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Committee backs Northern Lights grant renewal and multiple endowment changes
Summary
Committee members voted to recommend a renewal of the Northern Lights grant (approximately $1.85M, FY27) and a package of endowment actions: liquidating the Upwardbound quasi-endowment (~$54,793), creating three new scholarships, and amending the Helen R. Gould scholarship to support atmospheric sciences.
The Finance & Facilities Committee voted to recommend a renewal of the Northern Lights grant and a set of endowment actions to the full Board of Trustees.
Committee members heard that the Northern Lights grant is a one-year renewal request from the Community College of Vermont that supports the Northern Lights hub for early childhood professional development across Vermont, providing training, career advising and system infrastructure for the early childhood workforce. The anticipated FY27 award was described as approximately $1.85 million, funded through state and federal resources with quarterly reimbursement and no required institutional match.
President David Berg briefed trustees on five endowment-related requests the committee reviewed as a package. He described a request from the Lynen/Lynden Upwardbound director, Rick Williams, to liquidate the Upwardbound quasi-endowment so funds can be used to meet immediate student needs (books, exam fees and other supports). Trustees were told the balance available in that account was $54,793. Berg also outlined three proposed new scholarships: the Cheryl Marsden Scholarship (supports teacher placements with a preference for Caledonia County students), the Lane Family Scholarship (for Castleton-based teacher preparation students with financial need), and the Ryan Delena Student Expedition Fund (to cover costs of expedition-based learning experiences). Finally, donors requested amendment of the Helen R. Gould scholarship to align it to atmospheric sciences at the Lynen campus.
A motion to recommend the Northern Lights grant renewal and the endowment package was moved and seconded and the committee voted in favor; trustees recorded no opposed votes on the public transcript and the recommendation will be forwarded to the full Board for final action.
Next steps: The committee forwarded these items to the full Board for consideration at its upcoming meeting; donors and program staff will work with institutional development and finance staff on implementation and any required donor agreements.
