Posted 4/4/01
Initiative Foundation receives $500,000 from Schlagel family: Donor-advised fund is Foundationís largest individual gift
Some organizations pay their board of directors. In this case, however, it was the exact opposite.
Initiative Foundation volunteer board chair, John Schlagel, and his wife, Bonnie, of Cambridge, Minn. recently donated $500,000 to create the John and Bonnie Schlagel Endowment. The money was placed in a charitable investment account called a donor-advised fund, which yields a variable sum each year to be used for community grants. Although the Initiative Foundation will permanently hold and manage all assets, the Schlagels will serve as the fundís key advisors.
The Schlagel Endowment represents the largest gift from an individual donor in the 15-year history of the Initiative Foundation.
ìAt the Initiative Foundation, we are very familiar with the Schlagelsí generosity, but this goes above and beyond the call of duty,î said President Kathy Gaalswyk. ìTheir gift will support virtually every community in Central Minnesota. Our grandchildrenís grandchildren will continue to reap the benefits of this fund.î
Now semi-retired, John and Bonnie shared family ownership of Schlagel, Inc., a Cambridge-based manufacturer of grain-handling equipment. According to John, their reasons for creating the fund included leaving a legacy and staying active in charitable work.
ìWe both believe very strongly in the Initiative Foundation, and we wanted to make a difference in other peopleís lives as well as our own,î he explained. ìThis fund allows us the opportunity to directly see and hear about the many needs in our communities. Besides money, we also want to give of our time and talents.î
His wife, Bonnie, echoed the sentiments.
ìI believe that perhaps no one on Earth can make things better for everyone, but everyone can make things better for at least a few,î she said. ìThere is nothing wrong with the old saying of ëlooking out for number one.í The mistake many of us make is thinking that we are the ënumber one.íî
In order to support the charitable goals of its donors, the Initiative Foundation manages a variety of focused gifts and funds of all sizes. These include scholarship funds, memorial funds and community funds. For more information on creating a fund or applying for a grant, contact the Initiative Foundationís Little Falls office toll-free at (877) 632-9255.