The Trust Agreement which established these unique scholarships specifies that funds will be provided for:
"... full scholarships and/or partial scholarships to enable students to travel outside the United States, Canada and the Caribbean area for a period up to but not in excess of six months."
The Trust Agreement also states that a recipient must be:
- A citizen of the United States who attended high school in the State of North Carolina.
- Enrolled and in good standing in the Junior or Senior Liberal Arts Class in the baccalaureate program of The University of North Carolina at Chapel Hill immediately before the commencement of such travel.
- In the judgment of the selection committee, without other available financial resources to afford such travel.
In the Trust Agreement, Ms. Phillips directed that the Selection Committee be composed of the Associate Vice Chancellor for Student Affairs and four professors to be designated from year to year by the Chancellor of the University and that the Committee "...give primary weight and consideration to qualities of leadership possessed by eligible students and the amount of scholastic achievement, good manners and sense of humor they possess."