Iowa State Acacia Chapter Foundation

PART V, LINE 4:

“Only earnings from investments and limited capital gains may be used for scholarships or for reimbursement of educational-use expenses. The foundation currently maintains three endowment accounts. The first endowed account is used to generate funds for reimbursement of educational-use expenses incurred in the operations of the chapter house. The second endowed account is for general scholarships to members of the fraternity who live in the chapter house and who meet academic and other requirements for general scholarships, as specified in the operating procedures of the foundation. The third endowed account is a "named account" where alumni, who donate a minimum dollar amount, may direct their scholarships to members of the fraternity who are enrolled in specific degree programs and meet other specified criteria. Donors to these accounts may, at their option, use the requirements for general scholarships as their default criteria for awarding of scholarship funds. Scholarships that are awarded are paid directly to iowa state university in the name of the recipient and are applied against the tuition of the recipient. Distributions for education-use expenses are paid directly to the alumni board of the fraternity. To receive these funds the alumni board must submit a copy the current tax return on an annual basis signed by the alumni board president. They may also receive funds for the first six months of operations by submitting a request signed by two officers of the alumni board testifying to the accuracy of the costs that are submitted. As of december 31, 2022 the balances in the accounts net of unrealized gains and losses for the fiscal year, were as follows: endowed chapter house account $45,435 endowed general scholarship account $145,271 endowed named scholarship account $159,615 total value of endowed account dec 31,2022 $350,321”