The Icelandic Association of Chicago [hereinafter referred to as the IAC] Scholarship Program [i.e., the Program] shall have a broad mandate to: encourage, facilitate, and fund formal and informal educational opportunities to promote knowledge of Iceland, its language, culture, history, and current affairs, It shall recognize exceptional contributions to same by members of the Icelandic-American Community which the IAC represents and serves.
- The elected Chairperson [i.e., the Chair] and its Committee shall:
- Recommend the scope of its current activities consistent with available and anticipated resources, opportunities, and the needs of the Icelandic-American Community which the IAC represents and serves.
- Solicit and review applications for approved scholarship aid.
- Recommend granting of scholarship aid and/or special recognition.
- Only the IAC Board of Directors [i.e., the Board] or an IAC Annual General Meeting [i.e., an AGM] shall have authority to approve the recommendations of the Chair and Committee regarding actual awarding of scholarship aid and special recognition(s)
- Funding sources for the Program shall include individual and corporate contributions and fundraising activities approved by the IAC Board.
- The Chair shall recruit a Committee to include at least two IAC members with relevant input welcome from all interested parties.
- Preference in the awarding of scholarship aid shall be given to IAC members and family members of same.
- Recipients of scholarship financial aid shall be required to submit a suitable Report or Video following their IAC-supported activity, preferably at the next IAC Annual General Meeting [i.e., the AGM] or IAC Thorrablot and will be encouraged to become or remain active in the IAC and to assist the Program. Such reports or videos will be disseminated in the IAC Newsletter and/or archived on the IAC website.
- Committee or Board Members and their immediate family members are eligible to receive IAC scholarship aid, the only restriction being recusal from voting upon one’s own application or that of one’s immediate family member(s).
- Absent compelling reasons to the contrary, scholarship financial aid on behalf of an awardee shall be paid directly to the relevant, bona fide academic, cultural, or scientific institution with which the specified activity will be undertaken. Scholarship aid may be used for: tuition, travel, living expenses, books, supplies, etc., relevant to the financial aid approved.
- Scholarship financial aid not accepted or not used within two years of the award shall revert to the Scholarship Fund.
- The Program and its Guidelines shall be reviewed annually or as often as the IAC Board deems appropriate.
- If the Program is ever rescinded or the IAC ceases to operate as a Not-for-Profit organization, all Scholarship Program Funds not already committed or disbursed shall be transferred to bona fide, Not-for-Profit institutions or organizations whose objectives are consistent with the Program’s above-stated Objectives.
The Chairperson’s Report to the AGM and Board:
The Chair shall submit a Report to the AGM and Board annually or as often as the Board deems appropriate, oftener if exceptional financial resources, opportunities, or challenges warrant. This Report shall be disseminated via the IAC Newsletter and/or the IAC website [www.IcelandChicago.org], including:
- Scholarship award(s) and special recognition(s) granted in the past year.
- Scholarship Funds available, significant sponsors and donors, anticipated funds, and recommendations regarding new fundraising opportunities.
- Recommendations for current Scholarship funding priorities and relevant deadlines for applications, award announcements, and preferred venue for final awards or special recognition(s), e.g., the next IAC Thorrablot.
- Recommendations for special recognition(s).
Approved by the IAC AGM, [Nov, 2011], subject to periodic Board Review.