Richard B. Owen Memorial Scholarship

The Fund will be held as an endowment, as defined by University and Foundation policy. The principal of the gift will be held in the Foundation’s endowment, and only a budgeted amount will be available for spending. If the Fund does not reach the minimum endowment level of $25,000 within twelve months of the due date of the final pledge payment, the Fund may be utilized as a current use fund to be expended for the purposes set forth in Article 3. The Donor or others may make additional contributions to the Fund in accordance with Foundation policy. 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 undergraduate scholarships in the Unit. Preference shall be given to students with a grade point average of 3.0 or higher, first to students enrolled in the Department of Crop Sciences with a demonstrated interest in horticulture, secondly to students enrolled in the Department of Crop Sciences, and lastly to students in other departments in the Unit. The Fund shall be used to pay the recipients tuition costs. 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.