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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…
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