The Chocolate City Academic Incentive Fund is an MIT endowed account where Chocolate City alumni (and others) can pledge to donate directly to Chocolate City. All monies contributed to the Chocolate City Academic Incentive Fund will be held as part of the MIT endowment. The yearly interest accumulated (3 to 4%) will be released to Chocolate City if the house’s GPA for both the Fall and Spring semesters reaches or surpasses a specific target set annually by the Director of the Office of Minority Education in coordination with a committee of Chocolate City alumni and current undergraduate students. The Housemaster, the Graduate Resident Tutor, the CC co-chairs, and the CC Academic Chair will meet each summer to certify the house grade point average and approve the release of funds. Additional available income thereafter will be returned to principal.