The foundation's by-laws clearly state that only interest earned through deposits may be awarded to qualifying students pursuing a degree in some area of agriculture.
Felts pointed out to his knowledge this is the first such foundation in the county that is dedicated totally to the advancement of agriculture. It is certainly the first scholarship foundation established by the Farm Bureau Federation.
Other officers of the newly established tax exempt entity are Heath Adkisson, Mark Bryles and Randy Reynolds, all of Blytheville; John Tipton, Osceola, and Justin Wildy, Leachville.
The new foundation will be headquartered at 1580 South Division, Blytheville.
Felts further pointed out that the entity would welcome contributions from individuals, including memorials, organizations or companies. All such contributions are totally deductible for income tax purposes.