The Scholarship program will award ten (10) winners - $2,000.00 each. The winners will be announced in our May newsletter and on the LMCU website.
The amount of the award will be paid to the recipient and educational institution in which the student is enrolled. The award is intended to provide financial assistance to the recipient in their pursuit of an undergraduate degree at an accredited trade school, college or university. The money is to be used for the student’s tuition, fees, books, supplies and equipment. The awards are intended to constitute qualified scholarships exempt from federal income tax under Section 117 of the Internal Revenue Code of 1986, as amended. Use of the amount for purposes other than those previously noted may jeopardize exempt status. If a tax liability arises, it will be the sole responsibility of the recipient.
Lake Michigan Credit Union shall maintain records, administer and provide all necessary staffing for the Lloyd F. Hutt Scholarship Program (except for the scholarship committee). Lake Michigan Credit Union will provide the Board of Directors with a written report, detailing all awards.
Modification or elimination of program
Lake Michigan Credit Union reserves the right to modify or eliminate the Lloyd F. Hutt Scholarship Program at any time without
notice. Not withstanding the foregoing, any award due and payable under the program prior to such modification or elimination
shall continue to be payable according to the program's terms in effect at the time Lake Michigan Credit Union made the grant.
All entries shall become the property of Lake Michigan Credit Union.