In keeping with the current practice and policy of the Pewaukee Scholarship Fund, Inc., the Scholarship Recipient Selection Committee shall consist of not fewer than seven (7) nor more than Twenty (20) Board members of the Pewaukee Scholarship Fund, Inc.
In selecting scholarship / award recipients, the Selection Committee shall utilize the following criteria: scholastic academic record, character and good citizenship, extracurricular activities, personal merit as presented in the application essay. Scholarship application process is open to any and all Pewaukee High School seniors.
All students applying for scholarships shall receive a written response before awards night. By agreeing to accept a Pewaukee Scholarship Fund, Inc. Scholarship, students also agree to give permission to announce their receipt of a scholarship in newspapers and publications.
All scholarship monies will be awarded when proof of enrollment is presented to the treasurer. The deadline to receive monies for the first semester of enrollment freshman year is October 1st of the fall following graduation. The deadline for second semester is February 1st of the following year. Failure to provide proof of enrollment by these deadlines results in forfeiture of the scholarship award. These dates are firm.
The Pewaukee Scholarship Fund, Inc. does not discriminate on the basis of race, sex, religion, creed or national origin in the selection of scholarship recipients.
Schedule L - Loans to Officers and/or Directors
It is the policy of the Pewaukee Scholarship Fund, Inc. (PSF) that no loans will be made to any member of the board of Directors and/or its officers at any time. If it is discovered that such a loan has been made from the funds available to PSF, such discovery should be reported immediately to an appropriate member of the board of directors for appropriate action.
Gifts and Donations Acceptance Policies - PURPOSE
It is the purpose of this document to explain the policies that the Pewaukee Scholarship Fund, Inc. (PSF) will adhere to in the acceptance of gifts and donations to PSF. In order to protect the interests of PSF and any potential donor to PSF, all potential gifts and donations will be discussed and administered by the board of directors of PSF in a manner that will provide maximum benefit to both parties.
The goal of PSF is to encourage funding of scholarships without encumbering PSF with gifts which may prove to generate more cost than benefit, or which are restricted in a manner which is not in keeping with the stated procedures of PSF. The highest objective of the Pewaukee Scholarship Fund, Inc. is the funding of an endowment whereby the long term funding of scholarships is secured.
To optimize funding from individuals and other entities, PSF must be capable of responding quickly, and in the affirmative where possible, to all gifts offered by prospective donors. These policies are intended as guidelines only and PSF understands that there must be flexibility as some gift situations can be complex. It is also understood that for any restricted gifts accepted by PSF the PSF Treasurer or President may act as the fiduciary agent on behalf of PSF. The merits of any potential gift or donation will be discussed by the full PSF board for final decisions.
Outright gifts are expected to be in the form of cash, publicly traded securities or possibly real property. Each will be accepted by PSF and handled as follows:
Gifts in the form of cash and checks shall be accepted regardless of the amount. Checks must be made out directly to the organization. Cash donations should only be accepted by a PSF officer with proper receipt being given to the donor.
It is expected that any securities accepted by PSF will be publicly traded securities. It is anticipated that these securities will be immediately sold by PSF.
C. Real Property
Gifts of real estate shall be accepted by the organization only with the approval of the board of directors. It is anticipated that no gift of real estate will be accepted without an appraisal done on the real estate by an appraiser chosen by the organization who has no business or other relationship with the donor. It is also anticipated that the acceptance of gifts of real property will only occur in instances where a buyer for the property has been identified and the acceptance and sale is accomplished in a three way transaction to immediately transfer title from the giver through PSF to the new owner.
The PSF board of directors must approve any gift of commercial real estate. The above policies will also be followed for any gift of commercial real estate.
It is understood that PSF may need to seek an opinion as to the permissibility of acceptance of real estate as a gift under the laws of Wisconsin.
Deferred gifts will be encouraged by PSF subject to the approval of the PSF board of directors. Due to the complexity of some forms of deferred gifts it is the intent of PSF to only accept deferred gifts that are either bequests (wills) or gifts of life insurance or retirement plans where PSF is listed as a benefactor.
It is anticipated that other deferred gifts will be offered to PSF and in this event the gift will be discussed by the PSF board and the board may then seek opinions as to the legality and workability of the suggested gift.
It is also anticipated that PSF may need to seek an opinion as to the permissibility of acceptance of deferred gifts under the laws of Wisconsin.
PAYMENT OF FEES
PSF will not pay any fee to any person or organization as consideration for directing a gift to PSF and it is understood that such fees may be illegal and payment of such fee may subject the board of directors to federal and state security regulation.
Payment of fees for services rendered to the organization in determining fair market value of real property or seeking an opinion as to the legality or workability of a gift will be allowed subject to approval by the board of directors. It is understood that any person or organization used by PSF for these purposes will have no relationship to any member of the board of directors.
No restrictions on how gifts may be used by PSF will be honored unless prior approval was granted by the board of directors in the case of current gifts. Subsequent approval by the board of directors is necessary for all gifts received by will or other gifts which upon death have not been previously approved by the board of directors.
All undesignated deferred gifts acceptable to PSF will be designated by the PSF board of directors.
A permanent endowment may be established with a minimum gift of $50,000.
Part VI Q.5
Disclosure on Fraud
According to requirements of the Internal Revenue Service on Form 990. The organization shall report all fraud that the organization became aware of during the tax year exceeding $250,000 or 5% of the organizations gross receipts or total assets for the year or as of the end of the tax year.
For purposes of reporting the organization shall report the nature of the diversion, amounts or the property taken, corrective actions taken to address the matter, but not the name of the individual in Schedule O of the form in the year that the diversion became known.