Thanks to all of the Brothers and friends of the Fraternity who have made contributions to Southwestern University in the name of the “Kappa Sigma Iota Endowed Scholarship Fund.”
Active Brother John “Johnny B” Burden was awarded the scholarship for the 2008/09 academic term.
Johnny B is pictured far left, with the group who participated in the SING competition at Homecoming.
For those not familiar with the scholarship, here’s a full copy of the Memorandum of Understanding with the University
KAPPA SIGMA IOTA
ENDOWED SCHOLARSHIP FUND
Memorandum of Understanding
This permanent endowment fund is established by the Iota Alumni Association, and shall be named and known in perpetuity as the Kappa Sigma Iota Endowed Scholarship.
The University agrees to invest the funds donated to this endowment in a prudent manner pursuant to the applicable endowment investment policies promulgated by the Board of Trustees of the University, as may be revised from time to time, and in accordance with all applicable laws and regulations. Any policy to the contrary notwithstanding, the University agrees that all annual withdrawals from the Kappa Sigma Iota Endowed Scholarship Fund shall be applied at least annually to support the purposes described herein and shall not be applied to any other account or used or distributed in any manner except as provided below.
This Endowment is permanent, and therefore, only the annual withdrawals are available to support the purposes described herein. Annual withdrawals from the endowment shall be calculated by applying the spending formula determined by the Board of Trustees, as revised from time to time. The University shall endeavor to make the first scholarship distribution from this scholarship fund within the first year from the date this endowment reaches the collective funding level of $25,000.
Subject to the distribution provisions above, the Universityâ€™s Office of Financial Aid shall award scholarships on an annual or semi-annual basis to students of the University who meet the characteristics set forth below as evaluated by the University annually or semi-annually.
First Preference: University students in good standing who are members of the Iota Chapter of Kappa Sigma Fraternity. Among such eligible recipients, preference should be given to such members who demonstrate the highest levels of academic excellence and/or leadership in the University community.
Second Preference: If no University students meet the First Preference guidelines above, the annual withdrawal will be awarded to University students in good standing who are members of any fraternity which is traditionally social in nature (for example, Phi Delta Theta Fraternity or Kappa Alpha Order). Among such eligible recipients, preference should be given to fraternity members who demonstrate the highest levels of academic excellence and/or leadership in the University community.
Third Preference: If no University students meet the First or Second Preference guidelines above, the University may award the annual withdrawal to any University students of its choice.
The Fund shall become active when gifts to the fund attain a level of $25,000 or more.