Byron R. Nugen Scholarship Fund
Established: January 5, 2015
Official Name: Byron R. Nugen Scholarship Fund
Permanently Restricted Endowment Corpus: $10,307.57 (7/1/16)
Spendable Balance: $991.67 (7/1/16)
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2016 Annual Statement
History of Endowment
Byron Nugen was a chapter member of the Gamma Chi Chapter, the last member added to the original pledge class. While Byron never held an office or served as a committee chairmen, he was a great friend and positive, nonjudgmental brother to all members. He actively participated in all fraternity activities while never missing a class at Indiana University. For many years, Byron was a loyal alumnus, serving as a volunteer to help the Gamma Chi Chapter. He served on the Scholarship Trust, House Corporation, participated in several membership reviews and did the "dirty" work such as cleaning the chapter house whenever there was a need.
For his service, Byron was awarded the Delta Beta Xi key of Alpha Sigma Phi. Byron's passion was scholarship and, in particular, supporting those undergraduates from small town Indiana paying their own way through college. It is because of that passion and nearly 50 years of service to Alpha Sigma Phi that this permanent fund was established by his great friend and chapter brother, John Chaney.
The Alpha Sigma Phi Foundation reviews each chapter endowment fund annually and makes available a percentage of the fair market value of the Chapter 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.
To provide funds for academic and/or needs based scholarship (partial or full) for qualified members currently enrolled as full-time undergraduate or graduate students. Preferential consideration will be give to the qualified members in good standing from the Gamma Chi Chapter and other chapters/colonies/interest groups in Indiana and initiated members born in Indiana.