EOU Foundation invests in local community

Board members feel keeping investments local will perpetuate financial stability and fortify Foundation's connection to community

News contact: Laura Hancock
(541) 962-3585 | lhancock@eou.edu
Source: Tim Seydel
(541) 962-3740 | tseydel@eou.edu

20 February 2009

LA GRANDE, Ore. (EOU) - The Eastern Oregon University Foundation is taking action to diversify its resources and strengthen partnerships with local financial institutions.

Over the past few months the EOU Foundation has invested half a million dollars in four area banks: Banner Bank, Sterling Savings Bank, Bank of America and Community First Bank.

"The Foundation wanted to build partnerships with local lending institutions and increase the security of our investments," said Steve Joseph, EOU Foundation president. "We are very pleased to be a part of this community and region and we want to help return the support EOU has received over the years."

The Foundation funds are invested in CDs with varying maturity dates. These tiered investments are based on the Foundation's anticipated needs and future ventures.

"Due to the distribution of various funds, the Foundation resources exceed the amount covered by the Federal Deposit Insurance Corporation," said Tim Seydel, associate vice president for Marketing, Development and Public Affairs at EOU. "The FDIC currently insures deposits of up to $250,000. By dividing the $500,000 in separate investments, the Foundation also gains financial security."

Board members feel that keeping investments local will perpetuate financial stability and fortify the Foundation's connection to the community.

"As a business owner, I understand how important it is to support the local economy," said Julie Bodfish, EOU Foundation treasurer and owner of Fitzgerald Flowers. "Investing in companies that serve our community is one of the best ways the Foundation can foster the kind of longstanding relationships that help build confidence in our community."

The Foundation is working with the four area banks it has existing partnerships with. These include sponsorships for Foundation-funded activities such as the Community School of the Arts, theatre productions and other forms of support.

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