The Davis/Phillips Endowment Fund was established to provide scholarship assistance to qualified students of Oakland City University in Oakland City, Indiana. Since 2001, the fund assets have grown in excess of $150,000.00 and has made 43 awards of $62,000 to date. The fund is managed entirely by the University and awards are given based on student need.
Assets are deposited in a secure financial vehicle through the University designed for maximum protection. Recipients of the scholarship will receive 90 percent (rounded to the nearest $25) of the income produced by the base fund. The remaining income will be added to the base fund for growth.
The funds received by the recipient must be used for tuition only.
When the base fund grows to the extent that the funds available for award reaches 20% of the tuition charges, the income shall be awarded to qualified recipients in equal amounts of between 10 and 20 percent of the annual tuition then in effect.
In the event that the scholarship is not awarded in an academic year, all of the income earned will be added to the based fund.