The Fairmont Dollars for Scholars chapter, which awarded $110,750 in scholarships this week, has undergone sharp growth with its assets reaching $1.8 million. The chapter, one of the oldest in southern Minnesota has recieved several large donations in recent years, according to Bob Huemoeller, the chapter treasurer.

When Huemoeller became a board member 16 years ago, the organization had assets of about $300,000. Since then, assets have climbed to their current level. "We have recieved several large donations from estates in recent years and the investment market has been good to us the last several years," said Huemoeller, a Certified Public Accountant. One of the most recent donations was $130,000 from the Herb and Jeannette Wolf Estate. The organization also holds a few fund-raisers every year, including its annual chicken dinner.

Interest revenue from its invested funds generates the money for the scholarships. "Most of our investment funds are in mutual funds," Huemoeller said. "They provide a good return on our investment and are less risky. We keep a close eye on what is happeneing with our investments" The organization also has funds invested in certificates of deposit. "This business that we're in as an organization is to use our assests to earn money to provide scholarships for Fairmont High School graduates," Huemoeller said. The assests need to be carefully managed and the committee steers away from risks, he noted.

"A long time ago, the chapter board established a philosophy that safety of the investements is of primary importance and a reasonably good financial return is secondary," Huemoeller said. "We do have a few investments that are more aggressive than others," he added. "we have been conservative so that we aren't at risk of losing a lot of money," Firkins said. "We owe that to the donors. We have been cautious with the funds, but yet we don't want to be so conservative in investments that we don't generate adequate revenue to give away enough scholarships every year." The finance committee meets quarterly to review the chapter's finances and Huemoeller gives financial reports at the chapter's monthly board meetings.

Huemoeller is bonded and the chapter insurance policy requires that an independent accountant review chapter finances every year. Chapter members expect the organization's assets to continue to grow steadily, along with the dollar amount of scholarship funds awarded. "Awarding $110,000 in scholarships this year sounds like a lot of money, and it is, but there are so many financial needs for college educations," Firkins said. "The cost of a college education keeps rising. there will always be a need for more scholarship funds.

"There is a lot of community support here to help students with their college education costs," Firkins said. "One of the most gratifying parts of my work with the chapter is students telling us that they probably couldn't have afforded college without the financial help they recieved from Dollars for Scholars," Huemoeller said. Other chapter officers are president Sherwood Sagedahl, vice president Mary Granheim, and secretary Lorraine Balske.