After many months of collaborative effort by community individuals, a Fairland Public School Enrichment Foundation (FPSEF) has been established.
According to its literature, the Foundation is a broadly based, non-profit community organization incorporated under the laws of the State of Oklahoma on February 6, 2007. The corporation is on a fiscal year ending August 31 and will file income tax returns annually as a tax-exempt organization under I.R.S. Code Section 501 (C)(3). Contributions are deductible under Code Section 170 (C)(2). EIN 26-3448268
The mission of the Foundation is to secure and distribute contributions from individuals, corporations, and foundations for the benefit of the students in the Fairland Public Schools. The funds will be used exclusively for charitable educational purposes. The Directors strongly believe the quality of life and economic prosperity is dependent upon educational excellence.
Goals of the FPSEF are: (1) To create an endowment fund of a minimum of $100,000 as a base on which to build in order to fulfill our mission; (2) To obtain financial and non-financial resources on behalf of the school system; (3) To make yearly grants to qualifying teachers for special projects to enhance student learning opportunities; (4) To purchase educational materials and equipment which cannot be funded from general revenue; and, (5) To encourage community and business involvement in the public schools in a positive and supportive manner.
The FPSEF exists outside the formal operational boundaries of the school system but in conformance with the Board of Education goals and objectives and is recognized as a partner in seeking to increase the level of opportunities and instruction in education for Fairland Students and Teachers.
The FPSEF funding is to be used to supplement and enrich educational opportunities not replace services provided from tax revenues. The Foundation funds have two categories: Donor Undesignated Endowment Gifts and Donor Designated Project Gifts.
An endowment fund is a special fund created to support an organization, in this case the FPSEF. The money in the fund is safely invested, providing the FPSEF with a steady and predictable cash flow. This allows for better long-range planning and provides the foundation with the financial security to sustain them for eternity. Only the investment earnings from the endowment fund will be used.
Donor Undesignated Endowment Gifts: No funds shall be distributed until $100,000 has been received. At that time, annual distributions must be made in an amount of at least four percent of the total annual earnings on the Foundation Assets. Undistributed amounts are retained to apply to the next year’s distribution. In addition, one percent of the total annual earnings is to be retained for administrative operations of the Foundation.
Donor Designated Project Gifts: These funds may be given for special educational group projects or for individual educational awards or projects and are subject to review as to their intent, purpose, or appropriateness with regard to the purposes for which the Foundation was legally constituted and are subject to approval of the Board of Directors of the Foundation before acceptance and distribution.
The foundation is governed by ten directors and five committees. The superintendent of schools is an ex-officio director. Directors serve as Committee Chairs. All officers and directors are elected for three-year terms on a rotation basis. Foundation Bylaws outline and govern the structure and policies of the organization. The officer and director positions currently include: President: George Weaver; Vice President: Andrea Kelly; Secretary: Patricia Clark; Treasurer: Casey Bowers; Directors: Jim Blaylock, Vic Boyer, Larry Gray, Don Stephens, Michael Wyrick, and Mark Alexander, Supt. Ex-officio.
More information about the activities and fund raising efforts of the FPSEF will be presented as the Directors develop the organizations program of activities. If you have questions, please call George Weaver at 918 676 3651 or visit the Fairland Public School website at www.fairlandowls.com and click on FPSE Foundation.