PHOTO JOHN FRYMAN / THE VILLAGE REPORTER
ANNUAL UPDATE … Montpelier Area Foundation president Kara Custer (above) gives an update on the contributions made during the 2024-25 year at their annual meeting held on Thursday, October 30, at Cookies on Demand in Montpelier.
By: John Fryman
THE VILLAGE REPORTER
john@thevillagereporter.com
The Montpelier Area Foundation held its annual meeting on Thursday, October 30, at Cookies on Demand. With 13 persons in attendance, a motion was made to approve the minutes from the previous meeting, and the treasurer’s report followed.
Montpelier Area Foundation president Kara Custer updated on the foundation’s activities and financial support this year.
Among the foundation’s financial contributions made were: $1,996 to Friends of the Montpelier Parks, Inc. for Bean Days; $1,000 to Janet Bennett Distribution for general use; $8,000 for the softball press box; $1,000 to Hands Helping Hands Ministry food pantry; $1,000 to Janet Bennett Distribution for general use to Hope Community Center; $1,000 to Montpelier Exempted Schools to cover unpaid lunch and library fees; $4,000 to the Skilled Trades Program; and $1,000 to Montpelier Public Library.
The Montpelier Area Foundation also contributed $5,300 towards Storywalk on the Iron Horse Trail and $1,000 to Olde Tyme Holiday Gathering for its parade.
Amy Miller gave the treasurer’s report with the balance as of July 1, 2024, which was $2,303,834.06. She also noted there was $31,745 in contributions to the foundation, along with $85,357 in grants and scholarships.
The June 30, 2025, balance showed $2,521,987.83, an increase of $219,153.67 in contributions from July 1, 2024.
Miller also shared that the Bryan Area Foundation, which oversees the assets of the Montpelier Area Foundation, underwent a big review of the BAF’s investment advisors.
“Under our government, every five years, a full review of that investment advisor, and we also made a full request for a proposal process where we invited four other investment advisors to the table,” said Miller.
“We heard their presentations, their recommendations, and ultimately ended up staying with SJS Investment Services of Sylvania, where we have been staying with them for almost twenty years now. We’ve had great success with them.”
Miller mentioned there was an adjustment made in the BAF’s investment policy out of the recommendation of SJS Investment Services. The BAF made some shifts to its investment strategy and did more diversification.
“A lot of things that are less correlated to the stock market, and we’re also getting more heavily invested into private equities,” said Miller.
“Not as many companies are going public as they used to. If we want to take advantage of bigger earnings, we need to get more involved privately in the equity side.”
She also noted that the return for the fiscal year 2025 was over 13 percent, so that was a phenomenal year for the foundation.
“Our goal has always been between five and a half and eight and a half percent,” Miller pointed out. “So that brought our twenty-quarter rolling average return to 7.85 percent.
Using that information, the trustees elected to do another four percent spending policy. That has allowed for this coming year, the Montpelier Area Foundation has $44,924.08 available for completely unrestricted grant making.”
In old business, the foundation discussed nominations for outstanding citizen in Montpelier. A motion was made to table the nominations. It will be brought up at the next meeting.
Under new business, approval was given for the Janet Bennett Distributions of four $1,000 donations. Bennett will continue supporting organizations she had wished the foundation to fund in the past, with these contributions made in her honor.
Two new officers for the 2025-26 year were chosen. Chuck Moore will serve as vice president, and Rachel Sostoi-Willis as secretary. The position of president is open after Custer announced she is stepping down after serving the past two years in the role.
Custer mentioned that Kate Muehlfeld and Colin Rockey have shown interest in joining the Montpelier Area Foundation.
“Hopefully, we can get them (Muehlfeld and Rockey) to our next meeting,” said Custer. “This will give them a chance to introduce themselves and see what kind of activities they want to get involved with.”
The next Montpelier Area Foundation meeting is scheduled for February 2026.