The difference from other educational foundations is the endowment itself. An endowment is an asset reserve containing the savings that promote the continuity of the organization. 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.
No, SEF does not award scholarships. It provides funding for innovative projects and programs which enhance student learning.
SEF uses a formula: 4% of a rolling 5-year average of what is in the endowment + 50% of new money (after expenses).
Teachers and administrative staff submit grant requests that are reviewed by the school Principal, Supt. of Schools and the SEF Grant Review Committee.
The school budget makes up two-thirds of the town tax liability. A good school system often raises property values, promotes community and attracts visitors and as well as new homeowners. It is a win-win for all!