The proceeds, up to $10,000.00 annually, shall be given to students graduating from Belle Plaine High School (or its successor) and attending an Iowa Catholic college or university (Loras College, Mt. Mercy University, Clarke University or St. Ambrose University). Each Scholarship will be for $2,500.00 and is not renewable after the student’s first year of college. The Fr. Graham Charitable Board of Trustees (or its successor) are responsible for establishing procedures for the selection of scholarship recipients. CFAD will be notified no later than June 30th annually of the names of the recipients and the school they will be attending. The funds will be transferred directly to the Catholic college or university as a scholarship for the recipient in February the following year after ensuring enrollment of the recipient in the college or university. If there are not four recipients of the annual scholarship, any remaining balance of the annual $10,000.00 will be sent in equal payments to the Iowa Catholic colleges and universities to be used for their general scholarship fund. Any balance remaining after the scholarships are distributed will be given annually to St. Michael Parish in Belle Plaine (or its successor) to be used to support the parish’s Religious Education/Faith Formation program.