In August 2017, a scholarship fund for Residence Scholars was established with an initial donation of $27,500. 4.5% of the June 30 balance will be available each year for scholarships. By June 30, 2018, the balance had grown to $41,560.52, thanks to additional donations from other AHAYWEHs and gains in the stock market. Under the terms of the matching agreement, Indiana University will supplement the proceeds from the IU Foundation each year with $1,237.50 (a fixed amount equal to 4.5% of the initial donation). The combined proceeds will be used by IU Residential Progams and Services to support undergraduate students who have a minimum GPA of 3.0 on a 4.0 scale, are in need of financial assistance, and are residents and members of the Residence Scholars Program or similar co-op program. Preference will be given to students who are in the first generation of their family to attend college and hold an Indiana high school diploma. The Scholarship may be renewed provided that the recipients are returning residents and members of the Residence Scholars Program or similar co-op program.