BOE Explores Outside Funding Opportunities

A new committee is exploring the possibility of creating an outside foundation to assist with raising funds for the school district.

BOE member David Finn said the new development committee he’s chairing is currently studying ways to raise outside funds for the district. He said the possible endowment is needed in the wake of declining state aid for the school system.

“What we’re looking to do in my mind is partner with as many organizations in town like the Education Fund, the United Fund, the Boosters and the Theatre Guild,” he said. “We’re looking to enhance and improve the amount of partnering in the district.”

Finn said the new endowment would not compete with the existing groups that raise funds for the school system.

He said the committee is in the process of studying other endowments, including the one created in the Summit public schools to see how it would work in the district. Finn said meetings between the committee and Summit’s endowment advisors have revealed that the Hill City has raised $3.5 million from alumni.

Finn said the Board of Education cannot legally operate the endowment as a public system, but would work to partner with the existing groups to help run such a system. This would include working with the education fund.

Finn said he could see such an endowment serving three purposes in terms of fundraising. He said this would include alumni relations, outreach to wealthy citizens and corporate sponsors.

“I do think there are a lot of wealthy citizens in town who have heard me speak about this,” Finn said. “We have the alumni.”

Finn said that he also would like to see the endowment reach out to potential corporate sponsors to assist with fundraising.

“Westfield is a marquee name that we don’t play up enough,” Finn said.

Endowments for local school districts are not that common in New Jersey, but officials with the New Jersey School Boards Association said more districts have been exploring them in the wake of cuts to state aid for public schools. The practice has been common in private schools for years.

Finn did stress that any group that is formed by his committee will seek to work with the existing groups in town.

“The non-profits in town should have no fear of what is happening,” he said.