The purpose of the fund is to provide one or more annual scholarships to graduates of Argos High School, Argos, Indiana. To be eligible an applicant must:
1.) Be an attendee for at least two complete years at the Argos Community High School, and a graduate of Argos High School, Argos, Indiana.
2.) Rank academically in the upper 85% of the graduating class.
3.) Be a resident of Green Township or Walnut Township located in Marshall County, Indiana
4.) Be of good repute and character.
5.) Have some financial need.
Preference shall be given to applicants planning to attend a University, College, or Trade School in the state of Indiana. An alternate for the award shall be named. If the awardee declines or becomes ineligible, the alternate, if eligible at the time, shall receive the award. The Argos High School Class of 1957 is renewable annually to previous recipients as long as all other recipient qualifications are met.