The following guidelines are not mandatory but should be communicated to the respective educational institutions.
(1) The contributions shall be used by the educational institutions for the sole purpose of providing scholarship grants to full-time students who are to be selected solely by the respective educational institutions. All selections shall be made regardless of the race, religion, sex or nationality of the students. The final terms and conditions of all scholarship grants shall be set by the respective educational institution.
(2) Freshmen recipients should have ranked within the top twenty-five per cent (25%) of their high school graduating class and should have participated in meaningful extracurricular activities which reflect leadership abilities, and a concern for improving community or school conditions.
(3) Students receiving scholarship grants should maintain at least a "B" average, and students should risk losing scholarship grants if their grades fall materially below the agreed standard.
(4) In the case of undergraduate students, scholarship awards may be for four (4) years or until the student obtains his or her undergraduate degree, whichever shall be earlier.
(5) The amount of scholarship awards may be up to ninety per cent (90%) of all reasonable costs directly related to such student's enrollment each year in the educational institution involved, including tuition, living accommodations and meals, fees, and books and materials, and necessary travel costs between home and school.
(6) Students who receive a scholarship award shall not be required to pay interest on or to repay all or any part of the scholarship award.
(7) Educational institutions receiving contributions from this corporation should be asked to advise the corporation's directors of the name of each student to whom a scholarship grant has been awarded, to provide the directors with a profile of each student and, with the consent of the student, to advise the directors from time to time, of the academic achievements of the student.
(8) The corporation's directors should encourage the recipient institutions to provide scholarships to students seeking careers in business or industry, including graduate degrees in business, economics, law and accounting, to better prepare the students for involvement in the free enterprise and business sectors of the country.
(9) The corporation's directors should prepare for distribution to educational institutions that receive distributions a brief biography of Edward M. Nagel, with emphasis upon his activities as a co-founder of the Oroweat Baking Company and highlighting the factors that distinguished Oroweat Baking Company from its competitors.