STAPLES -- The Staples Community Foundation announces that the Staples Council of the Knights of Columbus will use the area foundation as the custodian of its scholarship funds.
This marks a huge step toward the fledgling foundation's receiving various bonus and matching grants that have been offered if the group meets its fund-raising goals by June 30.
"When you think about it," said Ken Berg, Grand Knight of the Staples council, "it's a great idea for both the Knights of Columbus and the Staples Community Foundation. We gain the peace of mind that these funds will be professionally managed and available to young scholars in our community in perpetuity, which is the spirit in which they were given. We can also leverage those moneys by enabling the Staples Community Foundation to acquire additional funds for grants for worthwhile purposes to improve the quality of life in our area.
"The Knights of Columbus," he said, "like many other organizations, has been fortunate in having in its membership people who were skilled in the investment area and were also willing to share that expertise with their organization to build the resources for such great purposes as scholarship funds. There is no guarantee, however, that these people will always be there. Even for those that are, the burden of responsibility for financial management is not always an easy one, especially as our society becomes more litigious."
The Staples Dollars for Scholars invested $25,000 with the Initiative Foundation about 10 years ago. Because the Staples Community Foundation is a component of the Initiative Foundation, those funds were transferred to the books of the community foundation. That fund has given out more than $19,800 in scholarships in the last five years, and the principal has grown to more than $42,000, even with the current downturn in the market.
These funds will contribute toward the community foundation's fund-raising goals. Earmarked funds such as these, and the income they generate, will not be available for granting by the community foundation, but they will help it bring in matching grant money that can be used for local granting. The Knights of Columbus Scholarship Fund is more than $43,000. This places the Staples Community Foundation's total at more than $172,000. Its goal is $250,000 so it is now nearly 70 percent of the way toward completion of the goal.
At stake for the community foundation is a $50,000 bonus grant from the Initiative Foundation, and more than $60,000 in matching grants from Security State Bank, First Integrity Bank and the Initiative Foundation. Marv Rothstein is president of the Staples Community Foundation.
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