THE ORIGINAL PURPOSE OF THE ORGANIZATION WAS TO RAISE MONEY TO CONSTRUCT A PERFORMING ARTS CENTER AND A RECREATION AND WELLNESS CENTER. PLEDGES COLLECTED DURING THE YEARS 2000 - 2005 ARE APPLIED TO $2000000 OF REVENUE BONDS USED TO CONSTRUCT THE FACILITY. WHEN THE ENTIRE DEBT IS RETIRED, THE FACILITY WILL BE DONATED TO THE CITY AND SCHOOL DISTRICT.THERE REMAINS $5000 ON THE DEBT SERVICE.THE CURRENT PURPOSE OF THE ORGANIZATION IS TO RAISE MONEY AND CONSTRUCT A REGIONAL ACADEMY FOR MATH AND SCIENCE TO BE OWNED BY THE "FOUNDATIONX AND OPERATED UNDER A 28E AGREEMENT WITH THE OELWEIN COMMUNITY SCHOOL DISTRICT AND NORTHEAST IOWA COMMUNITY COLLEGE.THE COMMUNITY COLLEGE LEASES THE REGIONAL ACADEMY FROM THE FOUNDATION FOR $30000 ANNUALLY WHICH THEN IS APPLIED TO THE DEBT SERVICE THE FOUNDATION HAS WITH THE USDA.THE FOUNDATION ALSO SUPPORTS LOCAL NONPROFIT CIVIC ORGANIZATIONS.