Endowments are gifts made with the restriction that the principal of the gift may not be spent. The gift is invested, generating a steady stream of interest income, providing money to carry on the mission of the foundation.
Oakes Public School started a foundation for the same reasons one starts a savings account. Money makes money, and if left alone for seven to ten years, it will easily double itself.
The Oakes Public School has started a foundation separate from the Public School. The mission of the Foundation is to provide funds solely for the benefit of the Oakes Public Schools.
The Endowment Fund is managed by the North Dakota Community Foundation, a statewide public non-profit tax-exempt corporation organized in 1976 to receive and distribute charitable funds to support a wide range of programs throughout North Dakota. The NDCF guarantees a perpetual existence for the fund allowing gifts to be fully tax deductible under law.
An endowment decision enables a donor to leave a lasting gift to the students of the Oakes Public Schools. Because these endowed funds produce a dependable source of income annually, the donor's original gift continues to enhance the quality of education.
Income from the foundation is used to support the following activities:
The initial gift to start the foundation was given by Georginne Edblom in memory of her husband Richard Edblom. Richard's mother, Jennie Edblom, was a pioneer of Oakes, having been born and lived in Oakes for over 99 years. Richard's father, Harry Edblom, was editor of the Oakes Times for many, many years. Richard was raised in Oakes and graduated in 1948. He received an accounting degree from UND followed by advanced degrees in journalism and law. Richard was title examiner for over 25 years for Hennepin County in Minnesota.
Georginne said one of Richard's proudest moments was to be master of ceremonies of his 50th class reunion and see so many of his friends. This event occurred just 5 months before he passed away.
If you or someone you know is interested in making a donation to the foundation, please contact the Oakes Superintendent of Schools at (701)742-3234 or any of the current Board members.