Awarded by The Woodbridge Kart Club

Background and purpose: This college Scholarship fund was established in recognition of former Woodbridge Kart Club members who contributed through their actions, words and deeds to the enjoyment by everyone in the sport of kart racing. The one-time grant shall be a one-year scholarship in an amount to be determined by the Scholarship Committee appointed by the Board of Directors of the Woodbridge Kart Club. Thereafter, a 1-year grant shall be awarded each year to one student or more until all available monies in the fund are depleted. The first scholarship grant shall be no sooner than the summer of 2001.

The awards shall continue in perpetuity or until all funds are depleted. Adjustment may be made during the last 2 years of funding to bring the fund balance to zero while providing meaningful awards. The amount of the grant shall be determined by prevailing market conditions but is not to exceed the amount of annual interest income earned by the Fund's principal unless the Club's board of directors has voted otherwise.

The scholarship funds cannot be used for anything other than college scholarships. All administrative costs, if any, shall be borne by the Fund itself, but the Woodbridge Kart Club board of directors must approve costs in advance.

The endowment shall be no les than $25,000 and shall be invested at the discretion of the board of directors of Woodbridge Kart Club or its designated representative(s). A minimum annual return of 4% shall be the goal, in order to provide for a scholarship(s) of a minimum of $1,000 annually. The income, but not the principal, of this endowment shall be used to provide scholarship(s) for undergraduate or graduate students enrolled in an accredited four-year intuition of higher learning.

The board should establish a policy over the investment and over the spending of the scholarship fund to assure that some portion of the earnings are reinvested each year and that the fund shall grow over time. It is the intent of the endowment that no Woodbridge Kart Club individual profit in any way from the endowment except through the award of a scholarship grant.

Criteria for applicants:

1. Applicant must have completed high school and have been awarded a diploma.

2. Must have been accepted at an accredited college, university, or trade school.

3. Must have earned a cumulative grade point average of 3.0 or better by the end of the first semester, senior year.

4. Must have been a member in good standing of the Woodbridge Kart Club.

5. Must have participated actively in the sport of kart racing and be able to demonstrate that participation through at least three letters of recommendation to the Scholarship Committee from individuals in karting. As part of the selection process, members of the Woodbridge Kart Club Board of Directors are prohibited from writing letters of recommendation for any applicants.

6. Must have demonstrated ethical behavior, sportsmanship, fellowship, concern for fellow karters, leadership skills, and school spirit.

Administration:

1. The Woodbridge Kart Club Scholarship Fund shall be administered by the Scholarship Committee appointed by the Woodbridge Kart Club Board of Directors. The Committee shall meet at a minimum of one time per year to review the applications and shall make a recommendation(s) to the Board. The board shall have final authority over the award of a scholarship grant.

2. The deadline for scholarship applications for the first award of the Fund shall be no later than May 1 each year.

3. The application shall consist of

a. An Application Form: click here for forum
 
b. A letter of application written by the applicant noting "The Lessons I've Learned From Karting"

c. A copy of the letter of acceptance to an accredited four-year college or university; and

d. A transcript of the applicant's high-school grades. These should be sent to the current Club Secretary (address will be noted on the Web site and in periodic Club newsletters) who shall forward applications to the Scholarship Committee in a timely fashion. The Committee shall meet at a minimum of once to review the applications. The award winner shall be notified no later than June 1, of the present year.

4. The scholarship money normally shall be paid directly to the school as partial payment toward tuition in June of the award year but not later than the beginning of the school year following the award of the scholarship.

5. In the event the recipient should fail to attend the designated school during the semester following the award, the grant shall be restored by the recipient to the Fund. The recipient is honor-bound to repay the grant.

6. All applicants will be notified of the status of the award.

7. The Scholarship Committee reserves the right not to make an award in any given year.

8. Applicants may apply for awards in subsequent years.