Initiating a Named Scholarship
Individuals or groups that wish to establish a named scholarship should contact the Secretary of the COLEG. The Secretary, in conjunction with other officers and members of the board of directors, will provide potential contributors with all pertinent information about the organization, its operation and rules associated with named scholarships.
Individuals or groups who decide to establish a named "scholarship" are encouraged to provide a summary narrative of the award honoree. This narrative can describe a persons or an organization. It will be read at the time the awards are made, unless advised otherwise by the contributors.
Contributors are also encouraged to indicate any preferences or personal wishes in terms of which student interests may coincide with that of the contributors. Where possible the intentions of the contributors will be taken into account. However, all awards will be made by the selection committee who have complete discretion regarding this process and whose decisions are final.
Contributions to COLEG for a named scholarship may take several forms. Moneys (or other assets of tangible worth) can be donated to the organization on a yearly basis or via a lump sum. For ongoing yearly contributions meant to be awarded that same year, the minimum amount is $750. The deadline for receiving a continuing yearly donation is April 1.
For lump sum donations, a minimum of $10,000 is required for an initial contribution designated as a named scholarship. Additions to the same named scholarship however have no subsequent minimum. The COLEG has established $750 as the minimum award to students per year. Given that, named lump sums must have a minimum of $750 in earnings before an award will be made to a graduating senior.
Lump Sum Donation "Earnings"
Lump sum named contributions will be pooled with all other moneys of the endowment. However, they will be tracked as a separate principal amount within this fund. At year-end, the value of named moneys will be determined based on earnings from investments and appreciation of fund assets, less organizational expenses. The board of directors of the COLEG will make these determinations.
December 31 will be the year-end for accounting purposes and determining earnings. Only assets, which are held in accounts that provide earnings, will be used to calculate year-end valuations
Unused Award Moneys
As outlined in the COLEG "scholarship" rules, reimbursement is available for a designated time from the date of the award. In addition, a minimum of documentation is required along with attainment of certain academic levels. As such, there may arise a situation where the student who was awarded a "scholarship" may not receive reimbursement under the rules of the program.
If the awarded moneys are not distributed, these allocated funds will in effect be forfeited. All forfeited award moneys will revert back to the COLEG general fund and can be used for organizational expenses or reinvestment in the endowment fund. They will not revert to individual named lump sum accounts.
Once donated, all moneys and earnings become part of the assets of the COLEG. Guidelines and program rules established by this organization's board of directors pertaining to awards, selection and distribution processes will apply.
The COLEG Tuition Reimbursement Program is supervised by the board of directors of the Community of Lancaster Education Group. They reserve the right to alter the program, eligibility or the award procedure. At their complete discretion, they may also discontinue any and all awards at any time and for any reason.