Samstag Scholarship moratorium
Wednesday, 9 April, 2008
The University of South Australia has announced that there will be a 'moratorium' on awarding 'Anne & Gordon Samstag International Visual Arts Scholarships' in 2008, for study overseas in the visual arts from 2009. The University awards the scholarships on behalf of the Trustee of the estate of Gordon Samstag, late of Naples, Florida USA.
The Samstag Trustee (Bank of America Private Bank, Florida) has advised the University that a moratorium on awarding the prestigious and valuable scholarships is prudent, given the 'detrimental circumstances presently affecting financial markets worldwide'.
The move is designed to ensure that the in-perpetuity capability of the Samstag Trust is well preserved, and the Trustee has expressed 'very strong confidence in the Samstag Scholarship's long-term future'. It is intended that Samstag Scholarships will next be offered in 2009, for study programs that commence in 2010.
Samstag director Ross Wolfe says that the unexpected advice from the Trustee is of course disappointing, most obviously for applicants who had their hearts set on this year's round. But he notes that the Trustee is only acting as a good Trustee should - with responsible prudence to ensure that the in-perpetuity strength of the Samstag Trust is assured.
A total of 116 Samstag Scholarships have been awarded since the Samstag
Program's inception in 1992.
For further information contact -
Ross Wolfe, Director, Samstag Program: Tel + 618 (08) 8302 0865