Board Of Trustees

The Board of Trustees is the governing body of the Black River Falls Area Foundation. It is responsible for overseeing the investment of donor funds and the distribution of grants in accordance with donors’ wishes. Trustees serve without compensation and are selected because of their judgment, integrity, community involvement and understanding of philanthropic needs. They serve a three-year term of office with a maximum of three consecutive three-year terms. The Chairman and Vice Chairman can serve additional terms.

Report from the Board of Trustees

This year our theme is “Hats Off to Our Donors.” It is certainly an appropriate one. Donors supported the Foundation during 2010 in a gigantic way! Contributions of $588,000 combined with $162,000 of investment returns increased yearend assets by a record $627,000! Assuming reasonable stock market returns and interest rates, the gifts will meaningfully increase the amount of grants annually awarded by the Foundation.

Foundation Trustees extend special Thanks to our “Friends of the Foundation” donors who, in 2010, contributed over $18,000 to the Foundation, all of which goes directly to fund 2011 grants.

Also in 2010, the Foundation awarded $24,000 in scholarships and four additional funds were established, which will provide scholarships beginning next year. The Leland and Jeanette Larson Estates provided funds for a second scholarship, which will rotate between the three Jackson County school districts. The original one, established in 1991, funds an annual Blair-Taylor scholarship. Also, the Kristin Wood Memorial Scholarship was established by Harvey and Diane Wood in memory of their daughter, with criteria still being determined.

The Gene and Judy Ransom Scholarship will provide funds for an annual scholarship to an Alma Center Lincoln High School Senior who has been accepted into a college or university. Gene and Judy established this scholarship, knowing the importance and value of higher education as both started their careers in education. They say higher education can enable people with humble backgrounds to achieve goals that may have otherwise been inaccessible. They also feel that education opens the doors to a variety of opportunities and can provide a “coat of armor” when one faces some of life’s biggest challenges. As a graduate of the Alma Center Lincoln High School Gene says his teachers were excellent and encouraged him to continue his education, which he feels he probably would not have done if not for them. He says this is one way he can give back to the school and teachers who made such a difference for him.

Black River Memorial Hospital established an annual healthcare scholarship for students going into or attending a healthcare program. Stan Gaynor says the hospital’s Board of Directors approved the scholarship fund in November 2010. He says the hospital has been a grateful recipient of Foundation grants over the years and feels that by establishing this scholarship fund is a way of giving back to the Foundation. 

With the ever-increasing costs of a college education, scholarships are a vital financial component students need to afford their education. Next year our annual report will highlight our many Foundation scholarships and the generous donors who have provided them.

In addition to the four new scholarship funds established during 2010, five other new funds were started – The Mona Anderson Memorial Fund, The Carroll Zillmer Memorial Fund, the Timothy and Kay Finch Fund, the Hoffman Construction Fund, and the Incubator Economic Development Fund.

The Incubator Economic Development Fund originated with the sale of the Incubator Building located in the Industrial Park. The buyer, Riverfront Foundation, an original tenant, needs to expand its share of the building. The Incubator Building was constructed in 1991 by the local economic development group to provide low cost rental space to new businesses. Several local businesses got their start in the Incubator Building. Mike Anderson was Chairman of the economic development group and Gene Ransom wrote the successful $100,000 state grant, which provided the equity necessary to construct the building. Both Mike and Gene have remained active officers of the Incubator Board for its entire 20 years of operation! When all funds have been received, the Incubator Economic Development Fund will be about $250,000 in size, with fund earnings available for annual grants, and principal available for lowcost economic development loans to the City of Black River Falls and Jackson County.

Two donor families, Peter and Jone Hoffman and Gil and Alice Homstad, also made signifi cant additionaldonations to their Donor-Advised Funds in 2010. 

Foundation Trustees express sincere thanks to all of the donors mentioned in this report. Without this support the Foundation could not grow and help meet the increasing needs of our community. Thank you for your wonderful support!

Black River Falls Area Foundation
PO Box 99
Black River Falls, WI 54615