The Seymour Board of Education because the latest Valley school board to officially partner with the Valley Community Foundation to help fund the extras out of reach of the board’s budget.
Earlier this month, the board unanimously approved a contract with the VCF that creates the Seymour Public School Fund, to which individuals can contribute funds, the proceeds of which will fund scholarships.
Distribution of scholarships won’t start until the fund reaches a balance of $10,000, VCF president James Cohen said.
“It is our intent that grants, awards, and/or scholarships be made from the fund for the benefit of students, faculty, programs and facilities of the public school system of the town of Seymour, and for similar public, charitable and educational purposes,” according to the agreement.
The Seymour Public School Fund will consist of a number of sub-funds, Cohen said, which can be created by individuals for a number of reasons, including the honoring of someone who retires or dies.
A Fund Advisory Board will be charged with overseeing the fund and sub-funds. When any fund reaches the $10,000 mark, only up to 5.7 percent can be spent in any year.
The scholarship funds now under the district’s control will be transferred to the Valley Community Foundation.
They total about $35,000, Assistant Supertindent Rick Belden said.
“People don’t give to the Valley Community Foundation,” Cohen told the board, “they give through us to foundations they wish to support.”
The Valley foundation is an offshoot of the Community Foundation of Greater New Haven, which manages about $300 million in funds, Cohen said. In the almost seven years of its existence, the Valley Community Foundation has grown to 80 funds, he said.
“You don’t have to be a millionaire to start a fund,” he said. Many of the foundation’s funds honor people who have died, but others are named for living family members.
“Many grow the funds — they don’t start with $10,000,” he said. Once they hit $10,000 they become an endowed fund and can begin to make distributions, he said.
The Shelton Board of Education also has approved partnering with the VFC. Ansonia’s school board is also considering a similar action.
