Scholarship

Ford Family Scholarship

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The goal of this program is "we want to enhance the lives of those who have enhanced ours".  In gratitude for your efforts our family wishes to help make additional education more affordable for any of our employees or their family members who wish to take advantage of this opportunity.

Program Description:  A scholarship of up to $5,000.00 will paid to the educational institution of eligible recipients.  It will be paid directly to that institution as a tuition payment.  Scholarships are for current tuition due and will not reimburse tuition already paid.

Eligible Applicants:  Any current employee of Mountain Country Foods.

Eligible Scholarship Recipient:  Applicants may apply as a scholarship recipient or may make application for a family member to be a scholarship recipient.  Qualifying family members may include a spouse, children, grandchildren, and step-children.  Multiple members of an employee’s family may be eligible as a scholarship recipient.  Please complete a separate application for each recipient. 

Performance Stipulation:  In the event that a scholarship recipient drops out or fails to complete the semester/course or receives any grade lower than a C- then the scholarship must be repaid in full by the applicant/employee immediately following the semester.  In order to ensure that these stipulations are met the scholarship recipient, within one week of receiving their grades, is required to provide a copy of their grades to the personnel office.  In addition, if the applicant/employee is not employed at Mountain Country Foods at any time during the use of the scholarship, the scholarship must be repaid in full by the applicant/employee immediately.

Eligible Educational Institutions:  Any U.S., post high school, accredited: university, college, trade or tech school.

Application Period:  9/1/2012 – Ongoing

Tax Treatment of Scholarship:  For tax purposes the amount of the scholarship will be treated as ordinary income to the applicant and will add to their taxable income for the year.  In order to ensure that the applicant does not have a negative tax consequence because of the scholarship our family will bonus an additional amount to the applicant that is intended to cover the cost of the taxes on this income.  This additional bonus will be paid in December of the tax year the scholarship is received. The amount of this additional bonus intended to cover the tax owed will be based on the applicant’s prior year taxable income.

Applications will be available in the Personnel Office starting on 9/1/2012.