The Town-N-Gown endowment was originally established in 1986 as a scholarship endowment.  In the 90’s, the Town-N-Gown board approached President Koch and asked if he would be willing to centrally fund the scholarship so that the endowed funds could be used to support other programs/activities.  President Koch agreed, and from that point forward the scholarship was centrally funded using University funds.  At that time, a new Memorandum of Understanding was drafted (above) which indicates that the endowed funds can be used for “scholarships or activities.”
 
Historically, the endowed funds have been awarded for activities and programs using a grant style award process while the scholarship has remained centrally funded by the University.  The Office of Student Financial Aid awards the scholarship based on the criteria outlined in the MOU, i.e. rotating criteria between a resident of Hampton Roads, military (active or dependent), then a faculty dependent.

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