Tall Paul Golf Outing: News: Paul Schimanski Memorial Scholarship Fund Info

Paul Schimanski Memorial Scholarship Fund Info

COMMUNITY FOUNDATION for MUSKEGON COUNTY

SCHOLARSHIP DESIGNATION AGREEMENT

AGREEMENT made December 27, 20000, between William and Marilyn Schimanski (hereinafter called "Donor") and COMMUNITY FOUNDATION for MUSKEGON COUNTY, a Michigan non-profit corporation (hereinafter called "Foundation").

Donor transfers 220 shares SBC Communications, Inc. common stock and $3,000 to the Foundation to be held by the Foundation and known as the Paul Schimanski Memorial Scholarship Fund. Donor and others at any time may make contributions to the Foundation designated for addition to the Fund.

The income of the fund will be used to present a scholarship award using the following selection criteria:

  • Preference to graduating seniors of Mona Shores High School, secondly any Muskegon County High School and/or students transferring from Muskegon Community College

  • Students who will be pursuing a Mechanical Engineering degree at Michigan Technological University

  • The initial scholarship award shall be in accordance with Foundation spending policy, however the Community Foundation staff shall have the flexibility to determine future scholarship award amounts based upon current college education expenses and the balance of the Fund

  • The donor wishes to make the greatest impact on students possible and therefore defers to Foundation staff to do so as Fund grows. Award recipient(s) shall be eligible to receive up to three renewal based upon renewal standards established by the Community Foundation and a 3.0 GPA.

  • Award may be used for tuition, fees, books, supplies, and other expenses incurred for educational purposes.

It is understood that the fund will be administered by the Foundation as its property held in its normal capacity, and not as trustee, for the purposes within its charitable purposes and in accordance with its Articles of Incorporation and By-Laws, including, without limitation, provisions as to presumed intent of Donor, variance from Donor's restrictions, and amendments and termination, so long as the Foundation's Trustees conclude such changes will promote the purposes of the Foundation.

Foundation accepts the property transferred to it by Donor and agrees to hold, administer, and distribute it as provided in the premises.


WITNESS:PAUL SCHIMANSKI MEMORIAL SCHOLARSHIP FUND


__________________________ By: _______________________________________
       William Schimanski


By: _______________________________________
        Marilyn Schimanski

 COMMUNITY FOUNDATION for MUSKEGON COUNTY


__________________________ By: _______________________________________
        Chris A. McGuigan, President