National Science Foundation Grants; Young Scholars Projects for High Ability and High Potential Secondary School Students; Guidelines for Proposal Submission Page: 1 of 4
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Federal Register / Vol. 52, No. 128 / Monday, July 6;.1987 / Notices 25325
s,. The partners of the Partnership were; (b) The Plan will receive fair market::. transaction which is the subject of the- i'
unrelated to the Plan and the Employer, value.for the Interest as determined.by exemption.
The Plan acquired a .one-sixth interest an independent appraiser; . .: Signed at Washinon, DC, 't is h day :f
(16.67%) interest in the Partnership (the (c) With the exception of Dr. Streitz, June 1987 t Washington, i 2 dil
Interest) from one of the existing the Plan the Plan participants will be Elliot .
partners, L.G. Campbell Company, on . compensated for any losses incurred lliot I. Dael,
September 14, 1981,. for. a purchase price from investing in the Interest, and :.,, Interpretations, Pension and Wlfar B it
of $71,337 cash, plus assumption of one-: '(d) The Plan will be able to dispose of Administration, uS. department abr eli
sixth of the Partnershipliabilities. . :an unmarketable asset which continues [FR Doc 715151 ild 7-27; 845am
,. Due to a severe downturn in the ., to decline in value... .DocNOD87-1 151 Filed 7- -8: 8 45 am
'.:market for real estate, the Property has For Further InformnationContact: ~M .iUNODE 4"10-29 1xid: :-i
-.. declined in value and the corresponding Linda M. Hamilton of the Department,
decline in the value of the Interest has telephone (202)523-8194. (This is not a NATION SIENCE
had a severe impact on the financial toll-free number.)::.-
well being of the. Plan. In addition the General Informatioi -. Grants; Young Scholar Projects io:
Plan has been required to make High Ablity and High PoteintIai
additional cash payments to the The attention of interested persons is . Secondary School Students;
Partnership in order to maintain and directed to the following: : Guidelines for Proposal Submission
protect the property:. As ofJuly 1986 :. th (1) The fact that a transaction is 'e : i :-:- :::.
Plan had invested atotal of $213,853 in subject of an exemption under section Introduction "
the Property ($166,353 in cash invested : 408(a) of ther Act and/or section The Research Career Devoel ment45.
in the Interest and $47,500 interest paid 4975(c)(2) of the Code does not relieve a Division of the Directorate for Science
in connection with the Interest). At the fiduciary or other party in interest or and Engineering Education (SEE)..:i: i:
present time, the. Property continues to disqualified person from certain other manages and coordinates a variety .
decline in value. Further, efforts to sell provisions of the Act and/or the Code, programmatic efforts that aidjoung m
the Property continues to decline in i:. lu.ding any prohibited transaction. and women in their development toward
value Further, efforts to sellthe ., provisions to which the exemption does productive research nd teaching td.f,.
Property to unrelated parties have been. not;apply and the generalfiduciary careers in science mathematics ad :
unsuccessful. By letter of May 6, 1986, responsibility provisions of section 404 engineering. Each effort, in its own way,
Mr. Jeff Elder of Campbell Company of the Act, which among other things focuses on a period in the lives of such
Realtors advised that his company had require a fiduciary to discharge his students d:dring which important career.
been unable to secure a qualified buyer: duties respecting the plan solely in the.. options must be analyzed and critical
for the Property during the preceding interest of the participants and choices made. The designation of a field
year. The applicant represents that the beneficiaries of the plan and in a f specialization, selection of a graduate
:Plan will lose approximately $15,000 to prudent fashion in accordance with: school, and choice offirst employing
$20,000 annually if the Planis unable to.section 404 a)(1)(B) of the Act; nor does. organizatio are decisions made during. "
sell the Interest., , it affect the remqui ennt of section periods targeted lby current Division. ,
S4 It is proposed tD Strit 401(a of the Code that the plan must:l ust: activities periods when a modestiop;r ':.
purchase the Interest from the Plan The operate 'for the exclusive benefit of the amount of individual support ean
proposed purchase price .is $47,500, This ,employees of the employer mairtinin stimulate the development of careers
amoUnt.will be paid in cash. Thethe plan and their eneficiaries; iithat will strengthen the academic base t
'auru will be paidainxcash. The:
: purchase price is based upon ani . (2) Before ee n exemption may be and economic competitiveness of the
independent appraisal of the Property granted under section 408(a). of the Act United States. :.':
performed by John H,, Brown, M.A . a nd/or section 4975(c)(2) of the Code., One of the first decisions for young
located in Eugene, Oregon (the :, : .;di the department must find that the i.. men and women is the choice of a: :.
SAppraiser). The Appraiser has :r; , exemption is administratively feaible, in career. For many of them the. . :
determined that the fair marketvalue the terests of the plan and of its commitment to a career in the scence,,: :
the Property is $285,000. Thus, the p~ articipants and beneficiaries and mathematics or engineering occurs
Interest (16.67 percent of the value of the protective of te rightsof participants. during their secondary school years. In.
' Property) is valued at $47,500 (in ; a : d benefaries of the plan;. , order to assist students in reaching an , ' '
rounded figures) . -(3) Th e proposed exemptions, if . informed decision the National Science .
..he $47,500p : pii. w .l granted, will be supplemetalto, andt t d .Foundation proposes to initiate i Fiscai
:allocated in such ai manner so as t. not i derogatio~i of, any other : . Year 1988 the NFS Young Scholars ,;;:
reinstate'o the accounts of all of t provisions of the Act,.and/or the Code" . f M.Program ei ate:. lee o!fMk . ..
participants(excludiig Dr. Strei ) al inI mng statutoryorpf i strative ~i ' IFQApproximately 100 two-y ear roj"cts '
monies paid out for the Ii estnent. e x nxeamptions .ad ansitioal rules. i ' ,wllbe funded to provide enrichmenu ,.
accountof Dr. Stre "r e esei.t he Furtherm re, the fact that a transaction experiences in science, mathematics and
approximately a 92 percent interest i is subject to an adminis trative or engineering for about 1,500 high ability
Sth: Plani ly a c nt :intt : i statutory exemption is not dispositive of.: or high potential secondary school : ,.
th sufferP a , wi abe thes o y nei" "acu to whether the transaction is in fact a '. students each year. Awards willbe .for : '.g
Sfer a l.ss as a-result ofpnvestrino ibited transaction . . y or
the Interest.. . . ' . ' . , . . . one yearith a second year, of suvuor .
. . ') l: proposed exemptions, i; . contingent on NSF review of project..
6;. 6In sumnmaiS,:the applicant 7:. granted, will be subject to the express ig<i -activities and the availability of funds
represents thatthe proposed transactiOn~:. condition that the'ofmaterial.facts and .:. The underrepresentation- f women, ;
meets the statutory criteria rofsection epresentations contained in each minorities and the disabled it the
08(a buse:.:; . : : . ;. application are true and complete ad adanced levels ofscience, mathemtii.
(a) It will be a one-tie cash.. :. . that each application accurately : i !.and engineering deprives the Nation of
transaction; ' describes all material terms of the ' :much potentialtalent. Cnseuently th .-.
p., :. . .s e qu..tly: t h e
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National Science Foundation Grants; Young Scholars Projects for High Ability and High Potential Secondary School Students; Guidelines for Proposal Submission, article, July 5, 1987; (digital.library.unt.edu/ark:/67531/metadc232300/m1/1/: accessed October 23, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting Texas Academy of Mathematics and Science.