Rotary Club of Morro Bay Foundation
The Rotary Foundtion
Background and Charter
The Rotary Club of Morro Bay Foundation was incorporated as a 501 (c) (3) non-profit corporation on December 06, 1988. The Foundation was established for the purpose of creating a permanent fund which would provide college scholarships annually to selected high school students.
The Foundation Bylaws and the Rotary Club's continuing resolutions
establish a Board of Directors comprised of the most recently available
five past Rotary Club Presidents and two club members at large selected
by the Foundation Board, plus the immediate Past President who acts as
liaison between the Board of Directors of the Rotary Club and the Board
of Directors of the Rotary Club of Morro Bay Foundation. The
continuing resolutions commit the club to donating at least $5,000 or
40% of the proceeds from the Central Coast Golf Tournament, whichever
is greater, per year, to the Foundation. Members may make individual
donations to the Foundation.
The Club's Paul Harris Fellow Quartet Program funds are deposited in the Foundation checking account and in turn, the Foundation contributes a sum equal to that collected to the Rotary Foundation to provide Paul Harris Fellow awards to selected quartet members.
Currently, the Club Foundation's assets exceed $140,000. The
Foundation makes annual contribution to scholarships for local students
that varies between $8,000 to $10,000 per year.
This past Rotary year of July, 2005 to June, 2006, the Rotary Club of Morro Bay Foundation supported 6 students in the Morro Bay High School graduation class with $1,000 scholarships. These students are selected from the graduating student by the Board of Directors of the Foundation based on each students achidemic achievements and financial need.