Herbert H. and Regina Krantz Moede Scholarships

The purpose of the Fund is to provide scholarship awards to students enrolled as undergraduates in the College of Commerce and Business Administration and the College of Agriculture at the University of Illinois at the Urbana-Champaign campus, said scholarships to be evenly divided between the two colleges. The Fund shall be invested, managed, and administered by the Board of Directors of the University of Illinois Foundation. Issuance of the awards and the selection of the recipients shall be the responsibility of and made equally by the Dean of the College of Commerce and Business Administration, or his designee, and the Dean of the College of Agriculture, or his designee. The Fund shall use as disbursements only the income generated by the Fund and shall not in any way use the principal of the Fund for scholarship awards. The sum to be awarded to each recipient shall be the sum of Five Hundred Dollars ($500.00) per school year plus full tuition (full tuition in this context shall not include room and board but shall include reasonable activity fee, reasonable and regular lab fees, normal hourly rate charges for classes and other similar fees which relate directly to academic activities). These funds shall be distributed at the beginning of each semester, fall and spring. The tuition shall be paid directly to the appropriate department of the University of Illinois and the cash payment of Two Hundred Fifty Dollars ($250.00) shall be paid directly to each recipient as soon as he or she has completed the requirements for registration for that semester. Should any recipient who is designated to receive a scholarship in the fall of the year not register for the spring semester such scholarship set aside for that recipient shall be returned to the principal of this Fund and added thereto as principal. From the income under this Fund an equal number of scholarships shall be made available to each of the two colleges benefited hereby. Should no award be made by one or both colleges at the beginning of the school year (fall semester), the funds that would have been used for the scholarships shall be returned to the principal and will not be available at a later time for distribution. Should the principal of this endowment Fund reach the sum of $500,000.00, then the cash award to each recipient shall be increased to one thousand dollars ($1,000.00) per year plus tuition, or five hundred dollars ($500.00) per semester. In proportioning the funds available between the College of Commerce and Business Administration and the College of Agriculture, should the amount available for distribution not be used because of mathematical division the excess shall be added to principal and not distributed. The following shall be considered criteria for determining the recipients of the fund. He or she shall have attained the class rank of sophomore, junior, or senior as determined by the University of Illinois. He or she shall have been born in the State of Illinois and shall be a graduate of an accredited high school in the State of Illinois and shall be a resident of the State of Illinois during his or her attendance at the University of Illinois at Urbana. He or she shall be employed in a part-time job while pursuing his or her studies and such employment shall not be less than 15 hours per calendar week. If he or she is working for meals by waiting tables for a fraternity, sorority, or independent housing organization that work shall be deemed to meet the requirements of this paragraph. He or she shall have an academic overall average of “C” as measured by the equivalent of not less than 3.00 and not more than 3.99 (on a 5.00 point scale or its equivalent in any other grading system used at the University). It is the Donor’s preference, but not a requirement, that he or she be enrolled in the ROTC program provided for students at the University of Illinois. He or she shall not be entitled to receive the funds if he or she shall be under disciplinary probation; however, should a student be on scholastic or academic probation, this shall not prohibit him or her from receiving an award under this Fund. Any recipient hereunder shall not also be entitled to receive any athletic scholarship of any type while also receiving the scholarship hereunder. Any recipient of an athletic scholarship shall be ineligible to receive a scholarship under the terms of the Fund.The awards made available shall be clearly identified as the “Herbert H. and Regina Krantz Moede Scholarships.” Any recipient may receive an award on a recurring basis so long as he or she continues to qualify under the terms and conditions herein described. It is the Donor’s wish, to the extent reasonable and practical, that the recipients not be informed of the selection criteria used by the respective Deans.