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Owensville officials review option to move Winter Fund into Truman Heartland Community Foundation
Summary
At a March 10 special meeting, city officials heard a presentation from an Edward Jones advisor and a Truman Heartland Community Foundation representative about using a THCF "Designated Fund" to hold the restricted Winter Fund; the Board postponed a final decision and directed staff to update the investment policy and consult the city attorney.
At a March 10 special meeting, the Owensville Board of Aldermen heard a presentation on using Truman Heartland Community Foundation’s Designated Funds to invest the city’s restricted Winter Fund.
Matt Knehans, identified as an Edward Jones advisor and certified advisor to Truman Heartland Community Foundation, and Cole Easton, a representative of THCF, described a Designated Fund as "a customized fund that enable[s] you to easily support the causes and organizations that matter to you the most," and said the program accepts cash, stock or other assets and can be established as a named fund. The presenters told the board that several Missouri cities — including Blue Springs, Independence and Lee’s Summit — participate in the program.
Presenters and board members said the discussion was prompted by new rules they were told take effect April 1, 2025, that would prevent Wells Fargo Advisors from participating in government investments. Knehans told the board that typical returns from the American Balanced Funds have been about 6–8% return on investment, a figure presented as historical performance rather than a guaranteed future result.
Board members and visitors asked how the THCF option differs from past arrangements with Edward Jones, how risk and performance compare, whether earnings could remain restricted for Parks & Recreation (the stated purpose of the Winter Fund), whether Owensville should instead invest through a local community foundation, and how account statements would be delivered. The transcript records extensive questions but does not provide detailed comparative performance data; the board requested that staff and the city attorney provide further analysis.
The Board directed next steps: update the City’s Investment Policy to explicitly permit any approved vehicle, transfer the Milford/Winter Fund to the local bank well in advance of the April 1 Wells Fargo deadline, consult the City Attorney about the legal and procedural implications of using THCF’s Designated Funds, and postpone a final decision pending further research and counsel.
The presentation and follow-up discussion were informational; no formal vote on an investment choice occurred at the meeting. The board’s stated procedural actions leave the Winter Fund invested locally and under review until legal and policy questions are resolved.
