1. Minimum required to establish: $25,000.

• The endowment may take up to five years to reach minimum funding amount.

• Corpus is invested with the College's endowment.

• The amount of the annual award will be determined by the College's Investment Committee and the payout policy in effect at that time, as approved by the Board of Trustees.

• The endowment may be added to at any time and in any amount by deferred gifts, directed gifts, or through estate planning.

• Corpus is never invaded.

• No retained earnings unless stated in the scholarship guidelines.

• No scholarship(s) will be awarded until the minimum is reached.

2. Donors choose the name for the scholarship and determine required criteria for eligibility.

• May be established in honor of or in memory of a person living or deceased.,

• May be need based or merit based.

• Particular curriculum(s) may be chose, i.e., Pastoral, Youth, Organizational Leadership, International Ministries, etc.

• May benefit students from a particular geographical region or area.

• Other eligibility criteria as established by donors and agreed to by the College.

3. Administered by the Davis College Office of Financial Aid.

4. Selection of the scholarship recipient shall be made by the university based upon the established guidelines unless otherwise agreed to in writing.

5. Guidelines will be signed by the donors and the College.

6. Donors will be sent the names and addresses of scholarship recipients.

7. Donors will be provided the balance in the endowment upon request.

8. Donors will be invited to attend the annual scholarship luncheon.

9. Endowed Chair -- Minimum required to establish -- $500,000.

10. Endowed professorship -- Minimum required to establish -- $400,000.