School Boards Consider How To Manage Leighton Fund
Over the next few months, Ledge-mont Schools Board of Education will be tying up a number of loose ends as they prepare to merge the…
Over the next few months, Ledge-mont Schools Board of Education will be tying up a number of loose ends as they prepare to merge the district with Berkshire Schools.
One of those will be the management of the Francis Spatz Leighton testamentary trust left to the district in 2007 for the benefit of Ledgemont students.
On April 20, board members had a preliminary discussion about the best way to handle the $288,122.83 remaining in the fund, said Ledgemont Super-intendent Julie Ramos.
“It’s clearly stated the funds are to stay in this community,” she said, adding that means Thompson and Montville townships.
“It’s very specific on what the funds can be spent on,”Ramos said.
Leighton was a Thompson resident and graduated from Ledgemont High School. She was a journalist and an author of books, and left more than $700,000 to the township and school district, which trustee Bill Hofstetter will split between them.
The township part of the funds has been earmarked for the Thompson Park Board.
Ramos has previously said the trust specifies the school district’s portion may not be used to pay down the school district’s debt or for operating expenses.
Both Ledgemont and Berkshire school boards met at separate times at Ledgemont April 13 to share information on the trust and other aspects of the merger, Ramos said.
The advisory committee, approved during the meeting, will oversee the expenditures, such as scholarships for Ledgemont students, she said, adding the committee will also take care of necessary paperwork, documentation and proof of trust intention compliance.
Otherwise, discussions for passing the torch from Ledgemont to Berkshire are preliminary and the idea will have to be refined before any action is taken, Ramos said.
