Gov. Chet Culver this morning announced a $1 million Vision Iowa grant to support the new John and Mary Pappajohn Sculpture Garden in Des Moines. The garden, appraised at nearly $30 million, will hold more than 20 sculptures donated by the Pappajohns and is believed to be the largest public donation of art in the state’s history.

Monsanto Co.’s expansion in research and development in Ankeny was one of five projects to receive incentives from the Iowa Economic Development Board at its meeting yesterday. Monsanto plans to create 25 jobs at its Applied Molecular Breeding Center in Ankeny and invest $11.5 million in new equipment for crop analytics. Monsanto also received incentives for a new seed corn production facility proposed for Independence, which will create 47 jobs and invest more than $90 million in the facility. In total, the five projects approved for incentives will create 233 jobs, retain 127 jobs and make $124.5 million in new capital investments. Eaton Hydraulics Inc. in Spencer, GOMACO Corp. in Ida Grove and Allan Inc. in Allison were the other companies to receive approval for projects.

Elliott Aviation will celebrate its 50th year in Des Moines and construction of its new $8 million facility with a ribbon-cutting ceremony and open house today from 5 to 9 p.m. at 2700 McKinley Ave., Des Moines. The Moline, Ill.-based company offers aircraft sales and service, general aviation line services, charter services and aircraft management, maintenance, avionics, parts and hanger facilities in Des Moines.

FBL Financial Group Inc.’s board of directors has declared a regular quarterly dividend of 12.5 cents per share on its Class A and Class B common stock payable on June 30 to shareholders of record as of June 13. At FBL’s annual meeting yesterday, shareholders also elected eight Class A and five Class B directors to one-year terms. They approved an amendment to the 2006 Class A Common Stock Compensation Plan, approved performance terms to be used in incentive compensation plans and ratified the appointment of Ernst & Young LLP as independent auditors for 2008. To see reports given at the meeting by FBL executives on the state of the company’s business, go to www.fblfinancial.com.

United Way of America (UWA) has given Nationwide Mutual Insurance Co. its 21st Spirit of America Award, the highest national honor given to a company for its commitment to local communities served by United Way. UWA will present this award to Nationwide at its United Way Community Leaders Conference in Baltimore today. Last year, more than 300 Nationwide associates in Des Moines participated in United Way Day of Caring volunteer projects over five days, and more than 70 percent of its employees participated in United Way of Central Iowa’s annual campaign. It is one of four Greater Des Moines companies to raise more than $1 million for United Way’s programs.

Lee Enterprises Inc. has revised its fiscal second-quarter figures to include charges related to a reduction in the value of its assets, the Associated Press reported. Its revised report shows a loss of $716.4 million, or $15.90 per share, in the three months ended March 30, a huge increase from the $4.45 million loss reported previously. The loss includes a preliminary pretax non-cash charge of $722 million to reduce the carrying value of goodwill, a $3 million charge to reduce the value of non-amortized intangible assets and $115.97 million to reduce the carrying value of amortized intangibles. These changes were primarily made as a result of the growing difference between its stock price and per-share carrying value of its net assets.

A study released by Mercer, a unit of Marsh & McLennan Cos. Inc., showed that CEO compensation at the biggest U.S. corporations fell sharply last year, partially affected by tough business conditions at the largest banks and financial firms, Reuters reported. CEOs at the 50 largest U.S. companies (those with median annual revenues of $66.2 billion) had the biggest reduction in total direct compensation on a percentage basis, down 15.8 percent from the previous year, with a median total compensation of nearly $14 million.