Lorain City Schools Endowment Funds for Enhancing Education

December 1, 2011 at 8:02 pm Leave a comment

***** ED NOTE ACCORDING TO MR. SMITH:

Because no public funding is involved, and because the endowment fund is part of the community foundation and not the school district, records are not subject to public records requests.

Lorain City Schools Endowment Funds for Enhancing Education

Most school districts in Lorain County have endowment funds through The Community Foundation of Lorain County. School districts have done this to provide ways to increase the learning opportunities for their students. Lorain City Schools was the first district in the United States to create an endowment fund through a community foundation.

Here is how the Lorain City Schools endowment funds work:

1. There are two funds, one for general education and one for fine arts. The Stocker Foundation provided the initial funding for the fine arts fund.

2. Gifts to the funds qualify for itemized tax deductions

3. All monies are the permanent property of the foundation, not the school district.

4. The foundation, under the oversight of its board, manages the funds.

5. Funds are accessed a small management fee. The majority of the funds are invested and a portion of the investment returns is distributed annually through the school endowment board.

6. The endowment board is made up of Lorain citizens plus the superintendent and one school board member. The school board has no authority over the endowment board and cannot gain control of the money. Endowment funds are not public funds. They come from private donors.

7. Each year teachers write grant proposals for projects that enhance the learning experiences of their students. The endowment board reviews all proposals and the selects the proposals that will receive funding.

8. Funds can only be used to supplement, but not supplant (replace) the district’s general fund expenditures. Without the endowment funding the projects would not be possible. No public money is involved.

9. Teachers awarded grants must provide a report to the endowment board once the project is completed.

10. The community foundation requires a full report each year on how endowment fund monies are used.

Over the years gifts to the endowment funds have been made in honor of, or in memory of, the donors’ friends, or relatives. Students have benefited by taking part in projects that would not have been possible without the endowment grants. Projects include field trips, live stage productions and many other unique activities.

If you have additional questions, or are interested in becoming a endowment fund donor, please contact me.

Jim Smith
240-8438
jsmith@lorain.k12.oh.us

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Entry filed under: city of lorain, commentary, education, Link -ups. Tags: , .

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