By Record Staff
The Hesston Chamber of Commerce heard from Hesston Community Foundation Director Susan Lamb during the monthly luncheon on Thursday, Aug. 22.
Lamb discussed the challenge of wealth drain from small communities and the role of community foundations in preserving the wealth of a community and reinvesting in small towns.
“You have an elderly person who has lived in a community their whole life, and they die. Their children moved out of town after college. The kids come back, grieve with the community, make funeral and burial arrangements, see the final details of the estate worked out and - right before they leave town - they close out the bank accounts, life insurance policies and other assets and leave town with the money. That is wealth drain,” said Lamb.
Lamb said Community Foundations are a way to combat wealth drain.
“It is estimated that 177,000 Kansans will die in this decade. That is almost $80 billion in estates. The goal of a small community foundation is we want 5 percent of that money to stay in the community,” said Lamb.
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