The Kavanagh Education Trust

• About the Trust
• General Information
• Annual Report
• Rules and Eligibility
• Notice to Beneficiaries
• Apply for a Grant
• Renew Grant Application

Rules of Operation

The Trustees of the Kavanagh Education Trust have, by resolution, established these rules of operation. They are intended to be guidelines and standard procedure. Yet, the Trustees specifically reserve the right to make decisions or award grants that are separate or apart and different from those set forth in these Rules of Operation.

I. APPLICATION
All applicants for grants from the Trust shall complete an application and submit the same to the Trust. The application is available from the Trust and shall be completed in its entirety. The application shall be received by the Trust no later than April 15th for consideration of grants for the school year beginning August/September. The application shall contain all required attachments and exhibits. The application shall be filed in writing or online. Until further notice, written applications shall be submitted to Kavanagh Education Trust in care of Joseph N. Monnin, Trustee, (contact for mailing address) or filed online at this website.

II. REVIEW OF APPLICATIONS
The Trustees of the Trust shall review all written applications between April 15th and June 1st of each calendar year. If additional information is required, a request shall be made to the applicant, and the records shall also be submitted no later than June 1st.

The Trustees, pursuant to the Declaration of Trust, reserve the right to operate the Trust in any manner as they deem appropriate and in compliance with the purpose and mission of the Trust. They are not bound by these rules, and specifically reserve the right, within their complete discretion to make decisions concerning the operation of the Trust and the distribution of its assets as they deem appropriate and warranted by the circumstances.

III. NOTIFICATION OF ANNUAL GRANTS
On or about June 1st of each calendar year the Trustees shall notify applicants of any grant or award to be made to the applicant for the upcoming school year beginning August/September.

IV. DISTRIBUTION OF GRANTS
The Trust shall make distribution of the grant to the recipients in June or July. Grants may only be used and expended for educational purposes in compliance with these Rules of Operation and the Declaration of Trust.

As a general rule, distributions from the Trust will be made semi-annually; one-half will be paid in June/July, and one-half of the annual award will be paid in December.

The Trustees further reserve the right to increase or decrease the awards and distributions as they deem appropriate.

In addition to the rules set forth above, the Trust shall further modify the distributions granted to all beneficiaries whose residence is outside the State of Ohio to conform to the Ohio pass-through entity tax. The Trust shall withhold from the second half award to each out-of-state beneficiary the amount equal to the tax assessed against the Trust as a result of the annual award to the out-of-state recipient. The tax withheld from the second half distribution to an out-of-state recipient shall be in turn paid by the Trust on behalf of the out-of-state beneficiary to the Ohio Department of Taxation.

V. RECORDS OF GRANTEE AND USE OF AWARD
All applicants that receive grants from the Trust shall comply with the following:

1. Confirm enrollment in and completion of education program in the prior 12 months that was funded in whole or in part by the Trust by providing a copy of a transcript from the institution of higher learning no later than August 15th.
2. Provide records that explain how the grant money was used for proper educational expenses. No particular form is required to be used so long as the records account for the use of the grant.
3. Notify the Trust immediately if any grant money is not expended as indicated in the application.
4. Maintain current information for the Trust of the recipient's residence address, email, and phone number.

The Trustees further reserve the right to request additional information. Failure to provide requested information may preclude a future award or distribution.

All money awarded shall be spent directly or indirectly for expenses reasonably necessary to complete the educational programs described in the application. Any portion of a grant not expended for this purpose shall be returned to the Trust.

VI. ADDITIONAL GRANTS
The Trustees may, at any time, make additional grants or awards in addition to that set forth above.

VII. GRANTEE COMPLIANCE
The failure of a grantee to comply with the rules of operation, the terms of the application, and the award process contained in this document may cause the Trust to withhold any additional award and/or seek reimbursement of grants or awards previously made.

The failure of a grantee to maintain a grade point average of at least 2.0 will prohibit the additional award of any grant from the Trust until an applicant's grade point average is 2.0 or better. The grantee shall repay all grants or awards to the Trust if the grantee does not enroll in school or complete the educational programming that served as the basis of the award from the Trust.

VIII. MAXIMUM AWARD
A. ANNUAL AWARDS
1. Maximum annual award. No grantee will receive for any one school year a distribution or award in excess of the amount equal to the cost of tuition, room and board for a full- time student at The Ohio State University. The cost of the tuition, room and board for a full-time student at The Ohio State University shall be determined annually by the Trust.

B. MAXIMUM LIFETIME AWARD
1. In addition to the annual award limit described above, a Grantee shall be limited to receipt of funds from the Trust for a maximum period of eight (8) school years. The award shall be made to a Grantee for no more than five (5) undergraduate years. If a Recipient receives a grant for five (5) undergraduate years, then he or she shall be limited to no more than three (3) years of funding for graduate school. Conversely, if a Recipient receives awards for four (4) years of undergraduate school expenses, then the Recipient shall be eligible for up to four (4) years of graduate school awards. Additionally, a different combination of eight (8) years may be accomplished by an applicant with the approval of the Trustees.

IX. REPAYMENT OF AWARD
Repayment of any award is not required. Grantees are asked to contribute financially to the Trust during their lifetime so that others may enjoy the benefit of an education.

EFFECTIVE AUGUST 6, 2011; Revised May 2016