ENDOWMENT
FINANCIALS
ABOUT THE ENDOWMENT
ABOUT THE ENDOWMENT
The Somers Education Foundation has both State and Federal 501c3 status (73-1702479). Donations are 100% tax deductible.
PRESENT SOURCES OF INCOME
Sources of ongoing income:
- Geissler's Supermarket Receipt Program. Since 2007, for every receipt over $35 (exclusive of taxes, alcohol and tobacco) turned in, Geissler's generously donates 5%. Collection boxes are located at the elementary and middle school central offices, the town library, The Somers Senior Center, Knitting Criations, Henny Penny, Hometown Kitchen and Joanna's Restaurant. This is a very easy, passive way to support the SEF.
- SEF is enrolled in the AmazonSmile program. Smile.Amazon.com is a website operated by Amazon that lets customers enjoy the same wide selection of products, low prices, and convenient shopping features as on Amazon.com. The difference is that when customers shop on AmazonSmile, the AmazonSmile Foundation will donate a percentage of the price of eligible purchases to SEF!
- SEF also accepts "In Memorium" gifts and has an "Honor Thy Teacher" category for donations.
- In 2017, the Annual Brewfest was introduced and was so popular, it continued into 2018 and 2019. In 2020 and 2021, it was canceled due to the pandemic. It came roaring back in April 2022 and was the most successful one to date.
- In 2020, the first Fun'd Run was held in through the Southern New England Athletic Association. Somers, Suffield and Ellington all participated and we are hopeful it will be an on-going event.
SEF is always open to suggestions for other fundraising possibilities.
NAMED FUNDS
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
Past sources of income have been:
- Galas and Family Fun Days were held in our first few years.
- Annual Wine Tasting events were held in 2009 - 2015.
- A Day Lily Sale at Worthington Pond Farm & Gardens from 2009 to 2015, with the plants graciously donated by Dan Roulier.
- A family fun day was held in 2019 at Sonny's Place in Somers
FOUNDING FINANCIAL PRINCIPLES
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.
FUTURE ENDOWMENT GOALS
SEF will continue to work on growing its endowment because educational needs will never decrease.