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Logan Community Development
 Foundation, Inc.

(a 501(c)(3) Tax-Exempt, Kansas Not-For-Profit Corporation)
105 N. Douglas Street
Logan, KS  67646
(785) 689-4334

Website: http://www.logancommunityfoundation.com
                                                    

The Logan Community Development Foundation, Inc. (the “Foundation) is a charitable organization operating to:  (a) improve blighted areas within the City of Logan, Kansas (the “City”), (b) combat community deterioration within the City, (c) lessen the burdens of the City government, (d) promote social welfare within the City, and (e) provide relief for the poor and/or distressed in the City, all within the meaning of I.R.C. Section 501(c)(3).  The specific projects in which the Foundation plans to engage will involve fundraising for the construction of City improvements, such as city parks and community areas, acquiring and developing properties as community improvement projects, and engaging in other projects for the benefit of the City but for which the City is unable to fund or staff, due to budget constraints.


 LOGAN COMMUNITY DEVELOPMENT FOUNDATION, INC.

The amount given in scholarships from 2007 to 2013 is $49,500.

SCHOLARSHIP FUND AGREEMENT

 

THIS AGREEMENT, is made this 6th day of September, 2007, by and between that certain individual (“Donor”) who wishes to remain anonymous, and the Logan Community Development Foundation, Inc. (“Foundation”), a not-for-profit Kansas Corporation, exempt from taxation pursuant to Section 501(c)(3) of the Internal Revenue Code.

 

WHEREAS, the Donor desires to establish a scholarship fund known as the Logan Community Development Scholarship Fund (the “Fund”), subject to the terms and conditions set forth herein and governed by the Scholarship Criteria Information Sheet (“Scholarship Criteria”) attached hereto as Exhibit A; and

 

WHEREAS, the Donor desires to contribute $10,000.00 in cash to be placed in the Fund; and

 

WHEREAS, it is the Donor’s intention that this Fund be perpetual in nature and that it may be augmented from time to time with additional funds from other donors.

 

NOW, THEREFORE, in consideration of the foregoing premises and the acceptance of these funds by the Foundation for the purposes set forth herein, the Foundation does hereby establish and declare the Fund a perpetual scholarship fund to be administered as follows:

 

1.         Investment of Funds.  The Foundation may invest and reinvest the assets of the Fund as it determines in its discretion.  All assets transferred to the Foundation shall be subject to the conditions set forth in the Foundation’s Articles of Incorporation and/or Bylaws, as they may be amended from time to time, and any amendments to this Scholarship Fund Agreement that may be executed from time to time.  All the provisions of such governing instruments of the Foundation and such resolutions and procedures enacted thereto are incorporated into this Agreement as though fully set forth herein. 

 

2.         Scholarship Committee.   The distribution of the assets of the Fund shall be at the sole discretion of the Scholarship Committee, which shall consist of The President and Vice President of the Logan Chamber of Commerce, two (2) members of the Board of Directors of the Foundation, and the Superintendent of the Logan High School (or any successor entity thereto).  The two members from the Foundation Board shall be nominated and elected by a majority vote of the Foundation Board.  Once the Committee is constituted, a report shall be given to the Donor(s) identifying the Committee members.  Said report shall be provided to the Donor(s) on or before March 1 of every calendar year.  For the first year of operation of the Fund, the Committee shall be constituted and shall convene on or before October 15, 2007.  The Scholarship Committee shall be bound by and shall follow as closely as practicable the guidelines set forth in the Scholarship Criteria attached hereto as Exhibit A.  All votes of the Committee shall require a majority of all five (5) members, each of whom shall be present in person or by telephone for all meetings during which a scholarship vote is taken. 

 

3.         Dissolution of the Fund and Disbursement of any Remaining Funds.   If at any time in the sole discretion of the Foundation, it shall determine that the Fund is not economically feasible to continue, or if a particularly worthy student or students warrant a complete exhaustion of the Fund, then the Foundation shall have the authority in its sole discretion to terminate the Fund and to pay out any remaining funds to a student or students meeting the Scholarship Criteria. 

 

4.         Compensation of Foundation.  The Foundation shall be entitled to an initial administrative fee of $250.00 for establishment of the Fund, and an annual fee of $100.00 or 1% of the total balance of the fund on December 31st of each year, whichever shall be greater.  The annual fee for the first calendar year in which the Fund is created shall be waived.

 

5.         Additional Funds.  The Foundation shall be free to solicit and accept additional funds from other donors to augment the Fund, so long as the Scholarship Criteria are not changed without the express written permission of this founding Donor.

 

            IN WITNESS WHEROF, the Foundation and Donor have executed this Agreement this the 6th day of September, 2007. 

 

DONOR:                                                                 Logan Community Development Foundation, Inc.

Jerome Goscha,                                                       Max A. Lowry, President

Authorized Agent for Donor                                     

 


 SCHOLARSHIP CRITERIA INFORMATION SHEET

FOR

LOGAN COMMUNITY DEVELOPMENT FOUNDATION, INC.

