Objective:

To receive and administer all funds of Leaco Rural Telephone Education Foundation, A Charitable Trust, in accordance with the provisions as set forth in the Declaration of Trust.

Purpose:

To make available education grants to the immediate families of active members of Leaco Rural Telephone Cooperative, Inc. The determination of eligibility for receiving these grants are as follows:

1. Recipient must be an active member, or of the immediate family, (i.e. children or grandchildren) of an active member of Leaco Rural Telephone Cooperative, Inc.
   
   
2. The grantee must use these funds in seeking an established degree from an accredited institution of higher education, e.g. junior college, college, university, or an accredited vocational school.
    
3. Must complete the required Application and present a letter of recommendation from the high school from which graduating, or from the school currently being attended, stating primarily that this person is college material and needs assistance in pursuing his or her chosen field of education. (This letter may be from a guidance counselor, principal, superintendent or teacher of such school.)
    
4. The properly completed Application, together with all required attachments, must be submitted to Leaco Rural Telephone Education Foundation, ℅ C. Gene Samberson, 311 North First Street, P. O. Drawer 1599, Lovington, New Mexico, 88260, by March 15th to be eligible for assistance in the fall semester of any school year.
   


5. Subject to availability of funds, the grant to each student will be as follows:
   1st Year - $150.00 per semester* or a maximum of $300.00
   2nd Year** - $200.00 per semester* or a maximum of $400.00
   3rd Year** - $250.00 per semester* or a maximum of $500.00
   4th Year** - $300.00 per semester* or a maximum of $600.00
   
   The number of grants issued each year will be determined by the Trustees; however, it is anticipated that new grants will be issued yearly, dependent upon successful reapplication by pervious Recipients and sufficient monies available in the Trust.
   * The second semester grant amount is subject to maintaining compliance with all eligibility requirements.
   ** Persons who receive a scholarship must reapply each year.
    
6. Subject to meeting all eligibility criteria, established by the Trustees from time to time, academic accomplishments, character and need will be the determining factors in selecting the persons to receive these educational grants.
    
7. Should a student be selected for the grant, $150.00 will be made available prior to the beginning of the first semester. Upon completion of the first semester, a statement will be required from the institution of higher education or vocational school certifying that at least twelve (12) hours of credits have been attained with a grade point level of at least 2.5. Subject to meeting all eligibility criteria, upon receipt of this statement and proof of enrollment for the second semester, the additional $150.00 will be issued to the student.
    
8. The maximum any student can receive in grants is for four (4) school years. Should a student be issued a grant for one year of schooling and wish to reapply, the Application must be received by the Trust prior to March 15th. This reapplication will be evaluated under the established criteria and, subject to the Applicant meeting all requirements and the Trust having monies available, will be approved.
    
9. Age is not to be a consideration in determining eligibility criteria for an award of a scholarship.