CHAPTER SIXTEENSCHOLARSHIPSSection 1: Scholarship Programs 1610 - General 1610.1 There are several separate scholarship programs, each established for the purpose of assisting cadets, and former cadets, in continuing their education at an accredited four year college/university, community college, or technical institution/school. The individual scholarship program funds are under the administration and oversight of the Naval Sea Cadet Corps Foundation (NSCF), Inc. The following funds have been established to provide for scholarships for the NSCC:
1611 - Control 1611.1 Control of the NSCC Scholarship Program is vested in the NSCC Scholarship Committee, the members of which are appointed by the National Chairman. Control of the funds which provide the monies for the scholarships rests with the Naval Sea Cadet Corps Foundation, Inc. or NLUS. The Naval Sea Cadet Foundation, Inc. is a separate and distinct organization which is controlled by its own Board of Trustees and Officers. Funds are controlled by the Foundation Board members who oversee the investment and authorize the release of scholarship funds as directed by the President and Board Trustees of the NCSF. 1611.2 The number of scholarships, and the amount of each, is determined by the NSCF, subject to approval of the NSCF Board of Trustees. 1612 - Eligibility Criteria 1612.1 Cadets, applying for scholarships must:
a. Have been a member of NSCC for at least two years and are a current member. b. Have attained, at a minimum, the rate of NSCC E-3, c. Be recommended by his/her: d. Present evidence of academic excellence/achievement: e. Present evidence of acceptance by an accredited four year college or university, two year community college or technical training institution. 1612.2 Applicants may submit statements, concerning financial need. All other factors being equal, these statements may be considered in determining award recipients. 1612.3 Applicants who have received full scholarships from other sources (Service Academies, ROTC, Scholastic Scholarship, etc) are not eligible to be considered for an award. If awarded an NSCC Scholarship and subsequently receive a full scholarship from other sources, the NSCC scholarship money shall be returned. 1613 - Applications 1613.1 NSCC Scholarship Application Form (NSCADM 014) must be received in National Headquarters no later than 15 May of each year. 1614 - Selection of Recipients 1614.1 Recipients for all scholarships will be selected by the NSCC Scholarship Selection Board. Announcement of those selected will normally be made no later than June of each year. 1615 - Presentation of Awards 1615.1 Award Letters will be forwarded to unit commanding officers or sponsoring organizations for presentation to individual recipients. Along with the letter advising of the awarding of the scholarship, candidates will receive a letter requesting information on what college or institution they will be attending. This letter must be returned to NSCC so that funds ma be sent to that institution to assist the cadet with tuition/expenses. Section 2: Individual NSCC Scholarship Program/Funds 1620 - General 1620.1 The NSCC Scholarship Program is the general scholarship program which was the original scholarship fund. Funding for this program was from a number of early supporters of the NSCC and is interest and dividends invested in the stock market. The number of scholarships funded under this program will depend on the amount of interest and dividends generated throughout the year and available for providing scholarships(s). In addition to these funds, individuals may give funds on a one time basis, designating specific conditions for their funds. Funds provided individuals will not be less than $2,000. 1620.2 Eligibility and criteria for selection; See Section 1. Section 3: Stockholm Scholarship Program 1630 - General 1630.1 The Stockholm Scholarship Program was established by the Navy League through a bequest by Carl G. Stockholm, a past National President, to provide financial assistance to a selected cadet, to be designated a "Stockholm Scholar", throughout his/her attendance at an accredited college or university. Such assistance will be provided for no more than four consecutive years. There will be only one designated "Stockholm Scholar" at any one time. 1630.2 Eligibility and criteria; See Section 1. 1631 - Selection 1631.1 A "Stockholm Scholar" will be selected every four years (or less should a designated scholar fail to meet continuation criteria). Selection will be made by the Scholarship Committee. Announcement of selection will be made by the National President of the Navy League. 1632 - Payment of Awards 1632.1 Awards will be paid from accumulated interest/dividends of the Stockholm Scholarship Fund. The Navy League's National Treasurer will determine the exact amount. The first grant will be paid in the year in which selected. Three additional grants will be paid upon certification by the "Stockholm Scholar" that he or she is continuing his/her education in an accredited four year college or university, and that he or she is maintaining a "B" average, at a minimum. 1632.2 Should the "Stockholm Scholar' fail to meet continuation criteria, his/her status as such will be terminated and a new "Stockholm Scholar" selected. Section 4: San Diego Gas & Electric Scholarship Program 1640 - General 1640.1 Under the terms of the bequest, the San Diego Gas & Electric Scholarship Program is limited to "minority" cadets residing in the area serviced by the utility. 1640.2 Eligibility and criteria; See Section 1. 