Published in the March 16, 2017 edition
By DAN TOMASELLO
NORTH READING — The School Committee is currently working with the North Reading Trustees of Trust Funds as part of an effort to transfer two different funds to the school department as well as resurrect two dormant scholarships.
During last week’s School Committee meeting, Trustees of Trust Funds member Dallas Coffman said his committee has identified two trust funds that the school department “has authority over,” and requested the school system to take ownership of the funds.
“We are here to give away money and we need your help,” said Coffman.
Coffman said the Walter S. Flint School Fund “has a principal balance that we consider non-expendable of $10,000.” He said the fund currently has a balance totaling $45,285.03 because “nobody has done anything with this money for a very long time.”
“It’s rather remarkable considering the current state of interest rates,” said Coffman.
Coffman said the fund has $35,285.03 available to spend. He said the Walter S. Flint School Fund stipulates that the fund can be used for “the entertainment, education, health or other benefits” that will benefit local students enrolled in the school system.
In response to a question from School Committee member Mel Webster, Coffman said the trust fund could potentially have been established 100 years ago.
Coffman said a woman named Alice G. Wilson passed away in 1940, and established a trust fund containing $500. He said the Alice G. Wilson L.D. Batchelder School Recreation Fund now has $1,401.25, and the fund will be used to support recreational activities at the Batchelder School. In a phone interview with the Transcript, Superintendent of Schools Jon Bernard said $901.25 is currently available to spend.
Scholarships
In addition to the two funds that will soon be accepted by the School Committee, Coffman gave an overview of two scholarships that have not been awarded in many years.
Coffman said a woman named Edith F. Holt established a scholarship fund containing $3,000. He said the Edith F. Holt Scholarship Fund would be used to “provide financial assistance to some Protestant boy or girl in North Reading” who will be attending college after high school.
“The School Committee and the town of North Reading shall annually select the pupil or pupils to receive the benefit of this scholarship,” said Coffman while reading Holt’s hand written will. “This scholarship shall be known as the Edith F. Holt Scholarship Fund.”
Coffman noted the Holt Scholarship Fund “hasn’t been awarded” in the past 10 to 20 years. He offered to contact Protestant leaders in town to see if they could recommend a student to receive the scholarship.
Webster and Bernard both noted they have never heard of the Holt Scholarship being awarded in over a dozen years. Bernard also said the school department needs to be careful of advertising the scholarship because it has an “ethnic attachment.”
“We have to be mindful for that,” said Bernard.
After further discussion, Bernard said he would speak with legal counsel in order to determine the best way to proceed.
“I think we have the ability to work it out,” said Bernard. “I think there is a way to reward a deserving student in the way Mrs. Holt asked. We can honor her wishes.”
The Edith F. Holt Scholarship Fund currently has $4,312.74 available.
Coffman said the James Gregory Hannon Memorial Scholarship Fund was established by the estate of Marjorie Hannon after she passed away around 1989. Coffman said the fund has a principal balance totaling $10,000 and there is $525.63 available to spend.
According to Coffman, the fund will award a scholarship to a high school senior “who has distinguished himself or herself in his or her academic studies in the field of the sciences.” Recipients of the scholarship will need to be accepted to a “college or university for pre-medical studies.”
“There is $500 available,” said Coffman.
SC reaction
The School Committee was very appreciative of the unexpected donations.
“It’s very much appreciated,” said School Committee Vice Chairman Jerry Venezia.
Bernard echoed Venezia’s sentiment in a phone interview with the Transcript.
“I am going to be working with the School Committee so these gifts can be accepted by the school department,” said Bernard. “We will be consistent with the wishes of the deceased.”
