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Alumni-led endowment aims to boost Faribault activities, target fund set at $30 million
Summary
A community committee unveiled the Falcons Activities Endowment to supplement district activity budgets, with near-term goals to double supply budgets and reduce student fees and a long-term ambition to fully fund school activities.
Ken Hubert, a retired Faribault activities director, told the school board on Oct. 27 that a community committee has created the Falcons Activities Endowment under the Faribault Foundation to support activities at Faribault High School and Faribault Middle School.
"This group has created an endowment fund meant to support Faribault activities," Hubert said, explaining that endowment principal would remain intact and the committee intends to use investment earnings to support athletics and activities. Hubert said initial fundraising by the booster club and Faribault Wrestling Association provided an early $20,000 match and the committee has already received private donations.
The committee set three goals: increase activity supply budgets, stabilize or lower student activity fees, and — as a long-range objective — fully fund all Faribault activities. Hubert said the ultimate, long-term target in today's dollars would be about $30,000,000, while the nearer-term targets are smaller: roughly $3,000,000 to double supply budgets and an additional $2–3,000,000 for the second goal.
Director Linda Moore said lowering fees would make participation more feasible for families. "The average cost for just one sport, one child is $100," she said, adding that fees multiply quickly for families with multiple athletes. Director Gary Wolf urged broad alumni outreach and said the endowment vehicle at the Faribault Foundation allows many forms of gifts, including estate gifts and retirement-plan transfers.
Hubert emphasized the multi-decade horizon for the largest goal, saying the endowment is "our oak tree" and will take many years to reach full scale, but that annual earnings would benefit current students as the fund grows. He asked for the board's support as the committee begins public fundraising and outreach.
Board members expressed appreciation for the booster club, the wrestling association and anonymous early donors. No formal board action was required or taken on the endowment during the meeting.
