Thanks to CoBank, Kodiak Electric Association will increase our scholarship awards for 2013 by $10,000! Participating in the “Sharing Success” charitable grant program launched by CoBank this summer, your electric cooperative allocated $5,000 from unclaimed capital credits to the KEA Educational Foundation, and received a one-time dollar-for-dollar matching contribution of $5,000 from CoBank. The KEA Board of Directors took action on October 25, 2012 to allocate the funds to KEA’s 2013 Scholarship Award Program, for awards totaling $35,000.
CoBank’s program matches cash contributions by cooperative customers to certified 501(c) (3) non-profit organizations on a dollar-for-dollar basis, with a minimum contribution of $1,000 and a maximum contribution of $5,000.
Robert B. Engel, CoBank’s President and Chief Executive Officer, explained, “Shared success has always been a hallmark of the cooperative business model. Throughout rural America, cooperatives like yours are working not only to provide value to their members but to improve the quality of life in their local communities. We’re delighted to join with you in support of such a worthy cause, and deeply grateful that you continue to rely on CoBank as your financial partner.”
Support of education and training is one of the seven principles that guide cooperatives in reflecting the best interest of their members. KEA’s scholarship program was designed to offer financial assistance to selected graduating seniors and continuing education students who show leadership potential and the capacity to make a significant contribution to the Kodiak or Port Lions community upon completion of their formal education.
Our 2013 scholarship applications will become available in mid-December. Since KEA’s first scholarship award in 1990, 251 local students have received financial assistance in attending post-secondary schools, for a total amount of $524,000 in scholarships!