Scholarship endowment fund approved for CFHS

PONDERAY — With the hope of nearly doubling the current scholarship endowment funds at Clark Fork High School, the Lake Pend Oreille School District board of trustees voted to approve an additional endowment fund established by principal Phil Kemink.

Kemink, who has been working toward scholarship funds for CFHS for over 20 years, said he wants to ensure future opportunities for students in Clark Fork. 

“I have an account that I set up several years ago called “million dollar scholarship fund,” he said. “By the time I retire, I hope to have a million dollars sitting in this scholarship endowment.” 

He pointed out that many students in small communities like Clark For show incredible promise, like one student who is designing a new metal to replace titanium in people’s bodies. 

“I don’t want them to have to worry about the financial aspect [of post-secondary education],” he said. 

Kemink said he intentionally chose INNOVIA Foundation, a non-profit in Spokane that manages funds like scholarships, after researching local financial institutions and their return on investment and interest yield. Over the years, he said he has seen an annual return of 9 to 16% each year with the foundation. 

Currently, the CFHS scholarship fund balance at INNOVIA Foundation totals $553,000. Through two scholarships with INNOVIA, the Hoyt and Edith Schuyler Scholarship and the Linda Reed Scholarship, the school has been able to disperse around $307,000 in scholarships. They now have $115,000 to start another endowment fund, Kemink said.

Funds for the scholarships have been raised through events like the annual Alumni Tournament and through direct donations. None of the endowment funds are sourced by tax dollars, Superintendent Dr. Becky Meyer clarified. 

Following Kemink’s presentation, the board voted unanimously to approve the fund.