LAPEL — She was known around Lapel as a “spitfire,” but also as a women with a big heart, those who knew her said.
Olevia Cascadden was 99 years old when she died in 2015, but through careful and direct planning, her generosity and love for her town and its students is alive and well.
Lapel has received $315,000 thanks to Cascadden, who with the help of Madison County Community Foundation established a fund estimated at $2.5 million upon her death in 2015.
The town and Lapel High School students will take turns receiving annual interest and earnings from the fund, which for the town will be in the form of cash to use as it sees fit, while the foundation will award scholarships to seniors.
The foundation first awarded fund proceeds in 2017 for Lapel scholarships. This year, it’s the town’s turn to reap the benefits from the fund, and town officials said they couldn’t be more thrilled.
“We knew about the funding when she passed away, but I had no idea how much it was going to be,” said Deb Wainscott, Lapel council president. “I was shocked at how much it actually was.”
The windfall is a big deal for the town, which operates on an annual budget of about $1.1 million.
Thanks to Cascadden, the $315,000 is the largest single donation the Madison County Community Foundation has ever given to a single entity, said Sally DeVoe, foundation executive director.
“She just wanted the Town of Lapel to thrive and survive and for the students to do well,” DeVoe said. “Her two passions were Lapel and education.”
DeVoe said the foundation operates to carry out the wishes of its donors and was pleased to set up the fund, which will benefit the town and students for more than two decades.
Lapel officials plan to meet in early November to determine what they will do with this year’s funds.
Some of the money might go toward a $500,000 matching grant they’ve applied for from the state to use for water projects, which would use more than a third of the $315,000.
“We have not earmarked the money anywhere yet, but we do want to use it wisely for the residents, since it is a gift for the whole town,” Wainscott said.
There is no guarantee the town will receive the same amount of money every other year because it is based on investment proceeds.
The fund will run for 25 years, after which any monies left over will be given to the town.
Cascadden was a former Lapel school teacher.
Cascadden’s nephew Kenny Bourke and his wife, Kim, turned Cascadden’s home at 129 W. Pendleton Ave., Lapel, into Olevia’s Gingersnaps Licensed Daycare and Pre-school after she passed away in May 2015.
Wainscott, who knew Cascadden, described her as a “spunky lady” and had always heard stories through the years of how Cascadden and Earle Selkirk, her husband, were willing to give a helping hand to those in need.
Wainscott and other town leaders said they feel fortunate to be the beneficiaries of Cascadden’s posthumous generosity.
“We’re so very thankful,” Wainscott said.
