The Clinton Herald, Clinton, Iowa

Local News

July 1, 2013

Money moved to new district

MILES — The future of the Wendel Scholarship Fund for the Easton Valley School District topped the discussion at last week's Easton Valley School Board meeting.

The fund, established in 1988 by Laura Wendel, is for $118,000 to be used as scholarships for graduating Preston students.

Since Preston is no longer a school district, the money has been transferred to the newly merged Easton Valley School District that Preston students will be attending. Now, they must decide the future of the fund.

"We need to take this money out of the Preston district and get everything transferred tonight," Darwin Schipper of the Community Foundation of Jackson County said.

Schipper's recommendation to the board is to split the scholarship fund into two separate endowments; the Wendel Easton Valley Educational Endowment Fund and the Wendel Easton Valley Scholarship Endowment Fund.

Once the money is split, the Community Foundation of Jackson County, a philanthropic organization that handles scholarships and grant funds, would then deal with all future investment on behalf of the Easton Valley School District.

With the funds being endowed by the CFJC, the district would receive a "guaranteed 5 percent payback" to be reinvested in the school system.

Schipper closed his presentation by asking the board for its approval.

"What I need from you, tonight, is some kind of resolution or motion to release those funds to the Community Foundation of Jackson County to administer and distribute them accordingly," Schipper said.

The board followed the request with a unanimous vote of 7-0 in favor of accepting Schipper's proposal.

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