1640.3 Payment of award will be from dividends of the San Diego Gas & Electric Funds of which the principle is $10,000. Awards cannot be taken from the principle funds. If there are insufficient interest/dividend funds for the year, no award will be given for that year. Section 5: NSCC Board of Directors Fund 1650 - General 1650.1 The NSCC Board of Directors Fund was established by the NSCC Board of Directors to be from donations/contributions made to the fund by members of the NSCC Board of Directors or anyone else desiring to give funds to the program. A principle amount of $25,000 i the designated amount which the Board of Directors is striving to establish as the base amount from which to draw dividends and interest to award a scholarship. 1650.2 Eligibility and criteria; See Section 1. 1650.3 Payment of awards from this fund will not be available until dividends can provide scholarship funding. In the interim, various individual contributors have been providing funds for scholarship in the name until the fund is self sufficient. Section 6: Morgan & Helen Fitch Scholarship Fund 1660 - General 1660.1 This fund was established through a gift from the founder of the NSCC, Morgan Fitch and his wife, Helen. They have provided a substantial amount of money o fund several scholarships. Mr. Fitch made no stipulations for the scholarship but did stipulate the principal is to be preserved. The NSCF will oversee the investment of this money and provide information to the NSCC Scholarship Committee on the amount and number of scholarships each year. 1660.2 Eligibility and criteria; See Section 1. 1660.3 Award may be for four years with the stipulation the recipient must be in the upper 50 percentile of his college class. Should the recipient fail to maintain the standard, a new recipient will be selected. Payments will be awarded from the Morgan Fitch Fund, based on annual earnings from the fund. Section 7: Harry Lee & Rose Howell Scholarship Fund 1670 - General 1670.1 This scholarship(s) was funded by Ms. June Howell in honor of her mother and father, Harry Lee and Rose Howell. Harry Lee Howell was a physician and LCDR in the U.S. Naval Reserve. The funding for the scholarship is stipulated in June Howell's will.The scholarship is funded from dividends and interest from general funds invested in the market. The NSCF will oversee the money invested and advise the NSCC Scholarship Committee on the amount and number of scholarships each year. 1670.2 Eligibility and criteria; See Section 1. Section 8: Robert C and Helen Scharf Hutton Scholarship Fund 1680 - General 1680.1 This scholarship was established by Robert C Hutton in memory of his wife and self. Mr. Hutton was interested in assisting young adults to receive a college education. His primary interest was assisting those interested in aviation, but this is not a requirement for applicants of this scholarship. The money is available to assist any worthy cadet.The principle shall be preserved and the dividends and interest will fund the scholarship. The NSCF will administer this fund and provide for the amount of scholarships each year. 1680.2 Eligibility and criteria; See Section 1. Section 9: Named Scholarship Program 1690 - General 1690.1 The NLUS/NSCC members, corporations, organizations, foundations, and other individuals may donate money for a "named scholarship" in the amount of $25,000. Donations may be spread out over a period not to exceed ten years; however, money from a named scholarship will not be dispersed until the donation, including interest, dividends, and capital gains, reaches $25,000 and the dividends and interest accumulate for one calendar year. The NCSF will administer this fund and provide for the amount of the scholarship each year. Thereafter, the names scholarship will be awarded annually to a deserving applicant as selected by the NSCC Scholarship Committee. 1690.2 A proposal of a pledge for a named scholarship will be submitted to the NCSF Board of Trustees for review, comment, and/or approval. This presentation is basically directed to participants, individuals, and families that wish to start a named scholarship, but cannot fund the full amount initially. In lieu of a one-time contribution, they would pledge certain specific funds over a fixed period of time, ultimately funding the full $25,000 for their named scholarship. 1690.3 The scholarship name would be selected and identified with the first pledge payment. The name selected may be that of a person, organization, ship, squadron, military event, council or region, or any other entity submitted to the NCSF Board of Trustees for their approval. 1690.4 The maximum period over which a scholarship may be funded is five years with a minimum annual payment of $5,000 per year. Any term less than five years, or acceleration of payments, is acceptable. However, extensions of the original term, or annual payments less than $5,000 require approval of the NCSF Board of Trustees. 1690.5 Any name change in the original scholarship, or the transfer of funds to another donor, requires approval of the original donor, The NSCF, and the Scholarship Committee. If the original donor cannot complete the pledge, the funds collected will be provided to another NSCC scholarship fund(s). 1690.6 Upon final payment of the pledge for $25,000, the named scholarship will be awarded once the interest and dividends have accumulated for one calendar year. 1690.7 The amount of funds available for named scholarship awards will be based on the dividends and interest earned by the individual scholarships during the preceding calendar year. The total dividends and interest earned by the named scholarship fund will be apportioned to the named scholarships in direct proportion to the share of the fund that each scholarship represents. Unless otherwise directed by the NCSF Board of Trustees, only dividends and interest will be disbursed as scholarship funds. 1690.8 Each named scholarship will be individually accounted for to ensure its corpus receives its pro rata share of the named scholarship fund's annual capital gains. Capital gains, therefore, will not be disbursed as scholarship awards. 1690.9 Eligibility criteria and application processing procedures are contained in Section 1. |