Richard Cole 1900 – 1965
The Cole Foundation was founded in 1954 by Richard R. Cole, who named it after his mother, Olive B. Cole. At the time of creating the Foundation, Mr. Cole transferred a small amount of Flint & Walling Manufacturing Company, Inc. stock to it. At the time of his death, he transferred additional shares of Flint & Walling, and a further number was transferred after his mother’s subsequent death.
Flint & Walling’s stock became increasingly valuable as the company grew over the next 15 years. Flint & Walling acquired several additional companies and was eventually sold to MASCO Corporation. The Foundation is tax-exempt under Section 501 (c) (3) and is classified as a private foundation as defined under Section 509 (A) of the Internal Revenue Code.
Mr. Cole endowed the Foundation with a freedom of purpose unusual among foundations. The Cole Board of Directors has tried to maintain an attitude of innovation rather than simple responsiveness.
Mission: The Olive B. Cole Foundation employs its resources to improve the quality of life for the residents of Northeast Indiana, with special emphasis on Noble County and the counties of DeKalb, LaGrange, and Steuben.
Vision: The Cole Foundation develops new and innovative ways to accomplish its mission by fostering education, economic development, community crisis assistance, recreational opportunities, and environmental conservation.
Strategic Priorities: Dick Cole believed in higher education and funded many college students out of his own pocket. The original permanent members of the Cole Board believe that if a person has a good education and a good job, many broader social issues will diminish. As a result, the Cole Foundation has strategically prioritized economic development and job creation.
Policies and Guidelines: Although there are exceptions, generally the Cole Foundation favors grants where:
- The project is an innovative approach to solving a community challenge or problem.
- The project will benefit the residents of the four identified counties. Cole recognizes that the actual projects may or may not be located within the designated counties.
- The Grantee substantially contributes to the project through other fundraising and/or sweat equity.
- If the project is to be ongoing, the Grantee has a long-term plan to be self-sustaining; and
- The project is broadly supported. Other local investors or foundations already support the effort and/or Cole can help build such a coalition.
Although exceptions exist, Cole does not favor funding the following:
- Local governments or K-12 public schools,
- Religious organizations, except for the efforts to support the broader community,
- National funding campaigns, nor
- Endowments.
Procedures: Potential grantees may submit a two-page letter to the Foundation to begin the consideration process. If it appears the request is within the policies and guidelines, a Cole staff member will ask the potential grantee to complete a grant application form. The officers may visit potential project sites or seek information by telephone or by letter. Grants are reviewed quarterly.
The Foundation has five committees: Executive Committee, Investment Committee, Scholarship Committee, Compensation Committee, and Special K Committee. The Special K Committee is set up to handle small grants (less than $5,000) in the Kendallville/Noble County area. The Executive Committee has the authority to grant up to $5,000 on an emergency basis or immediate need basis. Any action taken by the Executive Committee will be submitted to the next board meeting for discussion and ratification.
Olive B. Cole Foundation, Inc. 