Loading...
HomeMy WebLinkAboutSANTA ANA 2000 - OC COMMUNITY FOUNDATION NU. RANCHO SANTIAGO COMMLTINITY COLLEGE DISTRICT STUDENT SERVICES DIVISIUN TU: BUARD OF TRUSTEES DATE: December 14, 1993 SUBJECT: SANTA ANA 2D(~: Farmal Agreement to Create a Designated Agency Fund in the Orange County Community Foundation REASON FUR BOARD CUNSIDERATIUN: APPROVAL BACI~GRQUND Earlier this fall, the RSCCD Board of Trustees approved the participation of RSC in the Santa Ana 2~ Scholarship program, Subsequently, employees were invited to consider contributing to the scholarship fund on an individual basis. In order for the County to be authorized to so adjust the individual paychecks of RSCCD employees wishing to participate, Board approval of the attached agreement is required. PRQJECT DESCRIPTIQN The Santa Ana 2~ Scholarship Program is an ambitious initiative with the long term goal of making higher education accessible to all Santa Ana Unified School District graduates via Rancho Santiago College. The founding partners include the City of Santa Ana, SAUSD, and RSC. The city has appropriated $3~,~00 in seed money to launch the program which will be complimented by individual contributions from employees at the city, school district and college. REC~NIIVIENDATI~N The Board of Trustees approves this contract and herein accepts the cantract titled Agreement to Create A Designated Agency Fund ire the grange County Co~nrnuni~y For~ndation, Item Recommended by: Edward Hernandez, Jr,, Executive Vice Chancellor Item Submitted by: Sara Lundquist, Executive Dean, Student Services Final Disposition: Board Date: Agreement to Create A Designated Agency Fund in the Orange County Community Foundation This agreement, made this Seventeenth day of November,1993, between the Santa Ana ~~~ Execu- tive Committee thereinafter referred to as the "Donor"} and the grange County Community Founda- tion ~~CCF~, a California non-profit corporation thereinafter referred to as "the Community Founda- tion"}, is as follows: The Donor desires to create an Endowment Fund with the Property hereinafter specified for the public educational and charitable purposes hereinafter set forth: The goal of the Santa Ana ZoOO Scholarship Fund is to make higher education accessible to all Santa Ana graduates via Rancho Santiago College. Eligi~irity Criteria,~or Students • Must have attended high school within the City of Santa Ana's jurisdiction during junior and senior years, • Must have and maintain at least a 2.0 GPA grade paint average of "C"~, • Must enroll directly at Rancho Santiago College as a full time student ~ 12 ar mare units). • Must be a Santa Ana resident, and maintain residency within the City of Santa Ana while participating in the program. Benefits to Students • Up to $300 per year will be provided to offset student costs far tuition and books. • Funding will be provided for up to two years of continuous enrollment at RSC. • If the Fund grows to the point where all eligible Santa Ana students are served and additional revenue is available, it will be used to support a portion of the educational costs of pursuing a Baccalaureate Degree far Santa Ana students transferring from Rancho Santiago College to a four-year college or university. Each of the Donor members ~andJor their respective 501 ~c}3 Faundatians~ will solicit danat- ionsfrom their constituents through direct contributions and/or payroll deduction plans. Each institution will forward its contributions to the Endowment Fund at the Community Foundation an a quarterly basis. A committee consisting of representatives from the Santa Ana 2000 consortium will review the applications and make final determination on scholar- . s ~p recipients. The Donor hereby assigns, conveys, transfers and delivers to the Community Foundation the FIRST: The Fund hereby created shall be known as the '"Santa Ana 2000 5cha~arship Fund." property set forth in the attached schedule, together with other property acceptable to the Com- munity Foundation which it may hereafter at any time hold or acquire hereunder thereinafter referred to as the "Fund"~ as part of the Community Foundation, subject to the terms and condi- tions herein set forth: SECOND: The Community Foundation shall hold, manage, invest and reinvest the Fund, shall collect the income and shall pay and disburse the net income for public educational and chari- table uses and purposes, in accordance with the current policies of the Community Foundation. Compensation far the Community Foundation's services, as outlined above, shall be paid in the form of annual charges to the corpus of the Fund currently a.75%a~. Any changes in the fee are subject to prior written notif cation of the Donor, All reporting by the Community Foundation will be addressed directly to the Santa Ana 20D4 Executive Committee. THIRD: The Donor desires that the annual net income of the Fund be paid in the amounts or fractions listed to the following: Rancho Santiago College ion behalf of scholarship recipients. The parties hereto have executed this instrument in duplicate as of the date and year first written above. By Donor members: SupeFirlten t, Sant ° ~ oo istrict ~/~~~ ~~~ Pre~nt, Santa Ana chamber of Comore e r ~ ~ 4 n . r. l~ .. Ch Commerce of grange County B OCCF: ~~ l% Y Exeutive Director, ~?ranCounty Community Foundation Mayor, City of S onto Ana r ~ ~ Chancellor, Rancho Santiago Community College District