Page 7 - 2017 3rd Qtr Newsletter_TAA_FINAL

TAA NEWS

TAA: GUIdELInES FOR nEW EndOWMEnT SCHOLARSHIPS

The following guidelines will be used, upon approval from Each Endowment Scholarship must however be specific
the Texas Auctioneers Association Scholarship Committee, of that auctioneering education type and must be stated
to initiate Endowment Scholarships for members and in the Endowment Scholarship application. Endowment
member’s family to receive and participate in furthering Scholarship applications will be written by the TAA
auctioneering education. Scholarship Committee based on approved guidelines
along with the Endowment Donor. Selection of scholarship
Definition of Endowment Scholarship: An endowed winners will be made by the TAA Auctioneer Scholarship
scholarship is tuition that is permanently paid for with the committee along with donor if desired. Any conflict or
revenue of an endowment fund or donation specifically interpretation of Endowment Scholarship guidelines will
set up for that purpose. The donation of funds that would be made and defined by the TAA Scholarship Committee
be used to finance and support, for future education. The and their decision will be final. Recipients of any Endowment
Restricted Endowment can come from an individual, TAA Scholarship awarded must be a member, or immediate
members, in memory of a TAA member, or from a group family of a member of the Texas Auctioneer Association
dedicated to the future education of TAA members and in good standing. Applications will be accepted by a non-
their family. member seeking to further their education in auctioneering
with the understanding stated in the application, that to
Endowment Requirements: Person, persons, or groups be eligible to win you must become a member of the Texas
who are interested in establishing an Endowment Auctioneers Association before receiving any
Scholarship through the Texas Auctioneers Association scholarship award. Deadline for Endowment Scholarships
Scholarship Committee, must do so with long term will coincide with deadline stated for the Texas
intentions. Committee will require that a 5 year minimum Auctioneers Association Education Scholarship. This date
commitment be established in a “Name”, “In Memory”, will be made available by the TAA Scholarship Committee
or “Group Name” for scholarship(s) to be issued on and be posted in all media made available by the Texas
an annual basis at the awards banquet by the TAA Auctioneers Association.
Scholarship Committee during the Texas Auctioneers
Association Convention. An established Endowment Scholarship Payment: Scholarship winners will be
Scholarship will be maintained by the TAA Scholarship announced at the annual Texas Auctioneers Association
Committee. Endowment Donors will also be able to Convention. Winners of an Endowment Scholarship will
allow input, but must follow TAA Endowment not receive any of the funds awarded. Only when the
Scholarship Guidelines with the final decision being made winner has signed up and been accepted to the education
by the committee. type required by the Endowment, the Texas Auctioneers
Association directed by the TAA Scholarship Committee
Endowment Funding: Donor of the Endowment has will then release payment to the specific education
two ways to fund the Endowment Scholarship. Either by facility. An invoice will be required in the name of
allowing the TAA Scholarship Committed to invest in a the scholarship winner and sent directly to the Texas
structured investment fund allowing the principle to be Auctioneers Association for fulfillment of payment. All
kept intact while the investment income is used for the invoices must be received prior to the education event
scholarship purpose. This type of fund will be used for for payment. Failure of informing the education facility
that particular Endowment Scholarship only. No other of the scholarship awarded will cause the award to be
use will be allowed either by the Texas Auctioneers considered null and void. No refunds or payments after
Association, the TAA Scholarship Committee, or the the education event will be made to the scholarship
Endowment Donor. Endowment Donor however may winner or the education facility. Failure to follow these
contribute more to the fund to continue the support of guidelines by the Endowment Scholarship winner will
the scholarship. The second funding process is to allow cause that scholarship to be considered null and void.
the TAA Scholarship Committee to initiate an award The Texas Auctioneers Association or the TAA Scholarship
to a scholarship winner by way of prepayment by the committee will not be responsible for signing up any
Endowment Donor. This prepayment must be in hand Endowment Award Winner to any education facility. This
by the end of January of the receiving year in the name will be the sole responsibility of the winner. Endowment
of the Endowment Scholarship and must be paid in full. Scholarship Awards must be used either the receiving or
Failure to pay by the prescribed guideline time will then the following year after winners have been announced.
make that Endowment Scholarship null and void. Failure to use the Endowment Scholarship Awards dur-
ing this timeline will result in the loss of the award. No
Scholarship Eligibility: Each Endowment Scholarship may refunds or exceptions will be allowed.
have different prerequisites pertaining to auctioneering
education types i.e. Ring Man School, Auctioneering
School, Continuing Education, and Designation Classes. continued on page 11
www.texasauctioneers.org 3rd Quarter • 2017 7