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Park Board accepts $1 million endowment for Active Adult Center; $150,000 earmarked for buses
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Summary
The board accepted a $1 million gift to create an endowment at the Johnson County Community Foundation, approved $150,000 of the gift for two buses and agreed to rename the game room in honor of the donor.
The Franklin City Park Board on Oct. 16 accepted a $1 million donation to the city’s Active Adult Center and ratified an endowment agreement with the Johnson County Community Foundation that will hold the principal.
Under the agreement presented to the board, $150,000 of the donated funds will be applied to purchase two buses for the Active Adult Center. The remainder will serve as an endowment; staff said the endowment is expected to generate approximately $32,000 annually for center programming, beginning in 2026 after the funds are held for one year. Staff said roughly $818,000 will remain invested as principal, producing ongoing annual payouts for programs and staff tied to the Active Adult Center.
Staff told the board the estate executor worked with city staff to direct the gift to the Johnson County Community Foundation; staff said the donor, identified in the meeting as Paul Jocelyn (a centenarian World War II veteran who died July 1), had indicated interest in supporting the center. The donor’s check was witnessed by staff at the community foundation as part of the endowment setup, staff said.
The donor’s executor asked the city to name the game room at the Active Adult Center after the donor; the board approved that renaming as part of its motion to accept the gift and ratify the endowment agreement. The board’s motion to accept the donation, ratify the agreement and approve the renaming passed by voice vote.
Staff emphasized the endowment agreement restricts payouts to Active Adult Center programs and staff. They said the foundation manages the funds and will distribute proceeds to the city annually, and that the agreement includes a process to request principal withdrawals in the case of a demonstrated emergency subject to Community Foundation approval.
Board members asked for a copy of the executed endowment agreement for the board record; staff confirmed the agreement is available. The board also voted to accept the gift at the meeting.
