Repository: UIHistories Project: UI Library School Alumni Newsletter - 10 [PAGE 2]

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an endowment fund, the incom tunitv tor rne 101 MUUUIW W W « « . - ~ - ~ r - ~ - ^ . •• --, .... u kl ,amv C mean's is provided for us to express our loyalty to the School and our I desire to promote professional development and fitness in the field of J librarianship. It is much more satisfying to feel that we are con- j tributing directly to the vital personal side of library development and J indirectfy helping our School, than merely to feel that we are helping j to add to, for instance, the physical equipment of the School. By the action referred to, all life membership fees become a part of the principal of the endowment fund. The income from this fund | will be used to provide annually a scholarship, to be known as the Katherine L. Sharp Scholarship, to some person who is a candidate for the M.S. degree in the School. The award will be on a competitive basis and the competition will be open to all who meet the requirements for admission to the second year's work. This makes graduates of the other accredited library schools eligible and gives a broader scope to the competitive element. The plan should not be confused I with the student loans as made in past years. These were loans to be repaid later. The present plan contemplates a bona fide scholarship L*fr I as a contribution to the student's opportunity for a second year of [in^rf' study and research. I By action of the Association no award may be made until the amount is sufficient to yield $200 or more annually. The Trustees believe that to be really effectual at least $5000 as a principal invested I We have at the present time $2000 invested, and $800 additional pledged. gmented received and by the payments of additional memberships. A life membership may be secured upon payment of $25.00 which may, i{ desired, be paid in annual instalments of not less than $5.00 each. We must realize that the present total, 114 life memberships, includes many of the more active alumni of the School, and that it will take considerable effort to increase that number so that we may reach the desired goal within a reasonable time. The Trustees wish at this point to urge upon each one of you the desirability of doing three things: (1) Becoming a life member yourself and paying up the entire amount as rapidly as possible, as the income cannot be earned until the principal is paid. (2) Taking the responsibility of talking to other alumni of the School about taking out life memberships. (3) Urging upon all who might be interested the necessity for gifts and special helps if the fund is to grow as it should. It i s a pleasure to record that two alumni of the School, Miss Ahern and Miss May Inglis, who recently lectured at the School, contributed the fees for their lectures to the Endowment Fund. It is entirely ssible

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