Buckeye Resources, Inc., a mulch production company, created a $30,000 research endowment fund through Horticultural Research Institute to help improve the horticulture industry.
Buckeye Resources, Inc. in Springfield, Ohio, has been servicing the horticulture industry since July 1984. Started by its president Dick Posey, the company produces hardwood, pine and whitewood mulch.
“Buckeye Resources manufactures mulch, which is sold in bags and in bulk,” Posey said. “We do a variety of colored mulches and natural products.”
The company’s primary customers include retailers, landscapers and nursery growers. Its products are shipped to customers in Ohio and surrounding states.
“We sell a tremendous amount of bulk pine to nursery growers that use it as a substrate,” Posey said. “We process the mulch, grinding it and screening it to a specific particle size for container nursery growers. We ship to growers in Ohio, Kentucky, Indiana and Michigan. Of our total sales, 50 percent is retailers, 25 percent is landscapers and 25 percent is nursery growers.
Committed to supporting horticulture research
Posey has been involved with the Horticultural Research Institute for over 40 years.
“In 1974 I started going to the American Nursery & Landscape Association’s Management Clinic in Louisville, Ky.,” he said. “We have been making donations to HRI for about 30 years. In 2009 we stepped up to the plate and made a $30,000 endowment contribution pledge and established the Richard E. Posey—Buckeye Resources Inc. Fund. We are working toward an endowed research fund within HRI. We have about $5,000 left to establish the fund.”
Posey said the money for the fund is coming from Buckeye Resources.
“Unlike some endowed funds, Buckeye Resources doesn’t have a check off for its customers to contribute to the fund,” he said. “Some companies which have established endowed funds include a check off of 0.025 percent that is included with their invoices. We have chosen not to do that. Most growers understand the value of contributing to an organization like HRI and what it is doing for our industry.
“I created the endowment because the nursery industry has been very good to me, my family and my company. I always say “I bleed green, not red.””
Meeting the demand for research funding
HRI’s Endowment Fund was created to enable individuals, businesses, associations and foundations to make tax-deductible contributions to support educational and scientific research. The Endowment is now around $12 million, including donations and pledges. By law, the original financial donations are not available to be distributed to fund research. Only the proceeds, including interest, dividends and realized capital gains, can be used to fund research. The annual research funding level varies with the amount of proceeds.
“Even though this Endowment is around $12 million, the HRI board of trustees and the organization’s supporters want to make it stronger financially so that more research grants can be awarded. We have more people applying for grants every year.”