Buchanan Scholarship Information
Be it resolved by the Administrative Board of the Latham United Methodist Church of Huntsville, Alabama, that there is hereby established the Buchanan Scholarship Fund with the provisions and details of operation as follows:
1. Said fund shall consist of whatever amounts may be contributed by the members and organizations of this church and other persons.
2. Said fund shall be invested in a separate account.
3. The Buchanan Scholarship shall be a permanent endowment of the Latham United Methodist Church. The corpus cannot be spent for the scholarship. The interest, dividends and capital appreciation distributions accumulated will be the amount available for the Buchanan Scholarship, at the discretion of the committee.
4. The treasurer of the Fund shall pay the scholarship money directly to the recipient’s school.
5. a. The Buchanan Scholarship Fund shall be administered by a committee composed of the Youth Coordinator, A Senior High School Sunday School teacher, the Senior Minister, a representative from the Board of Trustees and at least six other members. A new member of the committee shall be selected by the committee when a vacancy occurs. If possible, one member of the committee shall be a member of the Buchanan family.
b. The committee shall meet annually in February and elect a chairperson and a secretary/treasurer. Scholarship funds shall be determined at the February meeting.
c. The committee shall invite high school seniors, as well as college students, within three years of their high school graduation, to make application for a Buchanan Scholarship. A recipient may reapply for the scholarship the following years.
6. In making a selection, the scholarship committee will consider the following:
a. Membership in this church for a period of at least one year before the date of selection
b. Activity in the programs of the church.
c. Demonstration of leadership ability and promise of future usefulness.
d. Health, emotional stability and Christian character.
e. Citizenship of the United States.
f. Financial need
g. Good scholarship as evidenced by:
1. A high school student shall have a high school grade average of B or above.
2. A college student applying/reapplying must have earned a grade average of B or above for his/her college career.
Preservation of principal is fundamental principle of the Buchanan Scholarship financial operation. All contributions that are received and accepted, designated for a specific scholarship recipient, shall be expended for the purpose designated.