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Coming up to the 100-year anniversary of the Rotary, it is clear this organization has a long consistent history of giving back to the community and international service. Many of the archives featuring the men and women who have made this possible may be seen in the Richard Martin room at the Community Center in Biddeford.
In a financial report from May 1987, there was a balance of $5,875.72 with Edward D. Jones. No additional records were found prior to this. In February 1993. the club invested $25,000 to the fund and in 1996 added another $10,000. In 1998, the fund grew to $58,290. In October – November of 1998, there were some bequests and transferred $10,0000 from the house fund. The money was moved to Key Financial that year. The year-end 1998 was $105,370.
In 1999, an investment policy was written with a goal of growth and preservation of principle. The Past President scholarship fund committee was appointed to oversee the investment. From 1999 – 2011, the fund dropped below $100,000 prompting a spending policy to be added.
In 2011 – the fund, $147,949, was moved to Charter Oak. Today the fund is at $208,293.52.
This year, this fund will be providing $10,600 in scholarships.
Mark read from a paper copy of The TACK Re: Harold Boudreaux made the largest in Rotary’s history to the organization. In 2009 Company B was established. In 2010 an investment policy and spending policy was created based on CPI and a 3-year rating average. The monies are invested in Chamber Oak as of August 1st and the balance is $195,132.70. To date, this fund has donated back $37,000 to the community.
President Joe presented Mark with a Rotary coffee mug for his presentation.
President Joe announced the Biddeford Saco Rotary Club’s Charitable Funds committee has received $8,600 from Company B and another $5,000 from the club.