The Lilly Endowment Community Scholarship program is designed to raise the level of educational attainment in Indiana and increase the awareness of the potential of Indiana's community foundations to improve the quality of life of the states residents.

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The Lilly Community Scholarship provides full tuition, required fees, and a special allocation of up to $900.00 per year for required books and required equipment for four years of undergraduate study on a full-time basis, leading to a baccalaureate degree at any Indiana public or private college or university accredited by the Higher Learning Commission of the North Central Association of Colleges and Schools. The Board of Directors of the Parke County Community Foundation recognizes the significance of this award and the impact it has on the recipient and their family.