Foundation Gets $3.3 Million Endowment to Benefit Kearney Parks and Recreation Dept.
The Kearney Area Community Foundation has received $3.3 million to establish a fund for the Kearney Park and Recreation Department.
The foundation announced Wednesday that Dr. Basil Stevenson left $3,337,911 to be used to establish the B.M. Stevenson Family Fund. Half of the annual earnings from this endowed fund will be used by the parks department for projects and programs.
Judi Sickler, Kearney Area Community Foundation executive director, says Stevenson didn't want his gift to go to one big project and then be gone.
"He was a planner and an astute financial investor. He knew that this gift would give back to his community 'many times over' by using only a portion of the growth for annual grants and investing the other portion into a fund so it would create earning for our community's park system in the future," explained Sickler.
The foundation says the endowment will pay out annual grants to the city Park and Recreation Department based on the earnings from previous years.
Foundation Chair Mike Tye said of Stevenson, "He as a generous man that gave quietly during his lifetime and now he will continue his legacy of giving back to his community in perpetuity."
Stevenson died in March.