Damon explains "excess funds" of STRS scholarship

From Damon Asbury, April 30, 2007
Subject: RE: STRS scholarship?

Kathy:

In 1995 and 2000, the STRS Retirement Board sponsored anniversary events to commemorate the 75th and 80th years of STRS. Both events were funded by contributions from members and others to underwrite any associated expenses. It was specifically noted that any funds not used for the anniversary events themselves would be contributed to a scholarship fund. Those were the “excess funds” over and above those needed for the events. The events for the 75th anniversary included establishing a commemorative park dedicated to teachers at the Ohio Historical Society village, placing commemorative plaques at the Ohio Statehouse, and issuing a publication on the first 75 years at STRS. The 80th anniversary included the creation of Discovery Park at the STRS building. Once the expenses for these events and activities were paid, the balance of remaining funds were directed to the establishment of the STRS scholarship endowment fund.

Damon
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From Kathie Bracy, April 24, 2007
Subject: Re: STRS scholarship?

Damon,

I am curious about the "excess monies" mentioned in the first two paragraphs. How was it determined that money was "excess?" Excess after what?

Thanks --

Kathie

[Click here to view Damon's 4/23/07 explanation of the scholarship fund]