Grossenburg Implement donates initial $5,000 to Haakon/Jackson County 4-H endowment fund
Grossenburg Implement in Philip has established a permanent endowment fund to provide financial support to 4-H activities in Haakon and Jackson counties.
An initial $5,000 has been put into the Grossenburg Implement 4-H Support Fund through the South Dakota Community Foundation. The fund will generate earnings that can be spent to support a wide range of 4-H activities in these two counties each year. The principle in the fund will never be spent, but the earnings will be available for perpetuity.
The main store in Winner has been maintaining a similar fund there for years. The Grossenburg Implement location in Pierre is also starting such a fund.
At the presentation on Friday, August 31, Philip store manager Joe Woitte, said, "Grossenburg Inplement is proud to be a supporter of 4-H as they teach our youth the agricultural heritage that founded and still supports our local economy.
According to Bob Sutton, President of the South Dakota Community Foundation out of Pierre, "Grossenburg Implement and the Grossenburg family are the perfect example of South Dakotans who give back to the communities in which they do business. This is one of several funds established by the Grossenburgs to benefit youth activities, and we are always pleased to partner with them as they fulfill their philanthropic goals."
Grossenburg Implement plans to periodically suppliment the fund's capital. Whenever a customer passes away, in lieu of flowers, the company will present a check to the foundation as a donation given in the deceased's name. Five percent of the total of the account will be withdrawn and presented to the 4-H group per year. With a start of $5,000 and a starting five percent of $250, the fund should grow annually, and thus the five percent will also grow. Anyone may contribute to the fund with cash, crops, cattle, land or an estate gift. Contributions are fully tax deductible.