Hastings College has become the beneficiary of a $9 million-plus bequest from a 1965 graduate — the largest single gift in the institution’s history. Ed Osterman, who died on Christmas Day 2023 at age 81, left the majority of his estate — a combination of financial funds and real estate — to his alma mater, Hastings College announced in a news release Aug. 8.
The gift includes 400-acre farm near Central City where Osterman was born and raised and spent much of his life. Osterman was born in Central City in 1942 and graduated from Central City High School in 1961. He graduated from Hastings College with a degree in business administration and a minor in history.
Osterman worked the family farm near Central City for many years before moving to Colorado and working for the state Department of Forestry. He returned to Nebraska three years before his death. According to the Aug.
8 news release, Osterman had resolved many years ago to make an annual gift to support the college, directing his donations mainly to the care of campus facilities. Of his bequest, about $5 million will be used over the next five years for deferred maintenance projects. The balance has been placed into the Osterman Endowed Deferred Maintenance Fund within the Hastings College Endowment.
“This gift is such a blessing,” said Chelsea LeMar, executive director of the Hastings College Foundation. “To have someone who worked hard their entire life look back at their experience at Hastings College and want to support the college, it’s just incredible. We appreciate Ed, the Osterman family, and this gift, and are thankful to have support in maintaining our beautiful campus.
” Kent and Deborah Carlson of Central City, Osterman’s relatives, were instrumental in the process of transferring his assets to the college. “Ed Osterman’s generosity is a testament to his lifelong commitment to Hastings College,” said College President Rich Lloyd. “His legacy will have a lasting impact on our campus, ensuring that our campus remains a source of pride and inspiration for generations of students.
We are grateful for his profound contribution.”.
