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Here is what Brother Coates
says on the DVD about the endowment fund:
At the 31st Grand Conclave,
held in San Antonio, Texas
the fraternity established the
ENDOWMENT FUND.
Ten years later a trust document
was prepared and the Endowment
Fund was formally established and
Trustees administered its investments
and disbursements. This action was
taken at the 43rd Grand Conclave
held in Oklahoma City, OK in August
of 1935. The original Trustees were E.E. Freyschlag, M.B. Mathis, and
M.B. Breeding.
The original purpose of the fund was stated
as follows: 1. To perpetuate the ideals of Phi
Lambda Epsilon incorporated in its ritual,
constitution, and legislation. 2. To defray the
expense of the Scholarship cash Award. 3. To
contribute toward the expense of publishing the
Fraternity magazine 4. To achieve, as soon as
practical, the ultimate establishment and
maintenance of National Headquarters where the
records and official archives shall be kept
and from which the official business of the
Fraternity shall be administered.
At the 60th Grand Conclave held in Kansas
City, MO in August of 1952, the Trust Document was formally amended to
provide that should the Fraternity not hold a Conclave for six consecutive
years, the funds held in the Fund would be turned over to a corporate
trustee in Missouri, who would then in turn provide an annual $1000.00
college scholarship to a deserving male graduate from Clinton, MO high
school.
The last official Grand Conclave thought to
be held in August of 1979, and in April of 1985, the then Trustees of the
Endowment Fund, Jack W. Hart, Chairman, John J. Coates, Jr. and Laird Palmer
in accordance with the Trust Document contacted the Principal of Clinton
High School, and the Union State Bank of Clinton, MO. The first scholarship
recipient was Todd Parks of the class of 1986.
The Funds are now held by Citizens Union
State Bank of Clinton, MO and two of the last Trustees survive John J.
Coates, Jr. and Laird Palmer. The fund as of August 2003 has in excess of
$60,000.00 and pays the scholarship annually from the funds income!
How, if possible, to revive the program if PLE becomes active
is a question for Aaron, Bill Becknell, or other PLE attorney
Which is quite an advancement, considering in 1970 the best job anyone had
was manager at Putt Putt. ---Editor |
