BOE finance committee looks at setting up endowment

By TAYLOR MURCHISON-GALLAGHER

STAFF WRITER

Plainville Board of Education’s finance subcommittee met with the Community Foundation of Greater New Britain to discuss the details involved in establishing an endowment fund.

Vice President and CFO Robert Trojanowski and Senior Philanthropic Consultant Ann Bova discussed how an endowment fund would be established and maintained.

An endowment fund “is a fund established by a donor or donors in which the original and subsequent contributions are held in perpetuity or for a specific term of years. It is invested to provide regular, predictable income for a specified charitable purpose and to maintain or increase its purchasing power over time. The contributions are not spent, and usually only a portion of the earnings are spent.”

Superintendent of Schools Dr. Maureen Brummett said the district has been looking over this idea for quite some time, even before she became superintendent. She chose to go with the CFGNB because of their long standing relationship with Plainville, and because “they are the longest established foundation in our area.”

“I really wanted the BOF subcommittee to hear what that would sound like, but again, what we’re hoping will come out of this evenings discussion is the value that the Board could see in a foundation like this, or a fund, because we want to, one of my main goals as superintendent is to encourage innovation among our teachers, and some of the ways we can do that is through having some funds that they can access. So, we will be looking at some seed money for this, but that will be something we discuss further down the road,” said  Brummett.

Since establishment in 1941, the CFGNB “promotes philanthropy and makes community-building grants in Berlin, New Britain, Plainville, and Southington.” They’re their area’s “largest philanthropic entity and has the responsibility of helping community-minded donors achieve their charitable goals through the creation of permanent endowment funds.”

The subcommittee did not make any decisions regarding the endowment fund, but discussion will continue with the entire BOE, and they are hoping to come to a decision before the end of the fiscal year, on June 30, 2018.

Comments? Email tmurchison@BristolObserver.com.