PERMANENT SCHOLARSHIP FUND BYLAWS

PURPOSE
The Board of Directors of the Mt. Rainier Chapter of the Institute of Management Accountants, Inc., (IMA) has established the Permanent Scholarship Fund to award scholarships to deserving recipients pursuing careers in accounting. This is accomplished by funding a permanent investment base from contributions made by individuals, corporations and fund raising activities of the Mt. Rainier Chapter. Interest from the corpus of the investment fund will be used to award scholarships.

STATUS
The Permanent Scholarship Fund has been established by the Board of Directors to fulfill objectives of the chapter. These objectives include charitable and educational purposes and are denoted in the Articles of Incorporation of IMA, approved by the State of New Jersey. The Internal Revenue Service has recognized the IMA as being exempt from federal income tax under Sec. 501(c)(3) of the Internal Revenue Code. The Mount Rainier Chapter is an operating unit of the IMA and operates in accordance with the "Manual on Chapter Operations for Officers and Directors" promulgated by the IMA.

MEMBERS OF THE COMMITTEE
The Chair of the Scholarship Committee will be elected as Director of Scholarships at the annual election of officers and directors. Two other members from the general membership of the Chapter will be appointed by the President with the concurrence of the Board of Directors. The Chapter President will serve as an ex-officio member of the committee. Members of the Committee are not eligible for scholarships. There is no limit to the number of years a member may serve on this committee. This Committee functions organizationally under the Vice President of Communications and Community Relations.

FUND MAINTENANCE
The Board of Directors will establish both corpus and income funds within the Scholarship Fund. All donations, unless specified otherwise by the Board of Directors or the donor, will be placed into the corpus fund. The corpus fund is to be used only as an income generating fund. All interest earned is to be placed in the income fund to be used to give scholarships.

The corpus and income funds are to separated from the general operating funds of the Chapter, and are not to be used for purposes other than generating funds for, or for giving, scholarships. The corpus and income funds may be held within the same account, but a separate accounting must be kept to distinguish corpus funds from income funds.

DUTIES OF THE COMMITTEE
The members are charged with promoting the scholarship program by working with accounting professors and financial aid officers at Washington universities with accounting programs.

The Committee will distribute instructions and applications and publicize the scholarships available at the beginning of the Fall and Spring semesters. Application deadlines are October 16 and March 15, respectively.

The Committee will review the selection criteria and weights assigned to each selection element shown under "Criteria for Awarding Scholarships" and make recommendations to the Board of Directors for changes prior to the regular August meeting of the Board. The members will use the selection criteria and weights established by the Board in their deliberations to recommend recipients of scholarships.

The members will recommend scholarships to the Board of Directors by November 1 and April 1. The President will announce the Committees' recommendations at the next regular Board meeting and move for approval.

DUTIES OF THE CHAPTER BOARD OF DIRECTORS
The Board of Directors will review and approve or amend the selection criteria and weights the Scholarship Committee is to use when evaluating the selection elements for awarding scholarships no later than its regular August meeting.

The Board of Directors will approve an amount certain for the scholarship awards for the Fall and Spring semesters no later than its regular September meeting.

The Board of Directors will assure that funds raised on behalf of the scholarship program of the Mt. Rainier Chapter remain separately identified in the accounts of the Chapter.

Act as a Committee of the Whole in selecting the scholarship recipient if the Scholarship Committee cannot agree on its recommendation.

CRITERIA FOR AWARDING SCHOLARSHIPS
Minimum requirements to apply are listed below. To qualify for a scholarship the applicant, at the time of the application deadline, must:

Be a full-time student (12 semester hours or more, or equivalent quarter hours),

Be a student attending a Washington university with an accounting program (bachelor and/or master degrees), The university must be within the geographical boundaries of the Mt. Rainier Chapter or the applicant must have established permanent residence within those boundaries. These boundaries are established in the original charter of the Mt. Rainier Chapter.

Have a declared major, or emphasis, in accounting or related field leading to an accounting career, and

Have at least an overall grade point average of 3.0 on a 4.0 maximum scale, including transfer credits.

Selection will be weighted and based on the following elements:
Academic Standing.
Financial need.
Extracurricular activities, including employment.
Two letters of recommendation.
Career objectives.
Class tenure.

AMENDMENTS
These rules may be amended only by a majority vote of the Board of Directors of the Mt. Rainier Chapter with prior notice given to membership via newsletter.