Frequently Asked Questions

Introduction

The Medway Foundation for Education (MFE) is a non-profit organization charged with raising capital to fund innovative, educational projects throughout Medway’s public schools. Using monies generated from community events, contributions, and educational grants, MFE will allocate funds through a grant process to teacher-sponsored projects. We strongly believe that these projects will dramatically impact the quality of education in our town.

The following list of frequently asked questions was developed to help you understand the mission, specific goals and operational details of MFE. Please see the Medway Education website located at www.medwayschools.org/mfe for contact information and additional details.

Who is on the board of MFE?

Our board is comprised of business professionals in the areas of Public Relations, Marketing, Direct Mailing, Design, Asset Management, Legal and Accounting. Each Board Member has donated their time and services for free. There are no paid employees of MFE. All printed materials have been donated and postage has been minimal based on our bulk mailing (tax-exempt) status.  The goal is to keep our costs as low as possible while still realizing that there will be expenses related to creating public awareness and funding the fundraisers.

What are the goals of the MFE?

• Establish fundraising events and, in turn, distribute the proceeds to the schools in the form of grants for innovative programs that go beyond those which can be funded by the town as part of Medway’s core curriculum

• To raise $1million that will create an endowment on the basis of principal and investment income. The principal will create a legacy foundation to support the schools on a consistent basis regardless of successful or unsuccessful fundraising years

• Combine Parent/Community involvement, grant writing, project definition and strategies to seek out creative and innovative programs to bring our educational curriculum to a higher standard

• Promote awareness of the cost of education and the positive impact on our community when we support our schools

What is MFE's Approach

Every dollar received by MFE is intended for use at the schools either in the form of a grant or building the endowment.

• Every dollar received by MFE is intended for use at the schools either in the form of a grant or building the endowment.

• Collect funds by direct contribution of businesses and local citizens in the Medway community

• Plan and execute special events for fundraising (annual drive, Medway’s Most Wanted, etc.)
  Plan and execute grant-writing efforts to raise contributions from foundations and other non-profit organizations

• Develop and execute a comprehensive marketing, public relations, and educational program that creates community awareness about Medway School District needs and projects and their impact on Medway's quality of education

What will be funded?

• Innovative educational projects that fall outside the normal school budget

• Guest speakers, consultants, artists or performers who assist in the project’s implementation

• Tuition, training, and travel expenses related to the project’s goals; stipends for staff time beyond contracted hours

• Equipment, materials, supplies required for completing the project

What will not be funded?

• Salaried positions

• Substitute teacher stipends

• Regular school activities

• Capital expenditures

Why establish MFE now?

The town of Medway has experienced significant growth. Here are some facts:

• Medway’s population grew 25.34% in one decade.

• High school enrollment grew from 502 to 717 students in 7 years. That represents a 43% jump.

• Twenty percent of high school classrooms today have over 29 students enrolled.

• The quality of education in Medway is an extremely valuable asset. We need to find ways to both maintain and improve the quality of education beyond raising property taxes.

I’ve never heard of an education foundation.  Is this a new idea?

No: Education foundations have been in existence for years but not in Medway.  This is well-established territory with a number of notable successes.  Here are a few examples of what other Massachusetts based education foundations have accomplished:

Needham Education Foundation
In 1990, a group of Needham citizens accepted the challenge to raise funds to stimulate and support innovative educational programs and enrichment activities that are above and beyond normal public funding. Since that time, the Needham Education Foundation, Inc. has raised over $950,000 and awarded 160 grants totaling over $360,000. With strong support from business and community leaders, empty nesters and young families, as well as alumni, students in every level of public school, across the town, have been touched by NEF supported programs.

Franklin Education Foundation
The Franklin Education Foundation (FEF) was formed in 1997. The foundation’s primary goal is to fund grants to the teachers of the Franklin Public School system through a competitive selection process. Teachers and staff at all levels are encouraged to submit grant proposals for innovative programs they feel would enhance the curriculum, encourage hands-on learning, and produce measurable benefits for the students. Since 1997, the FEF has awarded almost $50,000 in grants to elementary, middle and high school programs.

Lexington Education Foundation
$956,234 in grants has been awarded by the Lexington Education Foundation since its inception in 1989.  194 innovative programs have been funded by LEF.  5,977 Lexington school children are currently involved in one or more LEF-funded programs.  8,203 Staff and Teacher Appreciation and Recognition (STAR) awards have been funded.

