The Clinton Herald, Clinton, Iowa

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January 8, 2014

Endowment Fund distributing $11,700 to Fulton Historical Society

(Continued)

Although the council voted unanimously in favor of accepting the distribution, Fourth Ward Alderman Randy Boonstra showed concern that the endowment will no longer build a sustainable interest amount.

“I think we should look at this and see what the budget is going to be,” Boonstra said. “I understand that you need it all, but my concern is that when you get this, it’s going to be all spent rather than putting some of it away, and because the fund won’t be growing any more, when we do the big project or some major repair we won’t have any money to do that with.”

In order to maintain the budget of the Martin House, as well as the principal of the endowment, the council and Mask agreed the city would closely monitor the maintenance and capital improvement budget of the Martin House to ensure fiscal responsibility with the spendable balance funds.

“I think the society is going have to take a deep look at it and say ‘just because we have $11,700, doesn’t mean we get to spend $11,700,’” Boonstra said.

 

 

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