Mabel Roney Scholarship

Note: Mabel Roney passed away in October, 1972 per FACTS. The current fund guidelines, therefore, are: After a lapse of twenty years following my death, the College of Agriculture may, at its option and in its uncontrolled discretion, either: Continue to use and expend the entire net income for scholarship purposes as set forth below, or Use and expend such portion of the net income as it desires for scholarships and the balance for agricultural research, or Use and expend the entire net income for agricultural research, or Use all of such farm, or any part thereof, for agricultural experimental work, and may change its decision as to which of said alternatives to follow at any time it desires and as often as it desires. Note: Below are the guidelines in their entirety from inception of the fund: I give and devise my 360-acre farm in Section thirty-three (33), Township Thirteen (13) North, Range Seven (7) east of the Third Principal Meridian, Coles County, Illinois, to the University of Illinois Foundation, In Trust, to be held and administered upon the following terms and conditions and for the following uses and purposes, to-wit: The management and operation of the farm shall be under the direction and control of the University of Illinois, and it shall exercise full and uncontrolled discretionary powers with respect thereto. The College of Agriculture shall be entitled to collect all income derived from said farm and shall pay therefrom all costs of operation and maintenance which in the good judgment and discretion of the College of Agriculture are advisable in order to properly farm the land and keep it in a high degree of fertility and well maintained and to keep the buildings in good repair and adequately insured. This devise carries with it all mineral rights in said land, and in case there is any production of oil or other minerals from said land at any time after my death, or in case any bonuses or delay rentals become payable under mineral leases on said land, or any part thereof, it is my will that all funds derived from such sources shall constitute income in the hands of the Trustee, and not principal, regardless of any statutes of the State of Illinois to the contrary. The primary purpose of this trust is to provide scholarships for worthy young men and young women from Coles County, Illinois, who enter the College of Agriculture of the University of Illinois. The net income of the trust estate shall be used to finance two scholarships annually, each in the amount of Five Hundred Dollars ($500.00), which will continue for the four years a young man or a young woman is in the University and making satisfactory progress. The following powers and directives and options shall be applicable: One girl and one boy shall be selected annually from Coles County. Selection shall be made by the College of Agriculture in conformity to standard practices and procedures employed by the University of Illinois in the selection of recipients of similar scholarships. If in any year there is not a qualified boy, then two girls may be selected, or in case there is not a qualified girl, then two boys may be selected. If in any year only one qualified candidate is available from Coles County, or no qualified candidate is available from Coles County, then the other candidate, or both candidates, as the case may be, may be selected from other areas in Illinois, and such determinations and selections shall rest solely within the discretion of the College of Agriculture. If, in the opinion of the College of Agriculture, any scholarship winner does not maintain satisfactory standards in school or for any reason withdraws from the University, the money which would otherwise go to such winner shall lapse and fall into the reserve fund hereinafter referred to. All net income derived from the farm each year over and above the amount necessary to carry on the scholarship program for such year shall accumulate in a reserve fund until such reserve reaches $4,000.00. Such reserve may be used to finance the scholarship program during those years in which the net income from the farm proves inadequate. All funds withdrawn from such reserve shall be replaced out of subsequent net income in excess of scholarship requirements. After such reserve fund reaches $4,000.00, then additional excess net income may be used by the College of Agriculture either to finance one or more additional annual scholarships, or for agricultural research purposes, but such determination shall rest solely within the discretion of the College of Agriculture. In case additional scholarships are financed, preference shall be given to qualified candidates from Coles County, as and when they may be available from time to time, but when the available scholarships exceed the qualified candidates from Coles County, selections may be made from other areas in Illinois. Whenever the list of qualified candidates will permit, such additional scholarships shall be awarded equally to girls and boys. After a lapse of twenty years following my death, the College of Agriculture may, at its option and in its uncontrolled discretion, either: Continue to use and expend the entire net income for scholarship purposes as set forth above, or Use and expend such portion of the net income as it desires for scholarships and the balance for agricultural research, or Use and expend the entire net income for agricultural research, or Use all of such farm, or any part thereof, for agricultural experimental work, and may change its decision as to which of said alternatives to follow at any time it desires and as often as it desires. The College of Agriculture shall be entitled to possession of said farm land and the buildings thereon from and after the date this Will is admitted to probate, subject only to the rights hereinabove reserved to my Executor in the use of the buildings for a limited period and in the growing or stored crops. Within one year after my death the UNIVERSITY OF ILLINOIS FOUNDATION shall cause to be erected and maintained an attractive and substantial memorial designation, to be located in the vicinity of the house on said premises and near the road along the south line of the farm. It is my suggestion that said memorial read substantially as follows: THIS 360 ACRE FARM GRANTED TO UNIVERSITY OF ILLINOIS IN 19__ BY MABEL WAMSLEY RONEY (Class of 1906) FOR SCHOLARSHIPS, RESEARCH, AND EXPERIMENTATION IN THE FIELD OF AGRICULTURE Insofar as the funds derived from said farm from time to time are concerned, they shall all be lodged in the Foundation for accounting purposes, but the Foundation shall disburse such funds at such time and in such amounts as may be requested by the College of Agriculture for the uses and purposes hereinabove set forth, subject only to a determination by the Foundation that any such requisitions for funds are in conformity to the general intent and purpose of the grant and in compliance with the stipulations and limitations hereinabove defined.