The Sherman County Community Foundation was created at the suggestion of an organization called Sherman County Futures. Sherman County Futures was a group of young citizens, from all walks of life, interested in improving the quality of life in Sherman County. The foundation was seen as vehicle which would allow persons to make donations for community betterment and receive significant tax advantages. Articles of Incorporation were filed December 28, 1989, and the first meeting of the foundation was held on January 4, 1990. Generous gifts from Norman E. Stephens and Harry Stobbe were the financial starting point for the Foundation.
The purpose of the foundation, as stated in the Articles, was to encourage, receive, and administer contributions and gifts for the benefit of the Sherman County area. It was created to stimulate the establishment of endowments to serve and address the needs of the community. The original incorporators were: Vene Bacus, Roman Badura, Mark L. Eurek, Dick Harrington, Mike King, Betty Landon, Lucille Miche, Richard Peters, Albert Ritz, Frank Ryan and Norman E. Stephens. After the organizations meeting, the incorporators became the Board of Directors whose responsibility was to administer the funds entrusted to the foundation. The funds so invested became a resource pool to be dispensed for civic, cultural, health-related, welfare and educational purposes to benefit the people of Sherman County. Sherman County Bank of Loup City, Ashton State Bank and the State Bank of Litchfield were designated as depository’s for all funds. These funds, in the form of cash, securities, real estate, life insurance and personal property could be received from individuals, businesses, corporations, and decedent’s estates and used to serve the various desires of the donors.
The foundation was granted tax exempt status under IRS Code Sec. 50l(c)(3), thereby entitling donors to tax deductions for federal income and estate tax purposes.