SCHOLARSHIP PROGRAM AGREEMENT
THIS AGREEMENT (“Agreement”) is made this day of between the Islamic Scholarship Fund (“ISF”), a California nonprofit public benefit corporation and , to establish a scholarship fund pursuant to the Scholarship Program Description attached to and made a part of this Agreement.
1. Creating the Fund.
(a) Donation: Sponsor hereby raises and transfers to ISF to be held by ISF and administered pursuant to the terms and conditions of this Agreement.
(b) Name of Fund: The name of the scholarship fund created by this Agreement is the ISF- (the “Fund”).
(c) Additional Contributions: Scholarship Sponsor or any other person may make subsequent contributions to ISF for inclusion in the Fund. All additional contributions are subject to the Fee.
2. Purpose of the Fund; Variance Power
The general purposes of the Scholarship Program are set forth in the attached Scholarship Program Description. If at any time in the judgment of ISF’s Board of Directors it becomes impossible or impracticable to carry out the purpose of the Fund, the Board of Directors shall apply the Donation to an alternative purpose which is as near as is practicable to the purpose of the Fund.
3. Distributions from the Fund.
The ISF Selection Committee, an advisory committee established by ISF, will recommend recipients and awards in accordance with the procedures set forth in the attached Scholarship Program Description.
(a) ISF agrees to:
(i) Assign a point person on behalf of ISF who will handle matters regarding this Agreement and act as a liaison between ISF and the Scholarship Sponsor;
(ii) Administer the Fund and select recipients in accordance with the Scholarship Program Description;
(iii) Accept and process donation received for the Fund and sent end of year tax receipts to donors.
(b) Scholarship Sponsor agrees to: (i) Assign a point person on behalf of Scholarship Sponsor who will handle matters regarding this Agreement and act as a liaison between Scholarship Sponsor, ISF, and their respective staff members;
(ii) Financial contributions to the Scholarship program. Minimum amount to start a scholarship program is $3,000 ($5,000 for law)
This Agreement continues until terminated by either party, and applies to any contribution to the Fund made by Scholarship Sponsor to ISF while this Agreement was in effect. In the event of termination, ISF may retain and/or dispose of the Fund’s assets and liabilities in any manner consistent with applicable tax and charitable trust laws.
(a) This Agreement shall be governed by and interpreted under the laws of California that apply to contracts made and performed in California by California entities. In the event of any legal proceedings concerning this Agreement, Scholarship Sponsor and ISF each consent to the exclusive jurisdiction and venue of the state and federal courts of Contra Costa County, California.
(b) This Agreement may be executed in multiple copies; each copy will be treated as an original, but all of them together are one agreement.
(c) This Agreement is the sole and complete agreement between Scholarship Sponsor and ISF concerning the Fund and contributions to it, and supersedes any other statements, written or oral, made by Scholarship Sponsor or ISF on those topics. This Agreement may only be amended in a writing signed by Scholarship Sponsor and ISF. This Agreement does not confer any rights or remedies on any person other than Scholarship Sponsor and ISF. None of the rights or obligations created by this Agreement may be transferred to another person by either Scholarship Sponsor or ISF without the consent of the other.
(d) If any provision of this Agreement is invalid, that provision will be disregarded, and the remainder of this Agreement will be interpreted without it.
(e) Scholarship Sponsor acknowledges that it had the opportunity to be represented by counsel during the negotiation, preparation and execution of this Agreement; any ambiguities in this Agreement will not automatically be interpreted against ISF as the drafting party. IN WITNESS WHEREOF, the parties have executed this Agreement, effective as of the last day shown below.
THE ISLAMIC SCHOLARSHIP FUND
SCHOLARSHIP PROGRAM DESCRIPTION
ISF’s mission is to address the problem that Muslims are underrepresented in the fields of studies and occupations that make public policy and influence public opinion. We aim to bring about long term change by providing academic scholarships and internships for students in the fields of humanities, social sciences, liberal arts, and law in order to encourage and support the future Muslim lawyers, politicians, writers, journalists, film makers, and academicians of the society.
The Scholarship Program is an appealing way for mosques, individuals, families, businesses, or other groups of people to strengthen their community. Many people recognize that the key to their success in life is due to the education they received, and they want to make it possible for others to benefit from a good education. ISF makes it possible for generous, caring community members to fulfill their dream of supporting scholarship funds and makes it possible for people who want an education to get one.
