The Lynde and Harry Bradley Foundation, Inc.

Bradley Fellowship Program

The Foundation's Board of Directors awarded a grant in January 1991 for the Bradley Fellowship Program. The program, designed to cover five academic years beginning with 1992/93, offers support for the graduate and post-graduate students of up to 50 distinguished professors. Each professor is allowed to obtain up to $35,000 per academic year for his/her students. (50 prof X $35,000 X 5 yrs = $8,750,000 total award.)

The invitation letter and/or renewal letter sent to professors/ institutions describes the program as a five-year program beginning in academic year 1992/93, however annual application and approval is required for renewal.

The Foundation considers the entire length of the program (ie total grant amount) as a grant payable to be maintained on the books. The funds are noted as a pre-approved lump sum until "awarded" (assigned) to each institution upon approval of its annual renewal application.

Approved but unassigned Bradley Fellow grants are recorded in the Gifts database as a single grant for each academic year. As funds are drawn for assignment to an institution, the lump sum of available funds is reduced by that amount.

After a period following the close of each academic year, the Foundation no longer needs to carry the balance which had been available for that specific year. That amount is processed similar to a grant cancellation, thus reducing the grants payable total.

THE LYNDE AND HARRY BRADLEY FOUNDATION, INC.

BRADLEY FELLOWSHIP PROGRAM

On 2/23/96, the Board of Directors approved a 3 year Bradley Fellows program beginning academic year 1997/98 and running through 1999/00. 50 professors may be awarded up to $30,000 per academic year, totaling $1,500,000 per academic year, or $4.5M total. Different from previous years, future years are carried as a grant commitment and the $1.5M for each academic year is converted to a grant in May of each year involved (97, 98, 99). As each individual Bradley Fellow grant is "awarded" (assigned) from this pool, the $1.5M grant is amended down by the same amount.

Academic Year	Activity

1997/98	$1,500,000	Total Award, May 1997

-1,260,000	Assigned during 1997

-90,000	Canceled 12/19/97

$150,000	Balance at 12/31/97

-30,000	Assigned during 1998

-120,000	Balance canceled 12/7/98

0	Balance at 12/31/98

1998/99	$1,500,000	Total Award, May 1998

-1,140,000	Assigned during 1998

$360,000	Balance Available

-150,000	Canceled 12/16/98

$210,000	Balance carried into 1999

-60,000	Assigned during 1999

-150,000	Canceled 12/21/99

0	Balance at 12/31/99

1999/00	$1,500,000	Total Award, May 1999

1,140,000	Assigned during 1999

$360,000	Balance Available

-180,000	Canceled 12/21/99

$180,000	Balance carried into 2000

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