makes semi-annual distribution
Wednesday, December 18, 2013 3:04 AM
Trustees of the Osterud-Winter Foundation met this month to approve the semi-annual distribution of proceeds from the $1 million trust established for the Spring Valley area by the late John N. Osterud, founder of Home Federal.
A total disbursement of $31,662 for the second half of 2013 provided for the following commitments to be met as stated in the trust: one-half the total amount to the Kingsland Scholarship Fund - $15,831; half of the balance ($7,916) to be equally distributed among four beneficiaries: Spring Valley Cemetery Association - $1,979; Spring Valley Senior Living - $1,979; Spring Valley Historical Society - $1,979; and city of Spring Valley Library Fund - $1,979.
The remaining balance of $7,915 was allocated as discretionary funds: Spring Valley Ministerial Association - $4,150; the following allotments to be distributed through the Spring Valley Ministerial Association: Senior Dining - $1,100, and Spring Valley Area Food Shelf - $815; Spring Valley Historical Society - $350; Kingsland Community Education - $1,500.
In June, $31,662 was also disbursed for a total of $63,324 for the 2013 calendar year. The annual IRS reports of the Osterud-Winter Foundation are on file at the Spring Valley city office, and are open to the public.
The board said it continues to be grateful for this generous gift to the community and appreciate the Private Client Group of U.S. Bank of Rochester for its investment management.
The 2013 trustees are Mary Grems, Bruce Hartert and Jay Webster.