Kermit E. Esarey Scholarship

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’s endowment, and 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 date of this Agreement, 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 and graduate scholarships in the Unit. First preference shall be given to students that are graduates of St. Joseph-Ogden High School. Second preference shall be given to students from Champaign County or surrounding counties. Third preference shall be given to students pursuing careers in agriculture. 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.