|New law removes barriers for school, library fund management - March 30 2012
OSHKOSH, WI - The Oshkosh Area Community Foundation is looking forward to strengthening its partnerships with area schools and libraries now that proposed legislation allowing those institutions more latitude with monetary donations has been officially signed into law.
Wisconsin Gov. Scott Walker signed Assembly Bill 224 on Thursday afternoon. The new law authored by State Reps. Dean Kaufert (R-Neenah) and Gordon Hintz (D-Oshkosh) enables community foundations to work with schools and libraries to invest and manage private gift funds given to these institutions.
"We are grateful for the work that Representative Hintz and Kaufert did together on this bill. It will open doors for our community's schools and libraries to use community foundations for both investment, grantmaking and endowment building," said Eileen Connolly-Keesler, Oshkosh Area Community Foundation president and CEO.
Schools and libraries will now have another option to fulfill donors' intents, as well as the flexibility to maximize the investment. The law was written to meet the needs of libraries and school districts that recognized in many cases monetary gifts could be better managed and promoted by community foundations with expertise in fund management.
"Now the Oshkosh Area Community Foundation will be able to work with Oshkosh area schools and libraries to maximize gifts," Rep. Hintz said.
The Community Foundation's existing education endowment funds include the Omro Area Scholarship & Education Foundation, the Education Foundation of Ripon, the Winneconne Area Education Foundation and the Green Lake School Excellence Fund. The Neenah Joint School District and Oshkosh Area School District recently announced plans to create endowment funds with the Community Foundation as well.
The Oshkosh Area Community Foundation is a nonprofit charitable organization created by and for the people of Winnebago County, Waushara County, Green Lake County and Ripon. Through charitable giving, the Community Foundation strives to make our communities thrive. For more information, please call 920-426-3993.
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