Litchfield School Board Sets Fogleman Scholarship at $2,100 Amid Rising Student Eligibility, Reviews $10.1 Million Trust

Litchfield Community Unit School District #12 Board of Education Meeting | March 19, 2026

Article Summary: The Litchfield School Board, acting as the Fogleman Scholarship Trustees, approved a $2,100 scholarship payout for the 2025-2026 academic year, supported by a trust that currently holds over $10 million in assets. Driven by an increase in eligible high school seniors and college renewals, the trust is projected to award 102 scholarships this year.

Fogleman Scholarship Trust Key Points:

• The Fogleman Trust holds $10,171,000 in total assets, anchored by 660 acres of farmland valued at approximately $9.3 million.

• The board unanimously approved a $2,100 scholarship amount to accommodate a projected 102 eligible students and renewals.

• Farm revenue generated $174,000 over the past year, contributing to an overall net trust income of $211,000.

• Since its inception in 1986, the Fogleman Trust has awarded 3,205 scholarships totaling nearly $4.86 million to Litchfield students.

The Litchfield Community Unit School District #12 Board of Education, acting in its capacity as the Fogleman Scholarship Trustees, on Thursday, March 19, 2026, unanimously approved a $2,100 scholarship payout for qualifying seniors and college renewals for the 2025-2026 academic year.

The annual joint meeting provided an in-depth review of the trust that has heavily subsidized the higher education of Litchfield students for four decades. Presenters Roger Krabbe and Chad Rupert from Bank and Trust Company provided the board with a comprehensive breakdown of the trust’s financial standing, which is heavily reliant on local agricultural returns.

Rupert, acting as the farm manager for Bank and Trust, reported that the trust’s 660 acres of farmland—which constitute 92% of the trust’s portfolio—are performing steadily. He noted that yields were solid, particularly on the northern tracts, and that all rental agreements and tenants remain unchanged from the prior year. The farmland’s net profit came in at roughly $174,000.

“Commodity prices have been kind of low to average here lately, combined with input costs… fertilizer possibly here lately,” Rupert advised the board. “Break-evens projected by U of I… that’s what the prediction is this year, is about break-even. That’s why everything’s still remaining the same for this year on the rental rates.”

Krabbe, President of the Trust Department at Bank and Trust, outlined the broader financial picture. The 660 acres of farmland are currently valued at an estimated $14,147 per acre, equating to roughly $9.3 million. Combined with $735,000 in diverse investments—including CDs, bonds, and preferred stocks yielding an average return of 4.7%—and a cash reserve of $105,000, the trust’s total assets stand at a robust $10,171,000.

Overall, the trust recorded a net income of $211,000 for the year. This income dictates the annual scholarship distributions.

To qualify for the Fogleman Scholarship, a student must be a senior, have resided in North or South Litchfield Township for five years, and hold a GPA of 3.44 or higher. The scholarship is renewable for up to three additional years in college, provided the student maintains a 3.0 GPA.

This year, the high school guidance counselor reported a significant spike in eligibility. An estimated 45 seniors initially qualified, prompting Bank and Trust to project that 40 seniors will ultimately accept the funds, alongside 62 returning college students, totaling 102 anticipated scholarships. By comparison, last year saw only 28 graduating seniors utilize the funds, with 87 total scholarships awarded at $2,350 each.

Because the pool of eligible students increased significantly, the individual payout amount was adjusted to ensure the trust’s longevity. Krabbe recommended, and the board accepted, a $2,100 per-student payout for the upcoming year using the trust’s standard distribution formula.

“Based on the income that’s coming in of $210,000 to $215,000 a year, if scholarships remain at 102… you can pay out that $2,100 easily for the next 10 years,” Krabbe told the board.

Before the meeting concluded, Krabbe reflected on the historic impact of the Fogleman Trust, highlighting the foresight of its benefactor.

“The first year was 1986, and since that time, for 40 years of scholarships given out, they’ve given out 3,205 scholarships for a total of $4,857,950,” Krabbe said. “Litchfield’s lucky, very lucky, to have Mr. Fogleman, who thought a lot about his farms and the students of Litchfield.”

The Board of Education—featuring Julie Abel, Ron Anglin, David Belusko, Mark Bloome, Valerie Cain, Jimmy Gorowski, and Mandy Jewell—passed the $2,100 scholarship resolution unanimously via roll call vote.