A. Patrick & Mary Kirwin Tonti Endowment Fund
The purpose of the grants of this fund shall be utilized by Bishop Watterson solely to provide tuition assistance to eligible Bishop Watterson students subject to the following requirements: Recipients shall be selected by the governing body of Bishop Watterson;First preference shall be given to a student in each class who is recipient of a Educational Choice Scholarship, or awards under another program which may be established to replace the current voucher program in the State of Ohio; Second preference shall be given to students who demonstrate a need for financial assistance as determined by the governing body of Bishop Watterson; So long as a recipient (i) remains in good academic standing (a minimum 2.0 GPA), (ii) remains in good conduct standing, and (iii) continues to meet the eligibility requirements described above, the grant shall be renewed to the recipient in subsequent years. However, the amount of funds available to such recipient may differ from year to year based on the Annual Distribution from the Fund; It is intended that the Annual Distribution will fund four annual grants, with a recipient from each class. To the extent possible, the Annual Distribution shall be allocated among recipients to provide each recipient a grant in an amount equal to 90% of the difference between the amount of the State of Ohio Educational Choice Scholarship and the amount of annual tuition at Bishop Watterson. For example, if there are four recipients chosen who are receiving State of Ohio Educational Choice Scholarships with an annual value of $5,500 and tuition in that year is $10,500, each recipient would be awarded $4,500 (.90*5,000) from the Annual Distribution.