Mission Statement
The mission of the Endowment is to grant scholarships to college students of merit from Alabama who are in dire financial need, especially those Lesbian, Gay, Bisexual, and Transgender (LGBT) students who are marginalized due to family disenfranchisement or separation. Priority is given to LGBT persons and their children who have worked (or who show potential for leadership) to help secure equal rights and justice.
Listed below are some of the provisions established for the Alabama Scholars Endowment:
- The foundation is perpetual. The principal donation will never
be spent.
- Only the interest earned each year, or a portion thereof, will be
available for scholarships.
- Scholarships are given only to residents of Alabama. Priority goes to those who are Lesbian, Gay, Bisexual, or Transgender (LGBT). As funding grows, scholarships will be extended to children of LGBT parents.
- The trust is a 501(c)(3) tax exempt charitable corporation.
- There is a board of directors comprised of donors and/or outstanding promoters of the trust. There are seven members on the Board of Directors.
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- There is another board which deals with the interviewing of applicants
and the awarding of scholarships, called the Board of Chancellors.
- "Founders" are those persons donating or securing $10,000 prior to January 1, 2009 (whether in a lump sum or monthly payments). Appropriate recognition will be given (e.g., on the website).
- "Co-Founders" are those persons donating or securing at least $5,000 prior to January 1, 2009 (whether in a lump sum or monthly payments). Appropriate recognition will be given (e.g., on the website).
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