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Terre Haute Symphony invests $79,000 bequest for long term benefit
with creation of Margaret & Walter Reed Fund
November 9, 2010
Terre Haute, IN - A $79,000 bequest from the Margaret Reed Charitable
Trust will have long-term benefits for the arts in Terre Haute
with the creation of the Terre Haute Symphony Margaret & Walter
Reed Fund.
The bequest and fund were announced today as the Symphony rehearsed
in Tilson Music Hall for its Saturday night concert, “Di
Wu Plays Tchaikovsky.” On hand were the boards of directors
of the Symphony and the Wabash Valley Community Foundation and
members of the arts community.
The Symphony’s music director and conductor, Dr. David
Bowden, said, “The Terre Haute Symphony is grateful for
the foresight, passion and generosity demonstrated by Margaret
and Walter Reed with their gift to the Symphony.”
The bequest was invested in an endowment fund with the Wabash
Valley Community Foundation, because the Symphony board wanted
to assure it was used for long-term needs rather than short term
operating expenses, Dr. Bowden said. “We wanted to demonstrate
to the community that we are being good stewards of these funds,
and we hope to see other generous supporters of the Symphony invest
in its long-term viability in similar ways.”
Symphony board president, Gretchen Jennermann, said, “We’re
proud of our history as the state’s oldest continuous symphony,
in business since 1926 without a break, and we want that to continue.
By building this endowment we can provide financial strength to
ensure the quality and depth of the Symphony’s programming
into the future.”
For the Community Foundation, Jackie Lower, board president,
said, “We’re pleased to help fulfill the charitable
legacy of Mr. and Mrs. Reed and to assist the Terre Haute Symphony
in assuring its future. Through this new endowment fund, the Reeds’ passion
for music and the arts will live on in our community.”
The Reeds were 1943 graduates of Indiana State Teachers College
(now Indiana State University) who retired to Terre Haute in the
late 1980s after four decades as educators in Connersville, Ind.
Mr. Reed died in 1995.
Krista Grange, a financial advisor with Old National Wealth Management,
assisted Mrs. Reed in managing her estate. “Mrs. Reed loved
the arts,” Grange said. “She had traveled as a dancer
in her teens and had a reputation at Connersville High School
for staging lavish performances and dance recitals.”
“The Reeds weren’t wealthy people, but they were
hard workers who were careful with their money,” Grange
explained. “They studied the stock market and made regular,
prudent investments over the years. Mrs. Reed managed those investments
herself until she was 89. When she died earlier this year, their
generosity benefitted a number national charities and organizations
in Vigo and Fayette counties.”
Bill Shriner, a member of the Symphony board, said the board
felt it was important for the endowment to carry the Reeds’ names
in recognition of their significant contribution in support of
music and the arts in the community, and the endowment with the
Community Foundation made that possible.
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