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
Our Annual Report theme this year, Weathering the Economic Storm, describes the economy’s impact on so many this past year, including our Foundation. Overall, we were very disappointed with our 2008 investment returns. A combination of drastic stock market declines and low interest rates resulted in 2008 earnings of minus 11.8%, the first loss in our 22-year history. Though disappointing, this performance was far better than that of the average foundation which showed a minus 28% asset decline according to The Council on Foundations.
On a positive note, however, with the help of our Friends of the Foundation donations of $16,250 in 2008, some proceeds from the sale of land donated by Milt and Lidy Lunda, and the use of a portion of our “Rainy Day Fund,” we have been able to make meaningful 2009 grants.
While disappointed with 2008 investment returns, we were very pleased with the results of the land sale. Approximately 11 years ago, the Foundation acquired options to purchase two parcels of land, with the intention of selecting one of the two for a Community Park. One became the Lunda Community Park and Hoffman Aquatic Center. The second parcel of 27 acres was purchased for future community purposes at the suggestion of Milt Lunda, and with funds generously donated by Milt and Lidy Lunda.
In 2008 this foresight and generosity provided wonderful benefits to the community! First, the Foundation agreed to sell 14.75 acres to the City Utility for a future operations and storage facility, saving the utility approximately $400,000 of higher cost for an alternate site and its related utility construction costs.
Second, a portion of the funds received were immediately used to purchase 14.5 acres to expand Lunda Community Park for uses such as soccer fields and community gardens. Third, approximately $140,000 remaining after the purchase of the 14.5 acres will be available for future community purposes. Finally, the Foundation still retains 10 acres of the original land purchase, and this is reserved for possible school expansion. Overall, many benefits produced from an investment made 11 years ago!
An interesting addition to the Foundation’s funds in 2008 was the creation of the Alma Center Area Community Fund. Started by current and past Alma Center residents, its purpose is to benefit the Alma Center area in the following ways:
- Maintenance of the Turtle Pond Park.
- Beautification of the community
- Assistance with social, recreational and tourism opportunities
- Assistance with health and safety improvement programs.
This fund could provide a model for other Jackson County communities in the future.
One new scholarship was created and awarded in 2008. The Meghan Powell Memorial Scholarship is in memory of Meghan who died of cancer at age 13. It is awarded to Lincoln High School graduates with preference to those interested in teaching.
Also, two of the three new scholarships established in 2007 awarded their first scholarships in 2008. They were the Betsy Danielson Janssen Nursing Scholarship and the Thomas Robert Gilles Memorial Scholarship. With the current slow economy combined with rising college tuition costs, the need for scholarships has greatly increased! We thank all the past scholarship donors for their thoughtfulness and generosity, and suggest that for those of you concerned about our youth and our country’s future, consider establishing a scholarship fund with the Foundation to benefit both for years to come.
The Annual Foundation Trail Walk was held October 4th, and raised $3,658 for the Trail Maintenance Fund – Thanks Walkers! As a result of inquiries, Foundation trustees are considering construction of a second but smaller Recognition Wall in the Foundation Trail Park. If you would like to purchase a paver to commemorate a relative, friend, or event, contact the Foundation at 284-3113.
As the Foundation grows, so do the support requirements. Foundation Administrative Assistant Beth Overlien has had a busy year. Two projects she completed in 2008 included development of a PowerPoint presentation to be used to better inform the community of Foundation activities and goals, and conversion of Foundation accounting and records to QuickBooks which will expand our accounting capabilities and improve efficiency.
In closing, the Trustees express our thanks to all of you who currently and over many years have supported the Foundation’s needs and projects. Your names are included in this report because without you, the Foundation would not exist.
Black River Falls Area Foundation
PO Box 99
Black River Falls, WI 54615
   
   
   
|
