Planting a Seed with the Erma & LeRoy Moser Scholarship Fund
For many, a scholarship is a seed planted for a promising future. Thanks to the generosity of people like Loren and his wife Sheila Boyens, students in the Wolsey-Wessington School District have more opportunity than ever before to dream of a bright future.
Loren and Sheila established the Erma & LeRoy Moser Scholarship Fund in honor of Sheila's late parents, longtime members of the Wolsey community. This spring, the fund awarded its first scholarship to a graduating senior in the Wolsey-Wessington School District.
Jamie Farmen, Senior Community Development Coordinator of South Dakota Community Foundation, sat down with Loren to talk about the Mosers' legacy, why he and Sheila chose to give this way, and what he hopes the fund makes possible in the years ahead.
Devotion to Community
Erma and LeRoy Moser moved to Wolsey from their farm in the mid-1960s. Erma took a job as a cook for the school, a role that turned into one of her great passions.
“That's something she could really do, and it was one of her many passions. It was really meaningful for her. She took to those students, and they took to her too, with her upstanding cooking and her personality. She loved them all.”
LeRoy, meanwhile, served a term on the school board, where Loren said he took the responsibility seriously.
“He really dove into that task and took it seriously, and tried to make good decisions on behalf of the kids and their education. So I was very proud to create a scholarship in their name. These were blue-collar folks who worked hard. I've just been really fortunate to have them as my mother and father-in-law,” said Loren.
A Decision Rooted in Gratitude
Loren's career as a financial advisor put him in regular conversation with clients about legacy giving. So when the Wolsey Community Foundation formed as a partner fund of SDCF, it gave Loren and Sheila a local vehicle to memorialize the Mosers. The decision came together naturally.
“Starting a community savings account is something that every community, regardless of size, across our great state could do on their own. The value in partnering with the South Dakota Community Foundation to put money away has a chance to go on forever.”
Neither Loren nor Sheila attended college, an experience Loren said shapes how he thinks about the fund's purpose.
“We did miss out on some really important benefits you gain from college. But nobody ever approached us or said, ‘Would you consider, have you considered?’ Now, for a student who may be on the fence, go or not go, maybe it can do just a little bit to alleviate that concern about the finances. And if this little nudge can help them to go in that direction, that would be a good thing.”
Loren also worked with other foundations throughout his career as an advisor and said SDCF stood apart.
“It was just easy, so accommodating and so service-oriented, so professional, knowledgeable. The South Dakota Community Foundation really checked all the boxes.”
A Gratifying Experience
The Erma & LeRoy Moser Scholarship Fund awarded its first scholarship this spring at an event in the Wolsey-Wessington High School gym. Loren and Sheila did not know who the recipient would be until the evening unfolded.
“We were just so happy to be in that group. We didn't know who the recipient was, and then, as the evening went along, we figured out who our recipient was, and we couldn't be any more proud to support this young lady who has done a lot of good things in spite of a really, really difficult childhood. Now she's on to bigger and better things. It was one of those moments when you have that realization that once in a while, a guy does something right,” said Loren.
Planning With Purpose
When establishing their own fund, Sheila funded the scholarship with a portion of her inheritance, and Loren pointed to a planning strategy he has shared with many of his own clients over the years: giving retirement accounts, such as an IRA, 401(k) or TSA to charity rather than to heirs, since that money has never been taxed.
“It isn't always the best decision, as we think about our estate planning, to leave it all to the kids, especially qualified money. When our days are over, if we didn't do charitable planning with it, the kids receive it, and it's all taxable. It's not a very good time when the kids receive an inheritance and then learn that they have to give a rather large portion of it back to the government.”
Hope for the Future
Loren sees the Erma & LeRoy Moser Scholarship Fund as one piece of something larger: a chance to introduce charitable planning to a part of the state where it is rarely discussed.
“Hopefully it'll serve as, I'll use the word, a seed to enhance or introduce awareness for others. These folks love their community, just like folks in other small towns around South Dakota. I believe there are a lot of folks in the Wolsey school district who are unaware right now, but when they become aware of how important and how beneficial this kind of planning can be, I think it'll grow into something really, really big,” said Loren.
To learn more about establishing a scholarship fund or starting a community foundation for your hometown, visit https://www.sdcommunityfoundation.org/.