Farm Credit Services Donates $1M

The funds are an endowment, expected to generate some $40,000 in the first year.

Published on: Dec 28, 2010

Eight agriculture programs in Illinois will be presented with checks totaling $1 million from Farm Credit Services of Illinois

The gifts will be set up as permanent endowments that produce annual income for each respective program for all the years into the future.

The agriculture programs include: University of Illinois College of Agricultural, Consumer and Environmental Sciences and Department of Agricultural and Consumer Economics; Southern Illinois University College of Agricultural Sciences; Illinois Agricultural Leadership Foundation; Illinois Agriculture in the Classroom; Illinois Association FFA, Illinois 4-H Youth Development; and Illinois Farm Bureau Young Leaders.

"Our Farm Credit association is completing an exceptional financial year which is a direct reflection of the overall success and outstanding performance of our farmer stockholders. This is a prudent time for us to make a significant investment in these important agriculture programs so they can be assured of a consistent future source of funding," says Dave Owens, President and C.E.O. of Farm Credit Services of Illinois. "As an agriculture financial cooperative, we are privileged to create this everlasting legacy of support for superb programs that provide valuable service to our agriculture community. The Illinois agriculture industry will reap rewards on this investment for the years to come."

The $1 million of endowments is expected to generate $40,000 of total income for the various programs within the first year. The annual income should gradually increase over time–depending on the performance of each endowment's investment portfolio.