Alpha Nu Scholarship Fund
Established: June 2, 2015
Official Name: Alpha Nu Scholarship Fund
Permanently Restricted Endowment Corpus: $18,595.09 (7/1/19)
Spendable Balance: $1,349.75 (7/1/19)
Statements: 2018 Annual Statement
History of Endowment
This endowment was created by alumni to encourage scholarship among members of the Alpha Nu Chapter of Alpha Sigma Phi.
The Alpha Sigma Phi Foundation reviews each endowment fund annually and makes available a percentage of the fair market value of the Fund's assets to be distributed during the subsequent year, which is presently four and one-half percent (4.5%) of the rolling five-year average of the market value of the endowment at the end of the previous fiscal year.
Distributions will be used only for purposes consistent with the Foundation's tax-exempt status under section 501(c)(3) of the Internal Revenue Code as determined by the Foundation.
Selection of recipients will be determined by the Fraternity Headquarters staff or a Scholarship Committee appointed by the Fraternity President & CEO.
The Endowment's distributions shall be utilized exclusively for the following purposes:
To provide funds for academic and/or needs based scholarships (partial or full) for qualified members currently enrolled as full-time undergraduate or graduate students. Preferential consideration will be given to qualified undergraduate members in good standing from the Alpha Nu Chapter.