**JMA - SCHOLARSHIP AND AWARD FUNDS** **Last Updated Date:** 05/27/2014 **Adoption Date:** 02/11/2010 The School Committee gratefully acknowledges the generosity of those persons who establish or contribute to scholarships and awards for the benefit of South Hadley High School students.  Following acceptance of such gifts by the Committee, funds become the property of the school district, and will be held and invested by the Town Treasurer, as provided by law.  To ensure that scholarship and award funds are distributed in a way that is both meaningful to the recipient and respectful of the donor(s), the School Committee has established the following rules for the acceptance, administration, investment and distribution of said funds. Types of Scholarships and Awards: 1.   Perpetual Scholarship or Award       Definition: A Perpetual Scholarship or Award (or nonexpendable scholarship) results from a gift of funds that may not be expended, i.e., the principal is to be invested in perpetuity.  The income and growth can be distributed, although it is recommended that not 100% of the income or growth be distributed each year, so that the principal will continue to increase over time.  The donor may specify certain aspects of the award including, but not limited to, the name of the award, the award amount, the purpose of the award, the qualifications of the award recipient.                          It is recommended that the amount of the donation should be substantial enough that the interest earned each year will be enough to make a scholarship award that is reasonable in relation to other scholarships given out.  The minimum monetary award will be $100.00.  If the fund balance drops below $100.00 the fund shall be inactive until additional funds are secured. 2.   Declining Endowment Scholarship or Award       Definition: A Declining Endowment Scholarship or Award results from a gift of funds that may be expended, i.e., the funds may be distributed as well as any income and growth the funds produce.  The donor may specify certain aspects of the scholarship or award including, but not limited to, the name, the amount, the purpose and the qualifications of the recipient. 3.   One-Time Scholarship or Award       Definition: A One-Time Scholarship or Award results from a gift of funds that is to be distributed within one year. 4.   General Scholarship Fund       Definition: A gift to the General Scholarship Fund may be expended, i.e., the funds may be distributed as well as any income and growth the funds produce.  Such funds are aggregated with other general scholarships to be awarded at the discretion of the School Department. Acceptance of Scholarship and Award Funds All gifts of funds for scholarships must be accepted by a vote of the School Committee.  The minimum monetary award will be $100.00. Time Frame for Scholarship and Award Acceptance The high school office must receive all funds intended for distribution in an academic year by March 1st of that year.  Funds received after March 1 will be expended for the following academic year. Selection of Recipients and Distribution A committee, annually appointed by the high school principal to include representation from guidance, athletics and academic departments, will conduct selection of recipients.  All decisions of the committee will be final. The minimum monetary award will be $100.00. Administration 1.   The South Hadley High School Principal, or his or her designee, will be responsible for the administration of the scholarships and awards.  Administration will include the following:              a.    Maintain records of all scholarships and awards including correspondence, required forms and other pertinent documents;              b.   Serve as the point of contact with donors and recipients;              c.    Provide acknowledgement of the receipt of the gift;              d.   Provide the Town Treasurer with copies of the Gift Document and Scholarship Summary;              e.    Process receipts and disbursements through the town’s warrant process;              f.    Annually publish a list of the donors of Scholarship and Award funds in the South Hadley High School Awards Night program;              g.   Annually, at the close of the fiscal year, provide the School Committee with a complete report of all scholarship and awards accepted during the fiscal year. 2.   The Chair of the Scholarship Committee, with the approval of the principal, will notify the Town Treasurer of the checks needed each year for award to the students. 3.   The Town Treasurer will:              a.    Hold and invest the funds;              b.   Provide the School Department investment performance results for each Perpetual Scholarship or Award, Declining Endowment Scholarship or Award and the pool of general scholarship and award funds as of January 30th of each year for use in determining awards.