I. Establishment The Chemeketa Community College Foundation hereby agrees to establish the Willamette Valley Street Rods Scholarship Fund per the terms of this agreement. This fund is established by gifts from the Willamette Valley Street Rods. II. Purpose The purpose of this fund is to provide assistance to students enrolled in the second year of the Automotive Technology Program at Chemeketa Community College. The intent of the fund is to award one or more scholarships to students to be used to help defray their tuition costs and other fees. Participating students must enroll or be enrolled in classes and make consistent progress toward their degrees or certificates in automotive technology.
III. Funding This account shall be funded with private donations.
IV. Investment For investment purposes, all contributions for this fund may be merged with any of the investment assets of the foundation, but these gifts shall be entered in the foundation's books and records as the Willamette Valley Street Rods Scholarship Fund. The distributed income shall be used for purposes authorized by this agreement. The investment, management and expenditures of all funds shall be in accordance with foundation policies and procedures.
V. Administration The executive director of the Chemeketa Community College Foundation shall be the administrator of this fund. Expenditures relating to this fund shall be subject to foundation accounting procedures and guidelines.Scholarship awards will be based on the quality of the applicant's personal statement of career goals, perceived aptitude for success, and financial need.
To qualify for the scholarship, an applicant must: ! Be a second-year student at Chemeketa Community College, carrying a minimum of 12 credit hours per term; ! Commit to pursuing a degree in automotive technology; ! Demonstrate financial need; ! Submit two letters of reference from instructors, employers or counselors, attesting to the applicant’s character and motivation; ! Demonstrate ability to succeed in the field of automotive technology; and ! Provide evidence of satisfactory (minimum 2.5 GPA) academic achievement. Preference will be given to students who have graduated from high schools within the Chemeketa Community College district.
Applications will be screened by Chemeketa Financial Aid staff and the Chemeketa Community College Foundation, and final selection will be made by a committee designated by the Willamette Valley Street Rods. Once a student has been awarded a scholarship, any decision to drop a class must be made early enough so that tuition is refunded to the Willamette Valley Street Rods Scholarship Fund. The Willamette Valley Street Rods would like recipients to attend a club meeting and describe their career plans and how the scholarship will help them along those career paths. In addition, the scholarship recipient will be awarded a 1-year member with the Willamette Valley Street Rods Club and be entitled to receive the club newsletter during that time.
VI. Amendment
This agreement may be amended by the mutual consent of the foundation and the undersigned during their lifetimes. If changed circumstances should at some future time cause the continuation of this fund to be inappropriate or impractical, and the donors either are not living or are not able to consent to an amendment, then the foundation may re-designate the purpose of the fund and the income therefrom, providing that the fund shall continue to bear the name Willamette Valley Street Rods Scholarship Fund and that the amended terms shall adhere as closely as possible to the donor's original intent for the fund.
Signed by Don Erickson for Willamette Valley Street Rods
Signed by Andrew Bone, Executive Director Chemeketa Community College Foundation
