Common use of Minimum Award Clause in Contracts

Minimum Award. The minimum scholarship award to be granted at any time from the Fund is $500. The amount of the scholarship award(s) will be determined by the “distributable income” generated annually by the Fund. The “distributable income is calculated pursuant to BCF’s Investment and Spending Policy. If the distributable amount available from the Fund in any given year is less than $500, BCF, in its sole discretion, may forego making a distribution in said year in order to increase the long term average of the fund value; or BCF may couple the distributable amount of the Fund with another Scholarship Fund to make an award of at least $500.

Minimum Award. The minimum scholarship award to be granted at any time from the Fund is $500. The amount of the scholarship award(s) will be determined by the “distributable income” generated annually by the Fund. The “distributable income is calculated pursuant to BCF’s Investment and Spending Policy, . If the distributable amount available from the Fund in any given year is less than $500, BCF, in its sole discretion, may forego making a distribution in said year in order to increase the long term average of the fund value; or BCF may couple the distributable amount of the Fund with another Scholarship Fund to make an award of at least $500.