The scholarship recipient shall reside within the Central Illinois region and show scholastic ability. This ability may be determined by a competitive examination administered through the Lumpkin College of Business for those students who wish to compete. It may also be determined in another manner approved by the Dean of the College. Stipends, to be applied to the holder's educational expenses shall be whatever earnings of the fund provide. Scholarships can be retained by the holder for up to four years while attending the University, although renewal shall be on an annual basis. It is hoped that at least two recipients of the scholarship will be attending Eastern at the same time. Financial need is a consideration. This scholarship is announced in the fall and paid in the fall.