FMCS DONATES TO RIVERLAND COMMUNITY COLLEGE SCHOLARSHIPS

For Immediate Release
January 3, 2013

For more information contact:
 Mary J. Nelson, Communicator
507-373-6421 Ext. 3118


FMCS DONATES TO RIVERLAND COMMUNITY COLLEGE SCHOLARSHIPS


Freeborn-Mower Cooperative Services (FMCS) donated $3,500 during the 2012 – 2013 school year to fund scholarships for seven Riverland Community College students who are also members of the cooperative.

Fall 2012 Spring 2013
Byron Jensen, Albert Lea
Alison Wangen, Glenville
Amy Thompson, Ellendale
Shelly Schultz, Austin

 

Spring 2013
Emily Light, New Richland
Ashley Schoonover, Hollandale
Joseph Johnson, Austin


These scholarships are funded from unclaimed Capital Credits. Scholarships are awarded to children of FMCS members and adult FMCS members who are returning to school to further their education.

FMCS began this scholarship program in 1998. To date, FMCS has funded a total of $41,000 in scholarships awarded to 92 students.

The deadline to submit applications for our Fall 2013 Riverland Community College Scholarships is November 1, 2013. Information on the Freeborn-Mower Cooperative Services scholarships can be obtained from the Riverland Community College Financial Aid Office or at the following website: http://www.riverland.edu/scholarships/.

Scholarships are awarded to students of both the Austin and Albert Lea campuses. Scholarship applications are available from the Riverland Community College Foundation which administers the scholarships. Eligibility requirements are:

  • To be a current member of FMCS or a dependent of a member of FMCS
  • To be a full-time student in any field
  • To have financial need
  • Non-traditional students are encouraged to apply

Freeborn-Mower Cooperative Services is a locally owned electric cooperative. The scholarships are funded from unclaimed Capital Credits. Capital Credits represent the return, or retirement, of margins (what would be called profit in other forms of business) to the cooperative’s member-owners. Occasionally, there are former members of the cooperative for whom the cooperative lacks a current address. Since Capital Credits cannot be returned to those members, the funds are treated as unclaimed property in accordance with state law. As such, the unclaimed Capital Credits must either be forfeited to the state or may be directed for use in some type of charitable purpose. The FMCS Board of Directors has determined that the money will be donated for use as local scholarships within the communities from which it was generated.
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