NewburyportNews.com, Newburyport, MA

Opinion

April 14, 2014

Ease school problems with endowment fund

To the editor:

As I read about financial problems in our schools, I am surprised that nobody has taken up the idea(s) which I have suggested in the past.

The easiest one to implement is to set up an endowment fund for the schools to, initially, be funded by, say, five-year pledges from people who see the future of Newburyport, or Amesbury, relying on the graduates from our schools. In the first year 100 percent of the money would go to the schools. In subsequent years an increasing portion would go into the endowment fund, as other sources are found. In the near future, the endowment could cover unexpected cuts in funding. In the far-off future, the endowment could fund a regular portion of the operating expenses. Without having any family connection to the schools, I would be prepared to pledge $200 to this fund.

A more complex idea is to sell the school building(s) and lease them back. This would provide a once-only large influx of money, which could be put into the endowment fund. It has another important advantage in that the school administration would be able to concentrate on education without the distraction of building maintenance.

Alan Papert

Newburyport

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