Amica Mutual Insurance Endowed Scholarship

The endowment shall be used to provide annual scholarships for full-time undergraduate students enrolled in the College of Business Administration at the University of Rhode Island. The Universitybs Office of Enrollment Services will select annual award recipients based on need. Student recipients must be in good academic standing in order to receive the award. Any student recipient may renew the award annually through college matriculation as long as he/she maintains good academic standing.The University will award three Amica scholarships in equal amounts. These three scholarships will be awarded each year until the amount of the individual awards equals $2,000. Once the amount of each scholarship award equals $2,000. The University will do the following: 1. Establish a fourth scholarship award with a minimum award amount of $1,000. This award would be increased each year, if possible, until it reaches $2,000. Once the fourth award reaches $2,000, a new award will be established with a minimum of $1,000. New awards will be added following this pattern in perpetuity.

2. The University will strive to increase the amount of each award by 10% every five years from that point on. This increase precedes starting a new award at the minimum of $1,000 as described in point #1.