Cooperative Living June 2014 - 25

IT'S YOUR BUSINESS
Scholarship Program
Supports Co-op Principles
by Mary Howell, Contributing Writer
O
ften, the main barrier to furthering
one's education is financial. For
some students, financial assistance
can mean the difference in whether
a student is able to attend college or trade
school at all.
The fifth of the seven cooperative principles
states that " electric cooperatives
provide education and training for their
members, elected representatives, managers
and employees so they can contribute
effectively to the development of
cooperatives. " An increasingly successful
embodiment of this principle is the Virginia,
Maryland & Delaware Association of
Electric Cooperatives' (VMDAEC)
Educational Scholarship Foundation, which
got its start in 2001.
" electric cooperatives
provide education
and training for their
members, elected
representatives,
managers and
employees so they
can contribute
effectively to the
development of
cooperatives. "
Over the years, sources of funding have
included golf tournaments and silent and
live auctions of donated items, as well as
monetary donations from Virginia's 13
member-owned cooperatives.
But perhaps the most significant development
in the program's 14-year history is that
donations from a number of VMDAEC member
co-ops are now being matched through
Co-Bank's " Sharing Success " Program.
June 2014/www.co-opliving.com
CoBank, a national cooperative bank that
provides loans and other financial services to
rural power, water and communications providers
in all 50 states, provided a total of $23,500 in
matched donations over the past year. This
matching program led to a record $61,000 in
scholarship dollars being awarded in 2014.
This year, the Foundation awarded 55
$1,000 Worth M. Hudson Scholarships,
named for the first chair of the VMDAEC
Educational Scholarship Foundation who is
also the former chair of the board of
Mecklenburg Electric Cooperative in Chase
City. Students served by any Virginia electric
cooperative are eligible to receive Worth M.
Hudson Scholarships. In addition, endowed
scholarships funded by individual co-ops and
administered by the Foundation provided an
additional six scholarships to students from their
respective service territories. Four $1,000 C. D
Hypes Memorial Scholarships were awarded
to young people in Craig-Botetourt Electric
Cooperative's service territory and two $1,000
James C. Tennant Memorial Scholarships were
awarded to students in BARC Electric
Cooperative's service territory. Hypes and
Tennant were long-time directors of CraigBotetourt
and BARC electric cooperatives,
respectively, who had great positive influence
on the electric-cooperative program across
Virginia during their lives.
Over the past 14 years, 470 high school
seniors have received VMDAEC Educational
Scholarships totaling $369,500. A majority
of these have been awarded in just the past
few years, as the program's resources have
expanded. Recipients must provide proof of
enrollment before funds are disbursed, and
these can be used to pay a variety of college-related
expenses.
Why is such support for education important
to communities served by electric cooperatives?
Students who decide to stay and
work where they grew up after graduating
from a higher educational facility can go on
to play a key role in the economic vitality of
their area. And VMDAEC scholarship recipients
who move on to successful careers may
decide to " pay it forward, " giving back to
the Foundation that helped support them so
that other students can pursue their educational
goals. 
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ANDRESRIMAGING/ISTOCK/THINKSTOCK
Cooperative Living June 2014

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