUND
THIS AGREEMENT is made and entered into this 30 day of June, 1999, executed in duplicate by and between the FACULTY THROUGH THE UNDERSIGNED FACULTY MEMBERS and TRUSTEES OF FURMAN UNIVERSITY through its duly elected and qualified President, David E. Shi.
The parties agree to the following desires and intentions:
- An endowed scholarship fund will be established by the Furman University faculty through gifts to Furman University, and these funds will be reserved for the exclusive use of Furman University in making an annual scholarship award.
- The Fund will be known hereafter as the FURMAN UNIVERSITY FACULTY SCHOLARSHIP FUND (hereinafter “The Fund”).
- The donors desire that subsequent gifts by faculty members or by others so designated be added to The Fund. Donations to The Fund will be added to existing funds already designated for a faculty scholarship. Gifts designated for scholarship aid made in memory of former faculty members will also be added to The Fund.
- The University Committee on Scholarship Awards will select a pool of five candidates for the award each year. A faculty committee comprised of a representative from each discipline (humanities, social sciences, sciences/math, and the arts) will interview the candidates selected and choose the recipient(s) of the award. The faculty chair will oversee this committee.
- The Finance Committee of the Board of Trustees will maintain, manage and invest The Fund as a part of the endowment portfolio of the University. Principal is not to be invaded.
- After The Fund reaches $50,000, an amount will be used to provide one or more awards a year to deserving students based on the current spending policy of the University. It is hoped that through prudent investment and management of The Fund, the corpus will increase sufficiently to increase the amount of the award substantially over time.
- Priority consideration will be given to full-time Furman students who demonstrate financial need and require such assistance in order to attend Furman. Candidates for the award must have a cumulative 3.5 grade point average and must have demonstrated leadership and service on the Furman campus and the community at large. A student must be a rising senior for consideration for the award. It is hoped that the award will be substantial in size and that it will provide significant financial assistance for students who have performed well at Furman University.
- If at some future date the stated purpose of The Fund is no longer a factor of University life, income from The Fund will be used in a manner as near as possible to the original intent of the donors. The decision in this regard is to be made by the Trustees of the University.
FOR THE DONORS:
Robert E. Chance
Kristy M. McNamara
Marian E. Strobel
Jan S. Chew, Faculty Chair
Modern Languages and Literature
John A. Snyder
Benny H. Walker
Vice President for Enrollment
FOR THE UNIVERSITY:
David E. Shi, President