Trustees of South Kingstown School Funds
- Quarterly meetings as needed
- Council Chambers
180 High Street
Wakefield, RI 02879
Staff assistance is provided by the Town's Finance Director
Agendas & Minutes
Agendas are available prior to the meetings. Minutes are available following approval.
View Agendas and Minutes
MembersFive members are appointed to 5-year terms:
- Leslie A. Pierini
- William M. Rosen
- Terrence G. Simpson
Ex Officio Member: The Town's Finance Director
PurposeThe Trustees of the South Kingstown School Funds is a corporation which was created by an Act of the General Assembly at its January Session in 1911. Section 2 of the Act established that the Corporation is authorized to receive and manage all school and educational funds. The Trustees are vested with the management of nine endowment funds. The funds operate on a cash basis with income being received from investments and reinvested income.
The Trustees are charged in Section 3 of the Act to make an annual report to the Town in regard to the funds, and transfer income arising from the funds to the Town in an orderly fashion. The Trustees meet at least once a year to review all fund performances, and members of this committee should have a strong financial management background to insure proper management of the portfolio. The funds are currently held by Fleet National Bank and the Trustees are provided an advisory service on recommended changes in the portfolio composition.
The Trustees of the South Kingstown School Funds manage nine separate education-related trust funds:
(1) Samuel Sewall Fund : This fund was established in 1680 to provide educational support to a school located within the Pettaquamscutt Purchase which, on an ongoing basis, maintained one teacher who is a member of the Congregational Church. This fund generates income of approximately $900 for the South Kingstown school system. Reference to this fund is provided in The Narragansett Historical Register, James H. Arnold, Editor, Volume 1, Page 219.
(2) Esther B. Shannon Memorial Fund: This fund was established several years ago as a memorial for a former high school principal. It provides a scholarship to a South Kingstown student for an institution of higher learning and has a yearly income of approximately $1,000.
(3) Wakefield Grammar School Fund: This fund was established when a unified school district was created in South Kingstown. At that time the Wakefield School District sold its school building and placed the assets received from the sale in a trust fund. Yearly income from this fund is approximately $700.
(4) Edward Mott Robinson Fund: This fund was established pursuant to a will filed in the South Kingstown Probate Book No. 10, Page 228, to provide general aid to secondary education. It has an approximate yearly income of $10,500.
(5) Miss Caroline Hazard Fund: This fund was established by Miss Caroline Hazard as a trust fund for the Stepping Stone Kindergarten. It is recorded in Probate Book No. 2, Page 362, and has a yearly income of approximately $13,000.
(6) Depreciation Fund: The Depreciation Fund was established on March 20, 1915, by Herbert Wells. Mr. Wells established this trust fund to offset any income losses created by adverse stock market fluctuations. The Depreciation Fund has a yearly income of approximately $900.
(7) Rowland Hazard Fund: This fund was established through Rowland Hazard's will which is recorded in Probate Book No. 15, Page 232. This trust fund is for support of general education. Its yearly income is approximately $3,500.
(8) Neighborhood Guild Fund: The Neighborhood Guild, established September 19, 1939, at a special Financial Town Meeting, provided an endowment fund for operation of the Neighborhood Guild Program. It has a yearly income of approximately $280,000.
(9) Raymond Dufault Scholarship Fund: The Raymond Dufault Scholarship Fund was established at a Ray Dufault Committee Meeting on November 6, 1985. This fund provides funds to South Kingstown High School Seniors and graduates pursuing training or education in one of the following areas: Culinary Arts, Arts, Music, Public Safety, and Public Service. It has a yearly income of approximately $200.