SCHOLARSHIP FUND

(THE “FUND”)

 

1.         Purpose.  The primary object and purpose of the Fund is to provide scholarships to worthy students graduating from Logan High School (Unified School District No. 326) who has expressed a desire to return to the City of Logan or the immediate surrounding area in order to establish a trade or business.  The emphasis of the Fund shall be directed toward making a substantial impact in the life of one student at a time, or a select few other students if funds permit, so as to maximize the chance of a student coming back to establish a successful trade or business in Logan or the immediate surrounding area.  

 

2.         Number of Recipients.  The Scholarship Committee shall choose one deserving High School senior at the end of each academic year to receive this scholarship.  Scholarship recipients may reapply for a scholarship for subsequent years. Provided, however, that in the event the Scholarship Committee elects to renew a student’s scholarship as described in Paragraph 7 below, the Committee shall not select a new scholarship candidate for that particular calendar year unless the Fund has been augmented sufficiently to permit a meaningful difference being made toward another student’s education.  The practical effect shall be that only one student shall be receiving scholarship funds at any given time, and this recipient will be either a new high school graduate or a renewal scholarship student.   Given the limited funds available, the intent of the Fund is to make the most significant financial impact on a few students, rather than to provide nominal assistance to a large number of students.  It is understood that this may deplete the Fund principal after only assisting a few students, but the goal of having a significant impact on a few deserving students has priority over the longevity of the Fund itself.  During the first calendar year of operation, the Fund may select a student who is already attending a post-graduate school and who otherwise meets the eligibility criteria established herein.

 

3.         Applications.   Applications shall be submitted by April 1 of each year.  It is the Committee’s intention to announce scholarship awards by May 1st of each year so as to allow announcement at graduation or other awards ceremonies.  Applications shall be made on a form approved by the Committee, and submitted to the Foundation.  The Committee may, in its discretion, request a personal interview with some or all of the applicants.  

 

4.         Eligibility. The Scholarship Committee shall utilize the following considerations in determining the best candidate for this Scholarship.  Ideal candidates are students who:

(a)       may not be academically eligible for other scholarships; and

(b)       are or will be struggling financially to attend higher education without the assistance of a scholarship; and

(c)       have graduated with at least a “C” average or above, and otherwise demonstrate aptitude and determination to acquire a trade or skill; and

(d)      desire to attend an accredited vocational or technical school in Kansas (i.e. a course of study not leading to a four-year degree).  Preference shall be given to courses of study that will lead to certification as a skilled laborer, such as, but not limited to, a mechanic, plumber, electrician, welder, carpenter, licensed practical nurse, or agricultural occupations including operation of a family farm; and

(e)        who are possessed of good moral character, discipline and determination to succeed. 

 

5.         Consolidation or Cessation of USD No. 326.  In the event USD No. 326 ceases to exist, and there is no successor school located in Logan, then the primary candidates for the scholarships shall be students who are residents of Logan or surrounding area who may be attending any school district for students from Logan.  In the event that no such suitable candidates are from USD No. 326 or Logan, then the primary candidates shall be students from any high school in Phillips, Smith, Graham or Rooks Counties.  In all cases, the preferred scholarship candidate shall be a student with a professed desire to return to Logan or the surrounding area after completion of his or her higher education in order to establish a trade or business as more fully described above.

 

6.         Amount of Scholarship.  The scholarship amount in any given year shall be in whatever amount the Scholarship Committee believes in its discretion will most appropriately further the purpose of this Fund.  Funds awarded may be used, at the discretion of the scholarship student, to defray the student’s reasonable expenses directly related to the cost of pursuing the degree described above, to include room and board, tuition, books, fees, etc. 

 

7.         Renewal and Continued eligibility.   The Committee shall monitor the academic performance of each student who has received the scholarship to ensure that at the end of each academic semester that the scholarship student has satisfactorily completed at least that number of credit hours constituting a normal academic load, and otherwise remains in good academic standing at the completion of each semester.  If so, then the student shall be entitled, at the sole discretion of the Committee to receive a renewal of the scholarship, such that an additional scholarship shall be awarded the student for the next academic semester.  To the extent possible, renewals of the scholarship shall be given top priority so long as a student is on track to complete the requisite vocational or technical degree on the normal one to two year schedule. 

 

8.         Reports. The Donor(s) may request, and the Foundation shall provide, an annual report of the scholarship(s) awarded and an annual financial report of the Fund, or such periodic reports as may reasonably be requested.

 

Phillips County Economic Development

Phillips County Economic Development (PCED) provides technical assistance to all groups, organizations and individuals for the interest of furthering economic and community development issues.   PCED's five areas of directional focus are:  1)  business creation, 2)  business expansion, 3)  business retention, 4)  recruitment and 5)  community development.  Contact information:  1.785.543.5809 or PCED@ruraltel.net.

The Entrepreneurial Center (EC) provides workforce and entrepreneurial training to businesses in the region.  Located in the county seat of Phillipsburg, the EC can easily be linked to Logan businesses with similar conferencing capabilities.  A model program for rural entrepreneurial education in the State of Kansas, the EC has video conferencing capabilities for training from anywhere in the world, computers, the latest business planning, grant writing & web-development software and a full-time director - classroom facilitator for an enhanced learning experience.  Contact information:  1.785.540.4110 or SVREC@ruraltel.net