Foundation History

 

In the early 1980’s a group of citizens from the North Scott area saw the need of an educational foundation to provide a means for North Scott County residents to financially enhance the North Scott School District and to offer scholarships for North Scott graduates. A few other Educational Foundations were being formed in the state at the time and it seemed like a logical step to take.

 

The committee, under the supervision of North Scott Superintendent Robert C. Stevens, solicited a lawyer and began the legal process of setting up a non-profit (501)(C)(3) corporation, chartered by the state of Iowa and governed by an independent and separate board of directors. Therefore all gifts to the foundation could be tax-deductible and the foundation itself would be tax-exempt. Articles of Incorporation were written, the by-laws were drawn up and the Foundation was chartered by the State of Iowa and established.

The newly established Board of Directors announced the existence of the North Scott Educational Foundation in early 1985 with a newspaper article including a picture of the new board members, a brochure explaining what it hoped to do, and a desire to begin raising funds. They started with a fund-raising letter campaign to area businesses and individuals to create an endowment fund. Other fund-raising events were also held helping the Foundation become more recognized in the community. The mission of the Educational Foundation was to primarily provide scholarships for post-high school education to North Scott graduates and to enhance appropriate school-sponsored educational experiences for North Scott students. The money received was invested in CD’s and the first North Scott Educational Foundation scholarship, for $500, was awarded in 1986. Later, as the funds grew, the NSEF invested the endowments in stocks and bonds with US Bank financial consultants serving as advisors and portfolio managers.

Over the years, the endowment has grown through gifts from estate planning, gifts of life insurance, memorial gifts, gifts paying tribute to individuals or entities, gifts of stock, and ongoing gifts of cash. The Foundation endowment is now over $1,000,000 and growing. In 2014, 58 scholarships were awarded totaling over $82,000. Since the beginning NSEF has given 672 scholarships totaling more than $1,063,000 to benefit North Scott grads. In addition to scholarships, the Foundation has supplied over $17,000 in grants to enhance school-sponsored educational activities.