CHAPTER EDUCATIONAL FUND GUIDELINES
1. CONTINUITY OF SCHOLARSHIP FUNDS
AFS Chapters sometimes find it difficult to monitor their Educational Funds, keep up with IRS regulations and earn a safe & secure return on their investment.
- FEF makes sure the wishes of the Chapter are carried out each year. All Scholarship monies will be used for the purpose intended in the name of the Chapter.
- FEF was created by the AFS and other Societies to be an independent Foundation for Scholarship assistance on the college level and to encourage the lifeline into our Industry of the best technical people at our nation's leading Schools. It is all we do.
- FEF is a tax-exempt 501(c)3 non-profit organization. Chapters avoid potential IRS problems with FEF management of Educational Funds.
- The Fund is in the name of the Chapter and the Chapter's name is noted on the check when any funds are disbursed. Students are encouraged to acknowledge scholarships to the Chapter.
- The Chapter can designate specific Schools where they wish their Funds to be placed provided the student meets the current guidelines for awarding FEF scholarships. Each FEF Key Professor has a copy of the scholarship guidelines. FEF is independently audited each year. Chapters receive a detailed Fund Account of their activity following the FEF audit and monthly if requested. FEF ends its fiscal year on April 30th.
Better returns are usually possible with FEF's conservative yet progressive investment program over individual Chapter investments. The principal for endowments is immunized and protected in our investment portfolio to the best of our ability. The FEF Investment Committee is headed by FEF's Treasurer, and monitored by FEF's Executive Committee. A fixed rate of return is announced in January and June each year. FEF's Investment Strategy can be requested.
The following schedule is used to assist the FEF with the management of Chapter Funds.
→ Eighty percent of earnings to scholarships
→ Fifteen percent of earnings to FEF management
→ Five percent of earnings back to the Chapter's principal
5. STUDENT SCHOLARSHIPS
Only interested and qualified metal casting students should be selected to receive scholarships. Students must be taking at least one class or lab related to Cast Metal Technology at the time the scholarship is awarded or show other tangible efforts (i.e. company site visits, Chapter meetings, etc.) in the field of metal casting. The student does not necessarily have to be attending an FEF School, although the Chapter must make sure that Students selected from Non-FEF schools are registered through FEF's web site and meet the FEF guidelines before funds are disbursed. The local FEF Key Professor is the best person to make the selection of students.
- FEF Guidelines for Scholarships state that the minimum scholarship amount is $500.00.
- Students must be registered and keep their information updated within the FEF fiscal year, May 1 – April 30
- Scholarships may be awarded to freshmen, sophomores, juniors, seniors and graduate students with demonstrated interest in metalcasting.
- Students are notified as to the origin of the scholarship and encouraged to write the Chapter.
- Scholarships are awarded to students with a genuine interest in cast metals and not on the basis of family or chapter relationships.
- FEF Scholarships meet the Equal Employment Opportunity and Affirmative Action requirements.
Funds of this type are set up with a balance of $50,000 or more to provide for annual awards. Lower start-up funds are accepted to establish the fund, with regular additions made to the principal. For awards presented at the College Industry Conference, please contact the FEF office; selection of student recipients for CIC scholarships is through the FEF Executive Committee.
7. EXAMPLES OF AGREEMENTS
An example of an Agreement with FEF is available on the FEF website, www.fefinc.org.
8. FEF BOARD OF DIRECTORS / KEY PROFESSORS
A list of the Leaders in our Industry, who serve on the FEF Board of Directors, as well as the FEF schools, is available on the FEF website (www.fefinc.org).
Bill Sorensen is available to address your Chapter about the FEF with a 5-20 minute presentation. FEF Board Members are also happy to make a presentation.