§ 116-209.40. John B. McLendon Scholarship Fund. - North Carolina Statutes

§ 116‑209.40.  John B.McLendon Scholarship Fund.

(a)        Fund Established. –The John B. McLendon Scholarship Fund is established as a special fund. TheFund shall be administered by the State Education Assistance Authority.

(b)        Fund Earnings,Assets, and Balances. – Interest on the Fund shall be credited to the assets ofthe Fund and shall become part of the Fund. Any balance remaining in the Fundat the end of any fiscal year shall be carried forward in the Fund for the nextsucceeding fiscal year.

(c)        Fund Purpose. – Theinterest from the Fund shall be used to provide two leadership scholarships,one for a male athlete student and one for a female athlete student, at each ofNorth Carolina's Historically Black Colleges and Universities that areaccredited by the Southern Association of Colleges and Schools under thestandards of the College Delegate Assembly of the Association, except thatBennett College shall receive funding for two leadership scholarships for twofemale athlete students. The scholarships shall be awarded on an annual basispursuant to this section. The amount of each scholarship shall be one thousandtwo hundred fifty dollars ($1,250) per academic year.

(d)        EligibilityRequirements for a Scholarship. – To be eligible to receive a scholarship underthis section, a student must meet all of the following requirements:

(1)        The student mustmeet enrollment standards by being admitted, enrolled, and classified as anundergraduate student in a matriculated status at an Historically Black Collegeor University that is accredited by the Southern Association of Colleges andSchools under the standards of the College Delegate Assembly of theAssociation.

(2)        The student must bean athlete participating on a varsity team at the college or university.

(3)        The student mustdemonstrate outstanding leadership qualities, be involved in the college oruniversity community, and maintain high academic standards.

(4)        The student must bedesignated as a recipient for the scholarship by the college or university at whichthe student has matriculated status.

(e)        College orUniversity Recommendations for Scholarship Recipients. – The Chancellor orPresident, as appropriate, and the Board of Trustees of each Historically BlackCollege or University may designate students as recipients of the John B.McLendon Scholarships under this section.

(f)         Rule‑MakingAuthority. – The State Education Assistance Authority may adopt rules toadminister this Fund.

(g)        ReportingRequirement. – The State Education Assistance Authority shall report no laterthan June 1, 2008, and annually thereafter to the Joint Legislative EducationOversight Committee regarding the scholarships awarded pursuant to thissection. (2007‑323,s. 9.18(a).)