Phase 2
COLLEGE SCHOLARSHIP GRANT
"Teodoro-Fausta Mercado Scholarship Foundation"
On April 29, 2005, Dr./Mrs. Herminio
Mercado, representing the family, met
with CYDFI Founders in Oakland,
CA., to discuss the intent of the
Mercado Family to sponsor, at least
one Phase 2 CYDFI Scholar at a time,
beginning SY: 2007-2008, with the
following criteria:
  • The College Scholarship Grant is established in memory of their beloved parents and
    shall be known as: Teodoro and Fausta Mercado College Scholarship Grant.
  • The sponsorship is limited to the Phase 2 (Four Year College Course) and covers full
    scholarship expenses of ONE SCHOLAR at a time, beginning SY: 2007-2008. Meaning,
    the Mercado Family shall take another "scholar" only after the first scholarship recipient
    shall have graduated from the Phase 2: College Scholarship Program of the Foundation
    (CYDFI Philippines).
  • The responsibility of the CYDFI Philippines is to determine Full Scholarship Expenses
    (FSE) based on the College Course that the CYDFI Scholar has chosen and this shall
    be submitted to the Mercado Family for their final approval and action.
  • The responsibility of the Mercado Family is to release the Required Approved Budget
    (RAB) on a monthly basis to be given to the CYDFI Scholar through the representative
    of the Foundation, the CEO or President. The CEO shall have to monitor and issue a
    CYDFI RECEIPT to witness and acknowledge the Actual Transaction of Fund
    (ATOF) and have it recorded in the Bookkeeping of the Foundation with the following
    heading categories:
     a. Source of Fund (SOF). Record date and amount of money
                         given by the Mercado Family
     b. Use of Fund (UOF). Record date and amount of money given
                         to CYDFI Scholar (name).
  • Just like any donation, the transaction shall be part of the AUDIT    done by a CPA
    (Certified Public Accountant) in connection with the requirement for filing an Income
    Tax Return of the Foundation to the BIR (Bureau of Internal  Revenue), then to
    submit the FINANCIAL REPORT stamped by the BIR to the SEC (Securities and
    Exchange Commission) Office in Metro Manila, on an annual  basis.
  • CYDFI Criteria for Maintaining Scholarship (CYDFI Handbook,   Art. 3, s2)  shall
    be enforced and upon graduation from College, the Foundation shall also help find job
    placement for the scholar.    
Education
is one of the
keys to open
the door
of your dream and  
Calantas Young
Dreamers
Foundation, Inc.
is a venue for
which your dream
may meet reality,
as a scholar!