Kenn and Carol Parsons Scholarship Fund
Established: September 21, 2016
Official Name: Kenn and Carol Parsons Scholarship Fund
Permanently Restricted Endowment Corpus: $30,000 (7/1/17)
Spendable Balance: $1,428.41 (7/1/17)
Statements: 2017 Annual Statement
History of Endowment
The Kenn and Carol Parsons Scholarship Fund was created in part to honor Kenn's late wife, Carol. This fund will provide recruitment-based scholarships to men who join the Zeta Chapter at The Ohio State University with an initiation GPA of 3.0 or higher during their new member term.
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.
This scholarship fund is exclusive to new member undergraduate men of the Zeta Chapter at The Ohio State University.