At a time when state and federal funding is facing sharp cuts,
schools have taken it upon themselves to raise money. And like many
financially-savvy people, they are eyeing endowment funds to
generate revenues for unfunded programs like arts, music and
foreign language.
Hollister – At a time when state and federal funding is facing sharp cuts, schools have taken it upon themselves to raise money. And like many financially-savvy people, they are eyeing endowment funds to generate revenues for unfunded programs like arts, music and foreign language.
Sacred Heart School has set up an endowment as well as Southside Elementary School and San Benito High School is aiming to create one by the end of the year.
“In these times when you can’t get money, this is one way of getting some help,” said Elaine Kovanda, a member of the Baler Education Foundation, started by parents at San Benito High School and community residents.
For years, parents like Kovanda, whose four kids all graduated from the high school, hosted bingo games and other fund raisers to earn money for sports, band and other programs. But in recently years, interest in bingo evaporated and the organizers began looking at alternatives. Last year, the group was reorganized and is now planning on creating an endowment fund through the Community Foundation of San Benito County, an organization that distributes charitable donations to nonprofit organizations.
The story is similar at tiny Southside Elementary School, which has been an educational mainstay of the community for 125 years. There, parents had organized fundraisers that sent kids to science camp and paid for transportation and physical education, the latter of which the school lost funding for in 2002. But in May of last year, after contacting the San Benito Community Foundation, the school opened an endowment fund and held its first fund raiser that fall.
Creating an endowment put them on the radar for donors in the community, including an anonymous one who was so impressed with the dedication of parents, they matched money raised at the event dollar for dollar, totaling $22,000, said Gary Byrne, executive director of San Benito Community Foundation.
“A lot of anonymous donors give us money to give to non-profits…so having a fund exposes schools to these opportunities,” said Byrne.
San Benito Community Foundation works like an investor, picking the best mutual funds to invest schools’ money in, which they in turn can tap into when the need arises. Their services are available to any school or nonprofit organization.
To date, the Southside Endowment Fund has raised about $87,000, although members have not decided how to use the money yet, said Kathy Tiffany, president of the fund. Their goal is to raise $1 million, money that could fund art, drama and foreign language classes, which are not currently offered at the school.
“It’s ecstatic how the community has supported us,” said Tiffany, whose two 10- and 11-year-old children attend the school.
The fund is zeroing in on alumni, hoping to interest them in not only donating money to the school, but also getting involved in some of its projects, said Tiffany.
Baler Education Foundation is also targeting alumni and has already sent out letters urging them to nominate a teacher, coach or fellow student for a Hall of Fame, which will be set up at the school.
“It’s just a way to recognize people and draw them back into the school,” said Ray Rodriguez, board president of the foundation.
Ideally, any organization – whether a nonprofit or a school – should be getting 40 percent of their operating funds from an endowment, to ensure that no matter what happens, they always have a certain amount of money to fall back on, said Byrne, director of the Community Foundation.
“All schools have been squeezed, but this way they are building a future independent of state funds,” he said.
Karina Ioffee covers education and agriculture for the Free Lance. Reach her at (831)637-5566 ext. 335 or
ki*****@fr***********.com
