OABCIG DOLLARS for SCHOLARS ANNOUNCES PLANS FOR PETERSEN SCHOLARSHIP
As announced last May, the OABCIG Dollars for Scholars was named as a beneficiary in the will of Berdine Petersen and received a check for $3,156,742.92. These funds have been invested by our OABCIG Dollars for Scholars investment committee as an endowment so its principal will be kept intact perpetually. Starting with the class of 2023, the earnings will be awarded as scholarships in memory of Gilbert and Berdine Petersen.
Taking into consideration the goals of the foundation and the wishes of Gilbert and Berdine, the OABCIG Dollars for Scholars board of directors has decided to award these scholarships as follows:
- Approximately 50% of the available yearly earnings will be awarded equally to each OABCIG Dollars for Scholars applicant as an additional amount split equally between the first year, second semester and second year, first semester installments. The dollar amount of each scholarship will be determined by the number of applicants and the performance of the investments each year.
- Approximately 50% of the available yearly earnings will be awarded as $6,000 - $8,000 scholarships, payable as $1,500 - $2,000 per year and renewable up to four years if the student continues to meet the Dollars for Scholars scholarship eligibility criteria already established regarding grades and credit hours.
The following criteria/information will be used to determine the recipients of the $6,000 - $8,000 Petersen scholarships:
- Minimum GPA of 3.25
- Attend a 2-4 year post-secondary institution
- Combined score of the following three categories on the Dollars for Scholars application: Citizenship, Community Involvement, and School Involvement
- Two essay questions answered by the student
The number of $6,000 - $8,000 scholarships may vary each year based on the performance of the investments.
The OABCIG Dollars for Scholars board of directors is very excited about these additional scholarships that we are able to award to OABCIG graduates. We encourage all students to apply for the OABCIG Dollars for Scholars scholarship. Even if students don't plan to pursue higher education immediately after high school, they have two years to start using their scholarship, so we highly encourage students to apply.
OABCIG DOLLARS FOR SCHOLARS
RECEIVES $3.1 MILLION DONATION FROM PETERSEN ESTATE
OABCIG Dollars for Scholars is excited to announce we are the recipient of a very generous donation. Earlier this year OABCIG Dollars for Scholars was notified that we were named as a beneficiary in the will of Berdine Petersen. Recently her estate was finalized and OABCIG Dollars for Scholars received a check for $3,156,742.92.
Berdine and Gilbert Petersen were very supportive of the BCIG and OA-BCIG School activities for many years. After Gilbert passed away in 2007, Berdine continued to be in attendance at many school activities until her health declined and she passed away in April, 2020. Berdine and Gilbert Petersen, and their son Ron Petersen, have been sponsoring scholarships for several years.
These funds are being invested by our OABCIG Dollars for Scholars investment committee as an endowment so its principal will be kept intact perpetually. Starting next year, the earnings will be awarded as scholarships each year either as increased scholarship amounts or additional scholarships, determined by the Dollars for Scholars board.
OABCIG Dollars for Scholars is very appreciative of this gift and the Petersen's generosity and commitment to the youth and education of our communities.
Since Gilbert and Berdine have awarded scholarships for several years, our board decided the Petersens would want the class of 2022 to receive their scholarship as well so an amount comparable to what they have done in the past has been awarded this year. This year's scholarships were based on a GPA of 3.0 or higher, participation in school, church, and community, attendance and citizenship. Two scholarships of $3,000 each were awarded to Avaree Miller and Hannah Weeda.
