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Board gives first reading to policy formalizing oversight of Fairmont Partners in Education funds
Summary
The board reviewed Policy 705.2 to transition management of invested Fairmont Partners in Education funds to the district, require annual net proceeds be used for student enrichment, and implement changes after an audit found historical fund handling issues dating to 2007; final approval will occur at a later meeting.
Board members reviewed Policy 705.2, a new policy that would formalize the parameters and oversight for funds associated with Fairmont Partners in Education.
Jessica (finance staff) and Superintendent Nicole Trade explained the policy’s core elements: the district would transition management of invested funds to the Fairmont Area Schools Board of Education in consultation with the Fairmont Partners in Education advisory committee, the director of finance and business management, board representation and the superintendent. Jessica said the policy clarifies that “all of the annual net revenue will be used for student enrichment programs and it'll be the only thing it can be used for.”
Staff said the changes reflect findings from an audit of historical practices: some funds had been invested under the district’s tax identification number going back to 2007, and the policy aims to establish clearer operational parameters and donor guidance as Fairmont Partners in Education pursues 501(c)(3) status.
The board noted this is a first reading; the superintendent said approval will occur at a future meeting after required readings. Board members and staff said they will continue working with Fairmont Partners in Education to communicate where donors should send contributions and how funds will be overseen going forward.
No final board action was taken on the policy at this meeting; the item was informational and scheduled for further consideration.
