Wells Scholarship Fund
Established: April 15, 1998
Official Name: Ohio Wesleyan University Wells Scholarship Fund
Benefactor: Ohio Wesleyan University (Epsilon)
Permanently Restricted Endowment Corpus: $7,000 (7/1/16)
Spendable Balance: $1,019.77 (7/1/15)
2016 Annual Statement
History of Endowment
This endowment was created to provide academic and/or needs based scholarships.
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.
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 a full-time undergraduate student who is majoring in science, math or engineering. Preferential consideration will be given to qualified undergraduates in good standing from any newly chartered or established chapters or colonies.