Amounts distributed from the Fund pursuant to Concordia University spending policy shall be distributed annually as scholarships for student athletes who meet the following criteria: maintain a 3.2 GPA or greater, hold a class standing of junior or sophomore, have completed at least one academic year at the university and are not receiving full tuition reimbursement from other sources. If no eligible candidate(s) exists in any year, the University shall make awards in keeping with the “spirit” of the Fund.