Volk Endowed 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 Donors 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 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 that have graduated from the Chicago High School for Agricultural Sciences (CHSAS). 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.