Foundation receives gift

The full extent of Elizabeth A. Starbuck’s generosity to the community is coming to light.
The Portland Foundation announced today it has received its largest-ever gift — a $4.5 million bequest from Starbuck’s estate — to support several existing endowments and create new ones.
A local banker and philanthropist, Elizabeth Starbuck died March 29. As The Commercial Review reported in May, her will called for $190,000 in outright bequests to local organizations.
After those gifts and bequests to Starbuck family members, 10 percent of the residuary went to First Presbyterian Church, where Elizabeth Starbuck was choir director for decades, and 90 percent to the foundation.
But the dollar amounts involved were not made public until today.
First Presbyterian will receive $500,000, while the foundation has already received $3.6 million, with the remaining $900,000 to be received by the end of the year.
The bequest creates eight new endowments at the foundation and adds to five existing endowments.
“We are honored that Betty entrusted The Portland Foundation to fulfill her philanthropic legacy for the community she so dearly loved,” said foundation executive director Doug Inman in a prepared statement. “Her gift will allow the foundation to have an even bigger impact as we work to enhance the quality of life in Jay County.”
The $4.5 million going to the foundation is to be divided as follows, according to the provisions of Starbuck’s will:
•$1,170,000 to create the Elizabeth A. Starbuck Endowment, an unrestricted endowment that will make grants to Jay County non-profit organizations.
•$900,000 to create the Elizabeth A. Starbuck Arts Place Fund. Arts Place had also received an outright bequest of $100,000 under Starbuck’s will.
•$630,000 to add to the existing Starbuck Endowment, which provides scholarships to Jay County High School graduates majoring in business, music, education, and art.
•$450,000 to create the Haynes Starbuck Scholarship Fund II, named after Elizabeth Starbuck’s brother, to provide scholarships to JCHS graduates.
•$450,000 to create the Elizabeth A. Starbuck Scholarship Fund II, which will provide scholarships to JCHS graduates.
•$225,000 to create the Elizabeth A. Starbuck John Jay Center for Learning Fund.
•$135,000 to create the Elizabeth A. Starbuck Fund for the Elderly, which will make grants to programs or projects benefiting the county’s elderly.
 •$135,000 to create the Elizabeth A. Starbuck Jay County Hospital Foundation Fund. The hospital foundation had earlier received an outright bequest of $5,000 under Starbuck’s will.
•$135,000 to create the Elizabeth A. Starbuck Jay-Randolph Developmental Services Fund. JRDS had earlier received an outright bequest of $5,000 under Starbuck’s will.
•$135,000 to add to the Jay County Public Library Endowment. The library had earlier received an outright bequest of $5,000 under Starbuck’s will.
•$135,000 to add to the United Way of Jay County Endowment.
•$10,000 added to the Jay County Hospital Auxiliary Scholarship Fund.
•$5,000 added to the Jay County Historical Society Endowment. The historical society had earlier received an outright bequest of $10,000 under Starbuck’s will.
Her will also had provided a $15,000 bequest to Green Park Cemetery, a $10,000 bequest to the Museum of the Soldier, a $10,000 bequest to the Jay Community Center, a $5,000 bequest to Westminster Choir College, and $2,000 bequests to Jay County 4-H, Portland Girl Scouts, Portland Boy Scouts, the Jay County Chamber of Commerce, and the Youth Service Bureau.
Born in Kokomo on June 4, 1916, Elizabeth Starbuck was the daughter of Adelma Eugene and Florence Marion (Haynes) Starbuck. She was a 1934 graduate of Portland High School and attended Oberlin Conservatory and Westminster Choir College. She also did graduate work at Ball State University.
She joined Peoples Bank, which had been founded by her great-grandfather, Judge Jacob M. Haynes. She was a trust officer for many years and retired as the bank’s vice president. She also served as chairman emeritus of the bank’s board of directors. Peoples Bank was later acquired by a bank holding company that now operates as MainSource Bank.[[In-content Ad]]