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Board approves transfer of roughly $2.6 million Wolpatt scholarship fund, agrees to consider family’s wishes
Summary
The Lodi School Board voted unanimously to liquidate and move about $2.6 million from the Wolpatt scholarship fund into two separate accounts — one for scholarships at the Madison Community Foundation and one held by the district — and passed a follow-up motion to consider the Wolpatt family’s preferences for future spending.
The Lodi School Board voted unanimously to move roughly $2,600,000 from the long-standing Wolpatt scholarship fund into two separate accounts and to consider the donor family’s wishes when deciding how to use that money.
Administration told the board the family requested transferring the scholarship’s stock holdings into cash and splitting the proceeds, with approximately $600,000 proposed for the Madison Community Foundation to support ongoing scholarships and the remainder to be invested in a low-risk district account. “We’re delighted to announce a transfer of approximately $2,600,000 from this scholarship fund to the Madison Community Foundation and the school district of Lodi,” the administrator presenting the item said.
Board members discussed how the district should honor the family’s intent — the presenter said family members indicated an interest in supporting fine arts and a performing-arts center — and sought clarification about who would control or designate funds once transferred. A finance staffer described the mechanics: the district will liquidate the Computershare-held stock, deposit proceeds into a district check, and split the money into two externally held accounts that do not commingle with district operating funds.
On a subsequent motion the board approved moving the funds into the proposed accounts. The board then passed a separate motion directing administration to keep the board involved and to consider the Wolpatt family’s wishes when using the funds; both votes were 6–0. One member noted the family had said, “use it the way you want to,” but others urged ongoing conversation with family representatives so the district’s decisions respect donor intent.
The board discussed possible uses — including scholarship continuation through the Madison Community Foundation and capital investments such as elements of the district’s long-range capital improvement plan or performing-arts center work — but made no final spending commitments at the meeting. Board members said they expect further conversations with family representatives before the district assigns funds to specific projects.
