Community betterment projects in the Malvern area stand to receive a huge financial boost thanks to the generosity of a local man. Allen Hall, Chair of the Mills County Community Foundation, says through the estate of William L. Costello, a foundation was created that has grown to $2.5 million. “Bill” Costello was a fourth generation insurance agent in the Costello Insurance Agency established in 1912. He passed away at age 65 in October of 2012.

As a native of Malvern, Bill Costello’s roots ran deep in the community. He graduated from Malvern High School in 1965 and received his Bachelor of Science degree from Northwest Missouri State University in 1971 while also serving in the Army National Guard. He finished his National Guard service with the Glenwood unit. Through his years owning and operating the Costello Agency, his commitment deepened to his clients, the residents of the community, and for community service and betterment projects. He began elements of his foundation in 2003 with the Mills County Community Foundation by starting the William L. Costello Endowed Fund stating on numerous occasions.

In 2007 he created the William L. Costello NWMSU Endowed Scholarship Fund for local graduating high school seniors. He then began honing his estate plans and the grant making details for his foundation which emphasized community betterment projects that would dovetail with the Mills County Community Foundation. He determined that plans for utilizing Costello funds for the betterment of the Malvern area community must be submitted annually by nonprofit groups by September 1st to the Mills County Community Foundation for consideration by the board.

The announcement of the William L. Costello Foundation is timed with National Community Foundation Week and the Mills County Community Foundation fall grant distribution of $94,400 to Mills County nonprofit agencies. This total includes $63,600 from the William L. Costello Endowed Fund. Next year the Costello fund will have approximately $113,000 to grant to Malvern area nonprofit projects.

Mills County Community Foundation has distributed over $2.8 million in grants and scholarships over the last 14 years and is affiliated with eight other countywide community foundations collectively known as the Community Foundations of Southwest Iowa and the Omaha Community Foundation. For information about donating or establishing an individual foundation/fund, please contact any of the Board Members, or call Dennis Nissen, Iowa Foundations Director, at 800-794-3458.