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| The Stephen
Ryan DeMoss Scholarship Memorandum of Understanding |
| This Memorandum of Understanding
contains the expressions of instructions, understandings and commitments
made by the donors of Plano, Texas, the University of North Texas
("the University"), and the University of North Texas Foundation,
Inc.("the Foundation"), concerning The Stephen Ryan DeMoss
Scholarship. By their signatures below, the Donors and the responsible
officers of the other organizations accept the instructions, understandings
and commitments contained herein, individually in the cases of the
Donors, and on behalf of their respective organizations in the cases
of the executives. |
| 1. The
Donors agree to give to the Foundation a gift of $25,000 to create
this endowment fund. The account established to support this Scholarship
fund will remain opened for additional donations, should they occur.
No further obligation on the part of the donor is expressed or implied
by this Memorandum. |
| 2. The
Foundation agrees to accept the gifts to it described above, to open
the endowed account herein described, to invest the monies as they
are received according to the investment program of the Board of Directors
of the Foundation, and to pay out distributions according to policies
of the Board of Directors of the Foundation and the instructions,
understandings and commitments of this Memorandum. |
| 3. The
University hereby creates The Stephen Ryan DeMoss Scholarship,
a fund created primarily to provide scholarships for children or dependents
of employees of Safeco Insurance Company who enroll as undergraduate
students at the University. |
| 4. Annually,
the Foundation will make a distribution for this award to the University
based on the Distribution Policy established by the Board of Directors
of the Foundation, as it may be revised from time to time, and the
instructions, understandings and commitments contained herein. Once
the Foundation has distributed money in the manner described, then
the Foundation shall have no further responsibility as to such flinds
or their application. |
| 5. The
University will receive all distributions from the Foundation and
credit them to the Student Financial Aid and Scholarships Office (SFAS)
which shall administer the application and selection process for the
Scholarship, in accord with this Memorandum and all University policies
and procedures. |
6.
To be eligible for consideration, an applicant for the Scholarship
must possess the following characteristics:
| a. Meet
the minimum entrance and continuing academic performance standards
of the SFAS in effect at the time of any award. |
| b. Maintain
full time enrollment at the University, unless they have fewer
than twice the number of semester hours required to be full
time remaining in their degree program. |
| c. Preference
shall be given to a child or dependent of a current Safeco Inc.
employee with at least 3 years tenure with Safeco Inc. (current
employment verification should be provided by the Safeco human
relations department). |
| d. If
the dependent or child of the Safeco Inc. employee awarded the
scholarship maintains satisfactory academic performance as described
above, the scholarship will be renewed annually for three additional
years, for a total award of four academic years |
| e. If
there is no new or returning applicant eligible under the conditions
outlined in (d.) above, then any student meeting the conditions
outlined in (a) and (b) above who is enrolled full time in the
College of Music may be awarded this scholarship for a period
of I year or longer if, in the subsequent year(s), there is
no qualified applicant who is a dependent or child of a Safeco
Inc. employee. |
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| 7. The
SFAS will administer the application and selection process for this
award in accord with this Memorandum and with all University policies
and procedures. All decisions regarding the size and number of scholarship
awards made from this fund shall rest with this committee. |
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