Casper Scholarship Program
Casper Sleep, Inc. ( “Casper”) has adopted the following procedures for the awarding of scholarships to individuals.
Scholarship Program. Casper funds scholarships to benefit students. The scholarships may be used at any accredited university, college, technical or vocational school. Approximately one scholarship will be offered in the amount of $2,000.
Selection Process - Candidates for Scholarships.
How solicited: Applicants are solicited through the distribution of brochures that describe the Scholarship Program and applications to schools, visiting schools and attending college nights.
How selected: Recipients are selected by Casper's Scholarship Committee from the pool of applicants based on the eligibility and selection criteria attached hereto as Exhibit A.
Recipients’ relationship to Casper: Neither employees of Casper nor persons defined as “disqualified persons” under Section 4946 of the Code are eligible for scholarships. Further, relatives of the members of the Selection Committee will not be eligible to receive scholarships.
Terms and Conditions Under Which Casper Makes Scholarships. The terms and conditions of the scholarships are contained in a letter sent to each recipient of a scholarship. The recipient is required to communicate its acceptance thereof by a letter in writing to Casper. Terms and conditions include: specific purpose of the scholarship, its duration, the total amount of the scholarship, requirements for providing any required reports (e.g., transcripts), including due dates for such reports. Recipients are expected to utilize the scholarship in a manner that is consistent with the charitable purposes for which Casper is organized and the specific objective for which the scholarship was made.
Procedure for Exercising Supervision Over the Scholarships. As a condition of receiving a scholarship, the recipient must agree to provide Casper with an annual report on a date agreed upon by the recipient and Casper detailing the use of the scholarship funds and the progress made by the recipient toward the achievement of the purposes for which the scholarship was made. Moreover, upon the completion of the project for which the scholarship was awarded, the recipient must provide Casper with a final report describing the recipient’s accomplishments and accounting for the scholarship funds received. Casper may not consider it necessary to obtain the foregoing reports if the following conditions are met:
First, the scholarship is subject to the provisions of Section 117(a) of the Code and is to be used for study at an educational institution which normally maintains a regular faculty and curriculum and normally has a regularly organized body of students in attendance at the place where its educational activities are carried on.
Second, Casper pays the scholarship to the educational institution.
Third, the educational institution agrees to use the scholarship funds to defray the recipient’s expenses or pay funds to the recipient only if he is enrolled at the educational institution and his standing at such institution is consistent with the purposes and conditions of the scholarship.
Procedures for Review of Recipient Reports, for Investigation Where Diversion of Scholarship Funds from Their Specified Purposes Is Indicated, and for Recovery of Diverted Scholarship Funds.
(a) Review of Recipient Reports. Casper has the responsibility to follow the progress of the recipient, including reviewing each report submitted by the funded educational institution or person, making a determination as to whether the scholarship purposes are being or have been fulfilled, and looking into any questions requiring further scrutiny or investigation.
(b) Investigation where Diversion of Scholarship Funds from their Specified Purposes is Indicated. Where reports to Casper or other information (including failure to submit reports after a reasonable time has elapsed from their due date) indicates that all or any part of scholarship funds are not being used for the purposes of such scholarship, Casper initiates an investigation. While conducting the investigation, Casper withholds further payments to the extent possible until it has determined that no part of the scholarship has been used for improper purposes, and until any delinquent reports have been submitted.
If Casper determines that any part of a scholarship has been used for improper purposes, Casper takes all reasonable and appropriate steps to recover diverted scholarship funds or to insure the restoration of diverted funds and the dedication of other scholarship funds held by the recipient to the purposes being financed by the scholarship. These steps will include legal action unless such action would in all probability not result in the satisfaction of execution of a judgment.
If Casper determines that any part of the scholarship has been used for improper purposes and the recipient has not previously diverted scholarship funds to any use not in furtherance of a purpose specified in the scholarship, Casper withholds further payments on the particular scholarship until (1) it has received the recipient’s assurances that future diversions will not occur, (2) any delinquent reports have been submitted, and (3) it has required the recipient to take extraordinary precaution to prevent future diversions from occurring. If Casper determines that any part of the scholarship has been used for improper purposes and the recipient has previously diverted Casper scholarship funds, Casper withholds further payment until the three conditions of the preceding sentence are met and the diverted funds are in fact recovered or restored.
Students must be graduating high school seniors who are enrolling as full-time freshman at any accredited university, college, technical or vocational school.
Students must have achieved a minimum Scholastic Assessment Test (SAT I) score of 1800 or a minimum American College Test (ACT) score of 26.
Students must have achieved a minimum high school grade point average of 3.5 based on a 4.0 scale. The minimum grade point average will be calculated on college preparatory courses taken in grades 9 through 12.
All application materials must be received prior to the applicable scholarship deadline (March 5th, 2016).
Applicants will be evaluated and selected on the basis of their
High school academic records and grade point averages
SAT I scores or ACT scores
Acceptance of admissions offer from and enrollment in any accredited university, college, technical or vocational school.
Quality of answers to questions on the written application