The Somers Education Foundation has both State and Federal 501c3 status (73-1702479). Donations are 100% tax deductible.
Sources of ongoing income:
SEF is always open to suggestions for other fundraising possibilities.
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 as 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.
In June 2019, the Salva Family Fund was established.
In July 2020, the Mazzoli Family Fund was established.
Named Funds are created when a cumulative donation of $25,000 has been received. Grants are awarded in the name of the donor on a yearly basis. The amount awarded is 4% of the named fund. These funds go directly to the endowment and are not considered general revenue.
Photo (L to R): John Mailhot, Helen Blake, Paul Salva, S. Prestley Blake
Past sources of income have been:
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.
The first ten years were used to build the endowment. Since then, the endowment has been used to support grants, with the policy of never taking more than 4% per year from it. The endowment funds are used exclusively for grants and not Foundation expenses.
SEF will continue to work on growing its endowment because educational needs will never decrease.