Jacob B. Vandermyde Endowed Memorial JBT Scholarship Fund

The Fund shall be held as an endowment, as defined by University and Foundation policy. The principal of the gift will be held in the Foundation endowment, and only a budgeted amount will be available for spending. The Fund shall benefit the College of Agricultural, Consumer and Environmental Sciences at the University of Illinois at Urbana-Champaign (“Unit”). If for any reason the current functions of the Unit are transferred to another organizational unit of the University or the name of the Unit is changed, then the Fund will continue to benefit the Unit, as changed. The Fund shall support Jonathan Baldwin Turner (JBT) Scholarships within the Unit. Preference shall be given to students enrolled in the Agricultural and Biological Engineering program in the Unit. The Donors prefer that larger scholarships be awarded to fewer students to maximize the impact to each recipient. In the event that the JBT Scholarship program ever ceases to exist, the Fund shall support a similar successor scholarship program. The Unit will maintain close communication with Donors, and in the event of the Donors’ passing, the Donors’ son Peter A. Vandermyde, to let them know how the Fund is being used and to ensure this Fund is administered in a way that honors the Donor’s intentions. Upon the Donor’s passing, the Unit shall consult Peter A. Vandermyde on any potential amendments to the Agreement. The University may determine all other details about the use of the Fund, including, but not limited to recipients, amount spent, and timing, in accordance with University policies and procedures.