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Tom Venettis Scholarship Fund

Tom Venettis Scholarship Fund

Established: March 5, 2014

Official Name: Tom Venettis Scholarship Fund

Permanently Restricted Endowment Corpus: $1,856.06 (7/1/16)

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

2016 Annual Statement

History of Endowment
On August 23, 2013, Tom Venettis, Lawrence Tech '69, entered the Omega Chapter. Long-time Gamma Psi Alumni Association President, Bob Look, remarked that "there was no else as driven, passionate, and engaged as Tom. Since becoming re-involved with the Alumni Association in 2004, Tom was bent on making the most of the time he had left. He knew his time was finite and he pushed his ideas as far and as wide as he could. This fund is created to honor the memory and provide scholarships to qualified undergraduates with the goal being to present the scholarships at the Grip n' Sip, if practical.

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 undergraduates in good standing from the state of Michigan and any newly chartered or established chapters or provisional chapters.

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