MISD Foundation for Excellence
Tommy Carroll Memorial Scholarship Fund - 2011

The Tommy Carroll Memorial Scholarship Fund was established by contributions from the family and friends of Hugh Thomas Carroll to recognize and honor his outstanding accomplishments.  Mr. Carroll attended Murray High School from 1949-53.  While he was there he lettered in baseball for 5 years and was in the Murray High School Baseball Fall of Fame.  He also lettered in football all 4 years.  Subsequently he established the Carroll Volkswagon dealership and became a successful Murray businessman and community leader for 52 years.  The Murray Foundation for Excellence and the Carroll Family do hereby establish these guidelines for the Tommy Carroll Memorial Scholarship Fund.   

The Tommy Carroll Memorial Scholarship Fund is established by the Carroll family and friends to provide long term funding for the Tommy Carroll Memorial Scholarship. The scholarship to attend Murray State University shall be awarded to a Murray High School senior each spring for the following year.  For the full criteria see the application form.  

Selection process
The recipients shall be selected annually by the Foundation for Excellence Endowments Committee in accordance with the criteria in the Guidelines below. 

Management and amount
The MISD Foundation for Excellence shall administer the Fund, seek additional contributions from the public, and invest all funds in a safe and prudent manner.  At no time shall the principal of the fund (including additional contributions) be used for any purpose other than investment. The Tommy Carroll Memorial Scholarship shall initially be funded by the Carroll family.  No expenditures will be made from this fund’s returns so long as the Tommy Carroll Memorial Scholarship is funded by other means.  When that external funding of the scholarship ends the procedure shall be that the amount of the award made thereafter shall be in accordance with the Foundations standard policy for such endowment awards.  Currently it is to award not more than 80% of the average return generated by the account in the five years preceding the award, rounded down to the nearest $100. 

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