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Hart Family Scholarship Fund

Hart Family Scholarship Fund

Established: February 25, 2014

Official Name: Hart Family Scholarship Fund

Permanently Restricted Endowment Corpus: $2,164.10 (7/1/16)

Spendable Balance: $0.00 (7/1/16)

2016 Annual Statement

History of Endowment
On February 21, 2014, George Hart, Westminster '43 passed away. His father Hugh was a past Grand Senior President of Phi Pi Phi Fraternity. George's son, Jon, was initiated into Alpha Sigma Phi at Wesminster College in 1974. This fund was established to honor the memory of both Hugh and George and thank the Hart family for all they have done for Alpha Sigma Phi Fraternity.

Criteria Restrictions
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 five percent (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.

Endowment Restrictions
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.

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