Area trust accepting
applications for funding
Wednesday, May 29, 2013 3:27 AM
The Osterud-Winter Foundation trustees will accept applications for funding until June 17 in order to approve the semiannual distribution of proceeds from the $1 million trust established for the Spring Valley area by the late John N. Osterud, founder of Home Federal.
The name of the foundation also honors Osterud's daughter, Karen Osterud Winter. Letters of application are accepted for review from qualified organizations throughout the year.
To oversee disbursements in July and December, three trustees are appointed by the school board, city council, and the ministerial association. Presently serving are Mary Grems (school), Jay Webster (city) and Bruce Hartert (ministerial association). Letters of application are accepted by any of the trustees. Investments are managed by the Private Client Group of U.S. Bank of Rochester.
Osterud believed in the power of education by designating that 50 percent of the trust earnings each year go toward Kingsland scholarships. Each year a committee appointed by the school board awards scholarships to students who apply and fulfill requirements. To date, there has been $1,153,820 in trust earnings, of which $577,769 has gone toward scholarships to Kingsland students.
Demonstrating his concern for the community as well, Osterud designated 25 percent of the earnings to five organizations: Spring Valley Historical Society, Community Memorial Hospital, Community Memorial Nursing Home, Spring Valley Cemetery Association and the City of Spring Valley, with the request to benefit the library. With the closing of the hospital, that portion is shared by the remaining four. Since 1995, a total of $288,749 has been distributed to these five organizations.
The remaining 25 percent of earnings is allocated as discretionary funds. Primary consideration is given to organizations that provide emergency and disaster relief in or within a 15-mile radius of Spring Valley, and that meet federal tax exemption requirements (501(c)(3). Since 1995, a total of $287,302 has been awarded to nonprofit organizations.
The Spring Valley area has greatly benefited from the Osterud-Winter Foundation trust. The trustees welcome any questions, comments and suggestions.
Trustees are: Mary Grems (346-2424), Jay Webster (346-1751) and Bruce Hartert (346-7407).