Arcola Foundation Funds

Arcola Foundation Funds

General Fund & Collins Memorial Fund

The income in these two funds is used for various projects and improvements within the Arcola Community. Requests may be submitted, in writing, to the Board of Governors who meet the third Wednesday of each month.

The land, now known as the Industrial Park, was purchased by the Arcola Foundation to attract new businesses to our community.

Interest income in the amount of$400,000 was donated to the Arcola Public Library for the new addition, $1,000,000 was donated to the Arcola Community Unit School District for the new school addition, $20,000
remain of a $100,000 commitment to the Arcola Fire Protection District for a new tire station on West Main.

New Public Restrooms were built and the Arcola Center building was purchased and remodeled. The Arcola Foundation then donated them to the City of Arcola.

Income from these funds have also helped with such things as the Santa Fund (clothing for children), Masonic Lodge (food baskets), Freedom Celebration, JFL Football~ Arcola Recreation, Arcola Telecare, Walldogs, Arcola Food Pantry, Douglas County Museum, Summer Food Program, AHS Post Prom, Chamber of Commerce, City of Arcola K-9 unit, etc.

Education Funds (Scholarships, Awards)

Arcola Foundation Scholarship

Scholarship(s) each year to Arcola High School seniors who are Illinois State Scholars planning to further his/her education.

Carroll Moore Memorial Fund

A scholarship each year to an Arcola High School senior who is active in church (first priority given to a First Presbyterian Church member) who plans to further his/her education.

Emilee Mathias Memorial Scholarship

A $500 scholarship to a graduating Arcola High School Senior seeking a 2 or 4-year degree in the designated field of Special Education or Child Care.

Fern Covalt Knaus Fund

10% of American Funds year-end valuation to four or less graduating seniors from Arcola High School to be applied toward costs and expenses of continuing education priority is based on need.

Gwen Boyd Memorial Fund

$500 cash award each year to a senior graduating from either Arcola, Arthur or Tuscola High Schools with financial need

Jeff Whipple Scholarship Fund

Cash award each year to a graduating senior of Arcola High School, or its successor, needing financial assistance for costs and expenses of continuing education.

Julee Arthur Memorial Fund

$200 cash award each year to an outstanding senior female athlete of Arcola High School possessing the personal qualities most like Julee Arthur.

Kent K. Grummett Art Scholarship

$500.00 scholarship to one or two deserving Arcola High School graduating seniors who have shown exceptional talent in the field of traditional art and who plan to major in art in a 2 or 4 year college or university.

Malcolm N & Sharon J Fox

Cash award each year to one or two graduating seniors of Arcola CUSD #306, or its successor, to be applied toward costs and expenses of a 2-year or 4-year college or university to study ( l) mathematics; or (2) music in order of priority.

Marty Thomas Scholarship Fund

Cash award each year to I or 2 graduating seniors of Arcola High School who have participated in athletics and plan to continue their education.

Mike Harvey Memorial Fund

Cash award each year to provide financial assistance to a graduating senior of Arcola High School who plans to attend a Trade school of the recipient’s choice.

Miss Frances Scholarship Fund

Scholarships awarded each year to high graduates residing within the current boundary of Arcola CUSD #306 who display a financial need with continuing education.

Richard Smith Creative Arts Fund

$2,000 cash award each year to a graduating senior of Arcola High School who has shown outstanding performance in !be area of Fine or Applied Arts.

Sopha E. Heil Memorial Fund

$500 scholarships to four graduating Seniors in Douglas County (Arcola, Arthur, Tuscola & Villa Grove) pursuing a teaching degree in grades K-8

Student Council Scholarship Fund

This scholarship(s) is based on service and need. Any high school senior is eligible to apply but Student Council members who have served at least 2 years are to be given preference. They must be accepted by a recognized institution of higher learning.

Worth & Sue Gruelle Creative Arts Scholarship Fund- Cash award each year to the graduating senior at Arcola High School who has shown outstanding performance in the creative arts, defined as Art, Music or English.

Medical Loan Fund

Dr. Allen Loan Fund

A loan to an Arcola graduate accepted into an accredited School of Medicine or an accredited School of Osteopathy. The Joan will be interest free if the individual agrees to practice medicine for three years within a 100-mile radius.of Arcola. The 100 mile radius includes the following: All of Douglas County, Champaign-Urbana, Mattoon, Charleston, Decatur, Springfield, Peoria, Bloomington-Normal, Effingham, Mt. Vernon and Terre Haute.

Education Loan Funds

Covalt/Knaus Scholarship Loan Fund

A $2,000 loan to a graduating Arcola High School senior (a) in upper 20% of class, (b) has financial need, (c) high moral standards, and (d) has the potential for finishing college. Previous recipients can reapply each year.

Mike Poulos, Sr. Loan Fund

One or more $1,000 loans to Arcola graduates and one or more to a Mike Poulos, Jr. decedent each year. If recipient graduates from college in 4 years, ½ loan forgiven & other ½ interest free.

Other Funds

Harold & Doris Chaney Family Fund

To assist unexpected personal needs of elementary students as determined by the Arcola Elementary Principal.

Allen Roberts Memorial Fund

To provide financial support to any group or individual serving youth in the Arcola Community to promote growth and leadership among the young people of Arcola.

Make a bequest to an existing fund or discuss establishing a new fund in the name of your loved one!  It is a rewarding way to remember those we love with the “gift of giving”.

Pass-Through Accounts

Donations can also be made to any of the following pass-through accounts. The principal from these accounts are deposited and withdrawn from each account as requested by the person in charge. The interest earned from these accounts goes directly into the General Fund income.

  • Arcola CUSD #306 – One on One Program
  • Arcola CUSD #306 – Student Assistance
  • Amazing Arcola Fund
  • Arcola Alumni Association
  • Marcia McQueen Scholarship
  • Mike Kemer Memorial
  • Raggedy Ann Project
  • Wall Dogs – upkeep