Memorandum of Understanding between {q3_textbox1} and William M. Raines National Alumni Association Board of Directors.

This Memorandum of Understanding “MOU” sets forth the terms and understanding between {q3_textbox1} and William M. Raines National Alumni Association, Inc. “WMRNAA” to act as a fiscal agent for the {q5_textbox3}.

Purpose:
This MOU will establish the purpose/goals of the {q5_textbox3} from the {q3_textbox1}.

Scope:
Roles and Responsibilities between {q3_textbox1} and WMRNAA.

• WMRNAA will serve as fiscal agent and facilitator.
• WMRNAA will be responsible for advising on, executing, selecting, allocating, and distributing funds received, consistent with WMRNAA Foundation bylaws and practices. 
• WMRNAA will oversee operational tasks associated with planning/conducting the {q5_textbox3} under the guidance, expertise, and overview of the WMRNAA Board of Directors “BOD”, administrative and operational team, including:
  • Distribute media press releases
  • Advertise scholarship availability (March to May)
  • Engage the community for donations via social media (Ongoing)
  • Adhere to scholarship criteria per {q3_textbox1} guidelines
  • Determine the amount of the scholarship award and the number of scholarships that may be awarded based on the funds available for the sole purpose of this scholarship
  • Facilitate the digital application process (physical application available as well)
  • Identify candidates for the scholarship
  • Consult with {q3_textbox1} representatives before criteria changes or termination of this scholarship
  • Distribute funds to recipients
  • Act as liaison with Raines principal, faculty, counselors, and staff, as deemed necessary to communicate availability of {q5_textbox3} for {q3_textbox1}.

 
{q3_textbox1} will be responsible for the following tasks: 

• Provide seed money for this project.
• Designate two (2) members of the class to serve on the selection committee.
• Provide general information as needed.
• Draft/revise scholarship information to accompany the scholarship application.
• Support the fundraising and publication efforts of WMRNAA for this scholarship.
• Represent the {q3_textbox1} at Senior Night/Scholarship Awards Night. 

This scholarship initiative provides the {q3_textbox1} with an opportunity to create a lasting legacy while supporting the educational goals of William M. Raines High School graduates. 
Through this partnership: 

• The {q3_textbox1} honors, recognizes, or memorializes   Type a label.
• Graduating Raines students receive financial assistance for post-secondary education. 
• WMRNAA and the Donating Class work together to expand scholarship opportunities for students. 
• The scholarship encourages alumni engagement and inspires future class-sponsored scholarship initiatives. 
• WMRNAA's 501(c)(3) status supports fundraising efforts through corporate, business, and individual contributions. 

 
Duration 
This MOU is at-will and may be modified by mutual consent by the two (2) authorized partners listed below. In addition, two (2) of the WMRNAA BOD members must countersign this MOU, which will remain in effect until modified or terminated by mutual consent. 

Eligible graduates must submit their scholarship application by the deadline established annually by the WMRNAA Scholarship Committee. Unless otherwise specified by the {q3_textbox1}, the application deadline will align with the deadline established for all WMRNAA-administered scholarships. 

Any scholarship funds not awarded due to a lack of eligible applicants will remain restricted for the sole purpose of this scholarship and will be carried forward for distribution to eligible applicants in a subsequent scholarship cycle. 
 
{q3_textbox1} Advisory Committee Members: 

Financial Transaction: 
Minimum one-time commitment to fund the scholarship.
 
This scholarship will be a one-time scholarship unless otherwise mutually approved for extended years by the {q3_textbox1} and WMRNAA Board.

The minimum amount of {q29_number27} dollars will be received by WMRNAA through donations for the {q5_textbox3} to be used and recorded as ‘restricted funds’ for the sole purpose: Provide at least one (1) scholarship to a graduating Raines Senior High School student, with preference to be given, respectively, to those students who have met the specified scholarship requirements. 
 
Proceeds will be used to provide at least one (1) scholarship and support educational programs for a deserving student(s) graduating from William M. Raines High School, Class of   Type a label.

WMRNAA, a 501(c)(3) nonprofit organization, will allocate five percent (5%) of the total funds received for this project to support fiscal management, compliance, reporting, and scholarship administration, with a minimum payment of fifty dollars ($50).

Scholarship Program Budget Example 
WMRNAA Operating Overhead (minimum) $ 50
Sponsored Scholarship Amount $ 1000
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Scholarship Funds to be raised by {q3_textbox1} =  $1050

Reporting 
 
Annual financial reporting by the WMRNAA will be provided to {q3_textbox1} until all funds are expended and/or upon request. 

Financial reporting will be provided to the WMRNAA BOD at the WMRNAA monthly board of directors meeting and/or upon request. 

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