Ohio Wesleyan - 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)
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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.