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New Albany board accepts $5 million donation from New Albany Company
Summary
The board approved an agreement to accept a $5 million donation from the New Albany Company to the New Albany-Plain Local Schools; legal counsel reviewed the agreement prior to vote.
The New Albany-Plain Local Board of Education voted to accept a $5,000,000 donation from the New Albany Company during its Nov. 10 meeting.
Board members considered an agreement provided by the donor (referred to in the meeting as NACO). Treasurer Jenkins said the district—s legal counsel had reviewed the agreement and recommended approval. The board called the roll and the motion carried.
The transcript shows the motion was made and then approved by roll call; the packet indicates the donation will be sent to the district after the board approves the agreement and the donor executes the transfer. The district indicated the $5 million donation is intended to support campus master-plan priorities and will be incorporated into project funding discussions, including the elementary school and athletic campus planning.
Next steps: Administration will coordinate receipt of the funds with legal counsel and incorporate the donation into the district—s capital planning and budgeting for the bond/campus master plan projects.
