Tuesday, April 26, 2016

Foundation ends year on positive note with assets of $933,875

Courtesy of Galena Gazette.

The Galena Foundation ended its fiscal year on Dec. 31 on solid financial footings. The organization listed assets of $933,875.

The foundation ended the year with $161,026 in its general fund and $564,167 in its permanent endowment. Other special funds include the train depot fund, $2,223; fountain project, $7,588; Grant Park cannon, $3,100; public stairs fund, $3,122; David J. Dodds Fund, $472,596; Margaret Gardner Award, $28,257; JJ O’Bel Trust, $55,164.

Marsden also noted that the Joe Miller Trust, which is not part of the foundation’s asset base, but which is used to fund projects has been a great success. He noted that the trust’s value in 2008 was $450,146 and today has a value of $550,000. Since 2009, $197,000 has been spent from the trust to support projects.

In 2016, $30,000 from the trust will be used as part of a $200,000 long-term commitment to Turner Hall.

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