Chesterton Tribune

 

 

Ten picked for county endowment advisory board

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By JEFF SCHULTZ

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 Commissioners, include:

-- 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

-- Christopher 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.

Council attorney 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.

Councilman Jim 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 committee.

Recently elected 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.

“We’re making progress,” said Councilman Robert Poparad, D-at large.

 

Posted 1/28/2015

 
 
 
 

 

 

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