Foundation establishes new scholarship opportunity 

The Derek Hughes/NAPSLO Educational Foundation recently approved a proposal to expand the scholarship program. The proposal will allow for short-term scholarship funds that require lower dollar amounts starting at $25,000. The scholarship program's goal is to further the study of insurance and encourage, support and reward students who have an interest in an insurance career.

The scholarship program was originally established in the 1990s with contributions by Scottsdale Insurance Co. to honor its founder Rolland Wiegers. Since then additional scholarships have been established to recognize several industry leaders.

Previously, the Foundation required contributions of at least $100,000 to establish a new named continuing scholarship. At that level the sponsor can help set criteria and be involved in the selection process.  In November 2006 the Board approved a proposal that will allow individuals, firms, or groups to establish a scholarship that would operate for as long as the funds would support that scholarship. The new self liquidating scholarships starting at $25,000 allow naming rights and at $50,000 include naming rights and the right to help set eligibility criteria. 

Foundation Director Kurt C. Bingeman, of Russell Bond & Co., Inc., submitted the proposal. Following the approval, his firm donated $50,000 to establish the first of the new class of scholarships to recognize the firmÕs founders Russell and Marjorie Bond.  The new scholarship will be awarded for the 2007-08 school year.

New category of scholarships will be the same amount as the current scholarships, currently $4,000, and will be awarded annually as long as funding is available. Any remaining balance will either be combined with other Foundation assets for a final year or go into the general scholarship fund.