A single scholarship in the amount of $2,500 will be awarded for tuition and fees to a student meeting the criteria stated in this scholarship agreement. The Farmington Area Education Foundation will use a competitive application process to select recipients based on the criteria listed on the Nicolai Scholarship application. The scholarship award will be presented during the senior awards program and a representative member of the Nicolai family will be notified of the selection and invited to present the scholarship at the annual awards program. The award recipient’s name will be noted on a display plaque at the high school. The recipient will also receive a plaque memorializing the award. Once the student provides verification of enrollment in an accredited post-secondary institution of his/her choice, the Foundation will release the scholarship funds to such post-secondary institution in the name of the student in 2 equal installments. The first will be awarded at the start of the first year. The second portion will be awarded at the beginning of the second year of schooling. Any portion of the scholarship not used for the intended purpose within one year of the scholarship award date must be returned to the Farmington Area Education Foundation.
Mr. Dan Nicolai has been President & CEO of Castle Rock Bank since 1961. He was a founding board member of the Farmington Area Education Foundation. Mr. Nicolai has a history of community volunteerism in addition to providing financial support for community events and educational scholarships. A guiding philosophy of Castle Rock Bank is that the institution should be "operated for the good of the community, first, last and always." This was developed in 1916 when Castle Rock Bank was organized. The philosophy has been continued under Nicolai's leadership.