FY 18 Annual Report

Hoeppner Trust CITY OF SPENCER, IOWA

2018

Departmental Highlights

From the Will of Hazel Barringer Hoeppner: Proceeds to be placed in trust to be known as "Hazel Barringer Hoeppner Trust." Trustees of the trust will be President of Hawkeye Bank,; Director of the YMCA; City Manager of Spencer, Iowa; Administrator of Spencer Municipal Hospital and President of Spencer Ministerial Association. Trustees shall annually distribute the income from these assets to needy families and children in Spencer and Clay County at Christmas time. The Trustees should be creative in not only catering to physical needs, but the spiritual and social needs as well. The principal is to be invested and only the income from said funds be used annually. In FY15, the Trustees voted to move the funds from the City to the Clay County Trust Fund for management. The City transferred the funds to the Greater Des Moines Community Foundation in FY16. Since that time, the City receives an annual distribution from the Greater Des Moines Community Foundation in the fall of each year in time to make the annual distributions. Original Principal Amount - $382,200.00

Budget Review

Total expenditures for the fund totaled $13,500 for FY 18, an increase of $102.88 (+0.77%) compared to FY 17. The Hoeppner Trust distributes the interest earned off of the investment of the trust funds to provide money for community organizations in accordance with the trust document.

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