Definitions
Advisory Panel is a group of people selected to assist the co-trustees in discretionary decision making by offering their input. Members of the advisory panel are selected by the co-trustees, are volunteers and are not in the lineal bloodline of Herbert and Eleanor Airey. Their purpose is to serve as an independent and objective source of input for the co-trustees on a case-by-case basis.
Award a monetary amount determined by the co-trustees to be distributed to cover the tuition, reasonable living expenses, books, fees and other associated expenses, at the discretion of the co-trustees and taking into account their age, education and station in life, and the family’s station of life in order to support the student.
Beneficiary / Beneficiaries all those family members who are in the lineal bloodline of Herbert and Eleanor Airey, who were the parents of Daniel H. Airey.
Criteria has been established with the purpose of establishing guidelines for determining awards and stewarding the resources of the trust. Many hours of face-to-face time was spent listening to Daniel H. Airey talk about his vision for this trust and his strong desire to permit those in his family to have the opportunity to “become educated.” This criterion serves to uphold his desire to use his well-earned financial gains to support the honorable cause of opening the door to learning to family members who may be unable to fully pay for college or higher education pursuits.
Discretion is purposefully given to the co-trustees to make decisions concerning trust awards for specific advancement of the beneficiaries professional and continuing education in regard to their station in life.
Educational Opportunities involve enrollment in education programs specifically for college (higher education) including undergraduate, graduate, professional schools (law school, business school, medical school, etc.) and/or special trade schools (vocational career and/or technical schools).
FASFA is the abbreviation of the Free Application for Federal Student Aid (UPDATE April 2023) >> click here for the link to FAFSA Gov Page
Funds Reasonably Available under Article II Paragraph F. of the Sprinkle Trust, the co-trustees have used their discretion to further explain that beneficiaries requesting financial assistance from the Trust Fund, first seek all available funds that are offered through the government, grants, and relief from the institution attending. That is, the applicant must first fill out the FASFA and seek all funds that are reasonably available from the government and private institutions such as the school you are attending. By securing grants or awards through the FASFA and Institutional Financial Aid Program, the Sprinkle Trust will remain vibrant for beneficiaries throughout the life of the Sprinkle Trust.
Higher Education is a broad term and for the sake of clarity is expanded by the co-trustees at their discretion (UPDATE April 2023). High education is more than just college. For this Sprinkle Trust, higher education typically refers to education that is pursued after the completion of secondary education, such as high school and includes all post-secondary education, training, and development that leads to the completion of a degree, credential, certificate, or diploma. Some examples of higher education include:
Colleges and universities: These are institutions that offer undergraduate and graduate degree programs, as well as professional programs like law, medicine, and business.
Community colleges: These are institutions that offer two-year associate degree programs, as well as certificate and diploma programs.
Vocational and trade schools: These are institutions that offer training and education in specific trades and professions, such as welding, plumbing, and cosmetology.
Technical schools: These are institutions that offer training and education in technical fields, such as engineering, computer science, and information technology.
Continuing education programs: These are programs that offer additional education and training to people who have already completed their formal education, such as professional development courses, adult education classes, and online courses.
In general, higher education is designed to provide students with advanced knowledge and skills that prepare them for careers in a wide range of fields, as well as to provide opportunities for personal growth and development. The co-trustees also acknowledge the power and opportunity that online, hybrid, and distance learning can provide. Do not hesitate to explore these options for your post-secondary education.
Requirements of the Trust
1) Eligibility - the minimum factors that must be met in order to submit an application for a trust award.
2) Criteria - the various factors considered by the co-trustees to receive a monetary award from the trust.
Room and Board the general amount you will receive for room and board is at the discretion of the co-trustee. As a general guideline, trust awards for room and board will be based upon the “on-campus” amount for the student meal plan and residence hall room. However, every campus is different and the co-trustees will consider the demographics and economics of the area where the college or school is located. Personal expenses and transportation are not typically funded but will be considered on a case-by-case basis to steward the funds of the trust.
Sprinkle Trust this form of Trust gives co-trustees power to decide how Trust funds will be distributed to beneficiaries. Most Trusts clearly state how and when beneficiaries receive money or property from a Trust. The trustee must adhere to the terms of the Trust and distribute Trust awards accordingly. In contrast, a Sprinkle Trust gives the co-trustee guidance about how to make distributions, but the ultimate decisions will be made by the co-trustees, based on their legal discretionary powers.
Station in Life includes such things as age bracket, marital status, whether or not you have children, your work status (i.e. if you are an employer or not); current line of work and position, degrees, certificates, etc.
Student Aid Report your Student Aid Report (SAR) is a summary of the information you submitted in your Free Application for Federal Student Aid (FAFSA), and indicates your official Expected Family Contribution (EFC). >> click to learn more about SAR