The D.R. Schaal Agency recently made a $5,000 year-end contribution to Belmond-Klemme Scholarship Foundation II.
Owners Lewis and Nancy Schaal say they support Foundation II, “because contributed assets are largely kept intact, while earnings are distributed locally. There are no management fees charged by the directors, and no accounting nor promotional fees subtracted from investment returns. We think it is important to advance educational opportunities for Belmond-Klemme graduates.”
The Schaal Agency is a third generation grain related business operating from Belmond for 75 years. It provides inspection and weighing services in north central Iowa, southern Minnesota, Pennsylvania, New York, New Jersey, Georgia, and three major east coast port locations.
Scholarship Foundation Treasurer Dale Arends noted that the Schaal donation will go toward the 2020 Richard O. Jacobson Challenge of $29,390. “This is the fourth year of the challenge, and we were successful the previous three years in meeting the matching amount. So far, $18,776 has been raised for the current challenge, which runs through Feb. 28, 2021. There have been 110 donations, mostly memorials.
“The Foundation is gratified that people list BKSF-II for memorial donations,” Arends continued. “In addition, year-end contributions are frequently made. Qualified Charitable Distributions from IRAs are one method some people have used. Another is the donation of grain by farmers. BKSF-II is a 501(c)(3) non-profit institution, and contributions are tax deductible.
“Early in 2021, the total combination of scholarships gifted from Foundations I and II will hit the $1 million mark. Graduates in 2020 will receive $2,400 each,” Arends concluded.
B-K Scholarship Foundation I was started in 1990. It is owned and controlled by the school district and bound by state law regarding investment options. It must use extremely conservative options for new cash donations. Current interest rates are near zero.
Foundation II was started in 2001 to add flexibility of investments. It can invest in equities, and has option of liquidating principal if warranted. This has happened rarely, and never to a large extent.
Scholarship awards began in 1990 at $60 per student. That figure increased to $600 by 2000, and $1,500 by 2010. Every B-K graduate who pursues and successfully completes one semester at an accredited institution receives the award. They can claim their award no matter how long after graduation they start their post secondary education.
Checks may be sent to BKSF-II, P.O. Box 2, Belmond, or to Theresa Greenfield in the school business office at 303 E. Main.