GBT Brothers Scholarship Fund
Established: November 18, 2014
Official Name: GBT Brothers Scholarship Fund
Permanently Restricted Endowment Corpus: $1,624.04 (7/1/16)
Spendable Balance: $0.00 (7/1/16)
2016 Annual Statement
History of Endowment
This fund was established to provide needs-bases scholarships for brothers who are gay, bisexual or transgendered to highlight the inclusiveness of the Alpha Sigma Phi Brotherhood.
The Alpha Sigma Phi Foundation reviews each endowment fund annually and makes available a percentage of the fair market value of the Fund's assets to be distributed during the subsequent year, which is presently four and one-half percent (4.5%) of the rolling five-year average of the market value of the endowment at the end of the previous fiscal year.
Distributions will be used only for purposes consistent with the Foundation's tax-exempt status under section 501(c)(3) of the Internal Revenue Code as determined by the Foundation.
Selection of recipients will be determined by the Fraternity Headquarters staff or a Scholarship Committee appointed by the Fraternity President & CEO.
To Provide funds for academic and /or needs based scholarships (partial or full) for qualified members currently enrolled as full-time undergraduate or graduate students. Selection of recipient will be determined by the Fraternity Headquarters staff or a Scholarship Committee appointed by the Fraternity President & CEO.