Endowment

 

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National Educational Fraternity
Established 1892

 

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The Endowment Fund 
From Then to Now

From Jon Spence

Here is what Brother Coates says on the DVD about the endowment fund:

At the 31st Grand Conclave, held in San Antonio, Texas the fraternity established the ENDOWMENT FUND. Ten years later a trust document was prepared and the Endowment Fund was formally established and Trustees administered its investments and disbursements. This action was taken at the 43rd Grand Conclave held in Oklahoma City, OK in August of 1935. The original Trustees were E.E. Freyschlag, M.B. Mathis, and M.B. Breeding.

The original purpose of the fund was stated as follows: 1. To perpetuate the ideals of     Phi Lambda Epsilon incorporated     in its ritual, constitution,     and legislation. 2. To defray the expense of     the Scholarship cash Award. 3. To contribute toward the expense     of publishing the Fraternity     magazine 4. To achieve, as soon as practical,     the ultimate establishment and     maintenance of National     Headquarters where the records     and official archives shall be kept     and from which the official     business of the Fraternity     shall be administered.

At the 60th Grand Conclave held in Kansas City, MO in August of 1952, the Trust Document was formally amended to provide that should the Fraternity not hold a Conclave for six consecutive years, the funds held in the Fund would be turned over to a corporate trustee in Missouri, who would then in turn provide an annual $1000.00 college scholarship to a deserving male graduate from Clinton, MO high school.

The last official Grand Conclave thought to be held in August of 1979, and in April of 1985, the then Trustees of the Endowment Fund, Jack W. Hart, Chairman, John J. Coates, Jr. and Laird Palmer in accordance with the Trust Document contacted the Principal of Clinton High School, and the Union State Bank of Clinton, MO. The first scholarship recipient was Todd Parks of the class of 1986.

The Funds are now held by Citizens Union State Bank of Clinton, MO and two of the last Trustees survive John J. Coates, Jr. and Laird Palmer. The fund as of August 2003 has in excess of $60,000.00 and pays the scholarship annually from the funds income!

How, if possible, to revive the program if PLE becomes active is a question for  Aaron, Bill Becknell, or other PLE attorney   Which is quite an advancement, considering in 1970 the best job anyone had was manager at Putt Putt.     ---Editor

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