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Marvin A. Chapman Scholarship Fund

Marvin A. Chapman Scholarship Fund

Established: December 23, 2013

Official Name: Marvin A. Chapman Scholarship Fund

Permanently Restricted Endowment Corpus: $366,461.22 (12/31/19)

Spendable Balance: $17,156.46 (12/31/19)

2018 Annual Statement

History of Endowment
This endowment was created by Marvin A. Chapman through a charitable remainder unitrust to provide academic and/or needs based scholarships.

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 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.

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 undergraduates in good standing from any newly chartered or established chapters or provisional chapters.

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