The Porter County
Council and the Porter County Commissioners reached a major step in forming
the proposed County Endowment Foundation by appointing ten members to the
Foundation’s advisory committee.
The committee will
help the Council set the ground rules for investing portions of the County’s
$159 proceeds from the sale of Porter Memorial Hospital in 2007.
The list of
appointments, made unanimously by all members of the Council and
-- Stephen Adik,
retired vice-chair of NISource
-- Cheryl Evans,
financial analyst and attorney for the Town of Dune Acres
-- John Gold, CPA
and CEO of TradeWinds Services
-- Charles Greiner
III, agent with Daines Development LLC
Hurst, financial advisor for Oak Mountain Advisors
-- David Rose,
executive manager at Horizon Bank
-- Ronald Stone,
vice-president operations manager for Metropolitan Steel
-- John Verde,
financial services professional with CME
-- Anthony Vesh,
retired floor trader and trading company owner
-- John Witkor,
attorney for Reed Smith LLP
Duneland is well
represented on the board with Evans (no relation to County Commissioner
President John Evans), Hurst, Stone, Verde and Vesh all having a local
connection. Stone is the current secretary for the Duneland School Board.
The Council had
suggested a list of eight nominees while the Commissioners added Verde and
Greiner for their additional suggestions.
Scott McClure said the County has roughly $40 million in liquidity to invest
presently and more will be freed up as small-term investments will be
finishing. The County Treasurer’s office has been asked to provide a
timeline of when more funds will be available to invest.
Biggs, R-1st, asked his peers how long the committee will have to recommend
an investment policy. Councilman Dan Whitten, D-at large, replied, “we want
to do this as quickly and as reasonably as possible.”
Once the committee
does their work, the Council will appoint members of a Foundation board.
Whitten figures many of those appointees will come from the advisory
Commissioner Jeff Good, R-Center, will be the point of contact for the
committee members. He suggested he and Whitten facilitate a preliminary
discussion and then let the committee work on its own.
“Let’s make sure
the communication is there,” Good said.
The goal in forming
the Foundation is to earn a higher rate of return on investment of the
principal from the sale of the County’s Porter Memorial Hospital to overcome
the funding gaps in the County’s General Fund which is dwindling, due to the
state’s tax caps.
progress,” said Councilman Robert Poparad, D-at large.