SOMERS EDUCATION FOUNDATION
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SEF Financial Picture
Supporting Education for our Future
ABOUT THE ENDOWMENT:
The Somers Education Foundation has both State and Federal 501c3 status (73-1702479). Donations are 100% tax deductible.
One of the original cornerstones of the Somers Education Foundation was to build an endowment of sufficient size to allow it to grant awards every year regardless of the state of the general economy. The plan was to grant 50% of its income yearly and use the other 50% to pay expenses and build an investment portfolio. The first ten-year goal was to have $250,000 in the endowment. The SEF has been successful in meeting its goals – both of providing funds to the schools and building its endowment. The endowment growth goal was actually exceeded! The SEF had $310,000 in its endowment on its tenth birthday on 6/30/2014.
The SEF was started in 2004 with generous gifts from its original Board Members, allowing it to have an immediate impact in its first year of existence. The endowment has grown in subsequent years through community fundraising events and investment. It is a source of pride that the endowment grew in 2008-2009 during the greatest economic downturn in 75 years.
The first ten years were used to build the endowment. Going forward, the endowment will actively be used to support grant and awards employing “The Prudent Man Rule” of never taking more than 4% per year from it. The endowment funds will be used exclusively for grants and awards and not Foundation expenses.
SOURCES OF INCOME:
Galas and Family Fun Days were held in our first few years, followed by our annual wine tasting event in October starting in 2009 -2015.
Other sources of ongoing income have been:
In October 2014, the SEF received a remarkable donation of $100,000 from Helen and S. Prestley Blake that went directly into the endowment. The SEF has created a named fund in the Blake's honor.
The SEF has also created a named fund in honor of Dan and Jane Roulier’s ongoing support of SEF since the beginning.
In 2016, the Bill and Anne Kirkpatrick Fund was established.
In 2017, the Antonacci Family Fund was announced.
FUTURE ENDOWMENT GOALS:
The SEF will continue to work on growing its endowment because educational needs will never decrease.