The University may retain and reinvest up to twenty percent of the income from the fund in its discretion for purposes of maintaining the real value of the fund in future years. The income is to be used for the purpose of supporting one or more Regents Scholarships. Such scholarships shall be awarded to outstanding students who meet the terms and conditions prescribed by the University for such awards. At the time of the creation of this endowment (February 17, 2005), these include a GPA of 3.7 for continuing students or a class ranking in the 90th percentile with an ACT score of 26 for new students.