Awarded to IU Bloomington undergraduates who are members of the Indiana Beta Chapter of the Phi Kappa Psi Fraternity who live in the chapter house the year they receive the Scholarship. Scholarships will be divided equally among students who are members of the Student Foundation Steering Committee, serve on the Board of Directors of the Student Athletic Board, serve on the Union Board of Directors, serve as Vice President or above on the InterFraternity Council, and/or serve as Vice President or above with Student Government. Scholarships will be based on students holding such position and living in the Phi Kappa Psi Chapter House as of September 30 of each year. The maximum award amount will be equal to tuition for the current year.