Source: The Corydon Democrat

Foundation Funds
January 31, 2014 | 11:19 PM

What a tremendous FORUM! It lets people state their understandings and feelings in an open manner. Too bad that it can't be seen by a greater number of people in the full paper.

I know that one of the above contributors feels that I am too old and can't remember my votes on important County business. (I know his motives.) However, I know that my memory is good enough to remember his grandfather.

Enough of that, what I really remember is why and when the County Riverboat Fund was set up in the Foundation.

The main reason for setting up the Fund was that County Government was taking a lot of heat about spending too much of incoming riverboat funds. People were saying, "What happens when the riverboat leaves? What will we do then?" So the commissioners set up this fund for when the boat leaves.

I know that people have different ideas about that. However, since I was president of the Foundation at the time and taking part in the negotiations I feel that my recollection is accurate.

The main reason that I don't like using Foundation funds is the loss of the earning power on these funds. We have about $27,000,000 in riverboat funds in local banks earning less than 1% that could be used to subsidize the General Fund. The Foundation funds ($50,000,000 ) over the past few years have been earning over 10%. You can do the math .

Gordon Pendleton