01.01

This FSS/PPS establishes policy guidelines for requesting and administering funds generated from interest earned on the Louise Lindsay Merrick Endowment Fund.

01.02

In accordance with the express wishes of Mrs. Merrick, funds shall be used for (a) the promotion, furtherance, and improvement of education within the scope of the purposes of said beneficiary; (b) the establishment and support of scholarships for worthy students who are in need of financial support; (c) to promote the growth and increase the opportunities offered to students and prospective students of the said institution; (d) to promote these purposes without discrimination for or against any person because of his race, color, or religion; and (e) the fund shall not be used for the benefit of athletic sports but for other educational purposes.

02.01

The Associate VPFSS Planning will move $100,000 each September to the Faculty Development Leave account and notify the Provost of the transfer.

02.02

The Associate VPFSS Planning will inform the President of the available balance for the coming fiscal year based on the endowment spending policy by December 1 of each year less the $100,000 for Faculty Development Leave. 

02.03

The funds will be made available for the President's discretionary use in accordance with section 01.02 above.

 

Major responsibilities for routine assignments associated with this PPS include the following:

Approved:

____________________________
Reviewer

Approved:

____________________________
Vice President for Finance
and Support Services