NU Area Foundation celebrates new fund
NEW ULM – The New Ulm Foundation celebrated the establishment of a new designated fund, the New Ulm Telecom Fund, with a reception on Thursday at the Grand Kabaret.
New Ulm Telecom, over the past seven years, has donated a total of $100,000 to the New Ulm Area Foundation’s Community Fund, earning the designation for its funds.
The New Ulm Area Foundation’s Community Fund is an endowment fund with more than $1 million in funds. Interest earned on the funds each year is given out in grants to fund community development, arts and education.
This is the third named fund for the Foundation. Henry Somsen originated the fund with a $100,000 donation in memory of his wife, Anne Somsen, and Mickelson Media established a fund in honor of former Journal editor Bill Macklin with a $100,000 donation.
Bill Otis, CEO of New Ulm Telecom, said at the event that the Telecom board had wanted to “give back to the community” when it decided to make the commitment to the foundation.
“The thought was that our company has done very well, and we have always been located in New Ulm. We have expanded over the years, but New Ulm has always been our headquarters. We wanted to give back to the community that made us successful.”
Donna Lambrecht, speaking for the Foundation, thanked Telecom and said she hoped it would inspire other companies to make a similar commitment.