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RSU 5 board approves agreement letting Freeport High School Scholarship Foundation manage Stetson gift
Summary
The RSU 5 Board of Directors voted to authorize an agreement that places the roughly $3.6 million Stetson scholarship gift under the management of the Freeport High School Scholarship Foundation, with conditions that let the district reclaim funds if needed and require an annual report.
The RSU 5 Board of Directors on Wednesday approved an agreement to have the Freeport High School Scholarship Foundation manage a multiyear scholarship gift from the Norman B. Stetson Trust.
The board voted to approve the agreement and authorized the superintendent to sign it on behalf of RSU 5. The motion was made by Cheyenne and seconded by Colin; the board approved the measure by voice vote.
Superintendent Jean (last name not specified) summarized the background: the board previously voted on Feb. 28, 2024, to accept a roughly $3.6 million gift from the Norman B. Stetson Trust and took steps to receive the funds. An initial disbursement of $3,081,012 arrived in May 2024, and district staff discussed options for managing the scholarship funds. The…
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