ANNUAL REPORT ON CSF of BGM

The Citizens’ Scholarship Foundation of BGM released their annual report today. The report has been audited by Clifton, Gunderson and Co. of Des Moines.

The total receipts of the foundation for the year ended June 30, 1998 was $197,134. This was made up of $70,484 of interest, dividends and regular capital gains. Since the foundation sold their mutual funds when they moved the funds to professional money managers, the gain on the sale of the funds was $78,877. The balance of the receipts, $47,773, was from donations for the year. This included $12,000 from the Edith E. Spading Estate.

Expenses totaled $47,970 which included the scholarships granted of $42,525. The balance of the expenses, $5,445 was for printing, postage and money manager fees.

J.C. Miller, the current President of the foundation explained that the money manager fees now show up as an expense while under the old system of mutual funds, the expense was hidden in the net return from the funds. Our actual fees from investments are actually lower now than what the mutual funds charged us.

The total assets of the foundation is now $832,000. The endowment fund total is $780,977. The difference is the amount of the scholarships due to the BGM graduates and a small Advisor fee that was accrued. The growth of the endowment fund for the year ended June 30, 1998 was $149,164.

The foundation is extremely pleased with the results for the last year. The long term goal of having a million dollar foundation is within reach. Hopefully within the next few years this goal will be attained.

The meaningful results was the number of students receiving scholarships from the foundation. In 1990, 42% of the graduating class received a scholarship. In 1998, 86% of the graduating class received a scholarship.

Anyone wishing to make a contribution to the foundation, please contact Lyle Oswood, BGM Education Association representative, or any other board member. You can also send your contribution to Box 469, Brooklyn, Ia 52211.