A scholarship fund can carry the name of the Scholarship Sponsor, an individual donor, family, community, company, or someone the Scholarship Sponsor wishes to honor (in accordance with ISF’s Naming Policy). All scholarships or grants from the scholarship fund of any specific Scholarship Sponsor are made by ISF in the name of that Scholarship Sponsor. The names of scholarships and recipients are listed in ISF’s Annual Report. Unless they request anonymity, all donors to scholarship funds are listed in ISF’s Annual Report in the year the gift was made.
The Scholarship Program is a component of ISF and is subject to the terms and conditions of ISF’s Articles of Incorporation, Bylaws, and Policies, and under the ultimate direction of ISF.
STARTING A SCHOLARSHIP FUND
Scholarship Funds at ISF are quick and easy to establish. A Scholarship Sponsor must sign an Agreement and make the minimum initial contribution to establish the Scholarship Sponsor’s Scholarship Fund (the “Fund”). The initial minimum contribution for a non-endowed scholarship fund is $3,000. Once established, Scholarship Sponsors are encouraged to add to the Fund at any time to support additional scholarships or to establish an endowed fund. (See below for a description of the Endowed Scholarship Program.) Scholarship Sponsors and individual donors who wish to establish or donate to an endowed fund or sponsor a named scholarship (such as the “ISF-Akbar Rahim Journalism Scholarship”) should contact ISF.
GENERAL POLICIES FOR THE SCHOLARSHIP PROGRAM
All scholarship awards will be given for educational and charitable purposes, and selection of recipients will be made on an objective, non-discriminatory basis. Scholarships may benefit students attending a specific school, from a geographic region, or who intend a specific field of study Generally, ISF makes scholarship grants only to qualified educational institutions for the benefit of selected students. ISF may at its sole discretion agree to grant scholarships to individuals who meet ISF’s underwriting and documentation criteria.
ISF SCHOLARSHIP CRITERIA
ISF accepts applications (available online at www.islamicscholarshipfund.org) once a year starting in November for a period of five months. Each eligible applicant must be:
Muslim or active member of the Muslim community;
Enrolled or graduated from an accredited university in the U.S.
Major in an ISF supported major;
Minimum 3.0 Grade Point Average;
A Citizen or Permanent Resident of the U.S.;
An undergraduate (junior/senior) or of graduate standing (including PhD)
In addition to the application form, the following is required from each applicant:
a) Essay questions on applicant’s personal goals and where applicant envisions
himself/herself in the next 8-10 years.
b) An official college transcript.
c) Two letters of recommendation to be sent electronically to the review committee:
e) Video introduction
OPERATING PROCEDURES AND AWARDS
ISF’s Selection Committee is composed of university professors, non-profit organization leaders, and community members with years of experience in the academic and non-profit world. ISF encourages Scholarship Sponsors to nominate members for the Selection Committee (but individual donors or their family members will not be permitted to make up the majority of the Selection Committee). Members of the Selection Committee must disclose any familial relationship with any applicant and must refrain from voting on that particular applicant.
The Selection Committee reviews and scores applications from April to June, according to stated selection criteria as defined by ISF. Applicant finalists with the highest score are scheduled for web-based video interviews during the month of July. The Selection Committee makes recommendations to ISF, which makes final selections mid July. Scholarship Sponsors and donors may recommend applicants for scholarships, however all such recommendations are advisory and will not be binding on ISF staff or the Board of Directors, which by law must retain final responsibility for all distributions made from ISF.
Scholarships ranging from $3000-$10,000 will be awarded at the end of July or early August. With certain exceptions, ISF’s policy is to send checks directly to an applicant’s college or university. Exceptions may be made if the awards affect the applicant’s financial status.
ENDOWED SCHOLARSHIP PROGRAM
ISF’s Endowed Scholarship Program operates for the same purposes and under the same general operating procedures as the non-endowed Scholarship Program. The minimum initial contribution to establish an endowed scholarship fund is $50,000. Once established, Scholarship Sponsors or other contributors can add to the Scholarship Sponsor’s endowed fund at any time. Endowed funds are invested (in combination with other funds of ISF) according to Sharia compliant guidelines and in accordance with the Uniform Prudent Management of Institutional Funds Act (“UPMIFA”). Distributions are made according to ISF’s Spending Policy. ISF’s Board of Directors may amend this Spending Policy at any time and ISF retains the right to change investment vehicles if the return on the investment is inadequate or financial reporting requirements are not met. Please contact ISF if you would like to see the current Spending Policy
Operating costs of endowed funds are shared amongst all Scholarship Sponsors participating in the Endowed Scholarship Program, but in no event will any Scholarship Sponsor bear more than 5% of ISF’s total operating costs for its endowed funds for any year.