What is the difference between MFE and the Medway Elementary Parent/Teacher Organization (PTO)/ Medway Secondary Home and School (MSHSA)? Does MFE replace the PTO?

No, MFE is not a replacement for the school PTOs.  The Medway Foundation for Education (MFE) is an external partner to all Medway schools. Our sole task is to raise large amounts of capital to fund essential, innovative teacher-sponsored projects and programs, and whose long-term goal is to create an endowment on the basis of principal and investment income.

The Medway Elementary PTO and MSHSA work within the specific schools. While both of these parent/teacher organizations raise funds for school events and programs alike, they also take a key role in the schools’ daily functioning through their extensive volunteer initiatives.

How do you differentiate the fundraising programs between the PTOs and MFE?

MFE’s fundraising is directed at the entire Medway community and Medway or Surrounding town businesses.  The PTOs fundraising directs fundraising through the schools and may passively reach the community outside of parents with children in the school system.

In addition:

• MFE is fundraising for innovative curriculum based programs, which are teacher supported 

• The PTOs raise funds for more socially oriented programs, which are supported by the extensive PTO volunteer network.

Why should I invest in the Medway Foundation for Education?

The MFE directly benefits all Medway public school students, by promoting creativity, innovation and excellence. Academically strong public schools enhance real estate values and attract economic development. By supporting our schools, we preserve our community’s vitality

Why do we want an Endowment?

Endowments can serve numerous purposes. Here are some benefits from an endowment.

• Financial stability. A healthy endowment dissipates insecurity and eases financial pressures

• Regular income. Through smart investing our endowment will provide reliable revenue for our innovative programs

• Emergency funds. An endowment can be serve to provide funding for unexpected expenses ("saving for that rainy day")

• Future opportunities. Endowments, within the framework of spending policies, can provide funding for new ventures or sudden opportunities within our schools

• Generational equity. An endowment allows MFE to meet the needs of the future generations

• Donor opportunities. An endowment allows major donors to have a lasting impact

• Confidence builders. Contributors (or donors) are attracted to successful endeavors. A strong endowment builds donor confidence.

Our stated goal was to create an endowment of $1 million.  An endowment of this size may only generate 2-3% annually (if that). Will that be enough to cover the current needs in the schools?

There are two questions here.  First, the objective of MFE is not to cover the current needs in the schools.  Tax income from both the state and local property taxes will still be required to fund the basic needs of the schools including salaries, buildings and supplies.

1. MFE hopes to be able to raise capital to fund additional innovative, educational projects throughout Medway's public schools. We want to be able to go beyond covering the basic needs.

2. Secondly, you are quite right about concern regarding only producing approximately $20k-$30k from interest on $1 million. We do not plan to stop our fundraising efforts once this goal is reached.

Who will be making the decisions on how the funds are spent?

The funds will be distributed to the schools through a fully defined grant process. Please see our Teacher / Staff Grant Application page for more details.  Our intent is to fund programs that have the maximum impact for a large portion of the student population. We have a sub-committee dedicated to this task.

What will our Investment Policy Include?

Our investment policies has been developed with the advice of a financial professional and reviewed by legal counsel.  The following is addressed:

• Definition of general objectives (preserve and protect the assets)

• Delegate day-to-day asset management to a finance committee or a professional manager

• Set asset allocation parameters (include diversification)

• Describe asset quality (itemize quality ratings for stocks, bonds, or short-term reserves based on your risk tolerance)

• Define investment manager's accountability (include risk in transactions, social responsibility, reporting requirements, and coverage of cash flow needs)

• Establish a system for regular reviewing of the policies

What is the Education Fund on my property tax bill?

This fund, which was established and is and governed by state law, is designed to provide supplemental educational funding for local educational needs or to provide funding for existing adult literacy programs.  It also allows cities and towns to establish a scholarship fund that awards financial aid to residents of the town for pursuit of education beyond the secondary school level at an institution deemed accredited by the an established scholarship committee.  The committee will consider each participant’s financial need, character, scholastic record and involvement in community work as well as extracurricular school activities.

How is the Education Fund different than MFE?

The two programs share the goal of providing voluntary, supplemental funding of educational programs.  However, the MFE is an organized fundraising group whose goal is to establish and actively manage an educational endowment.  MFE also does significant review of educational innovation proposals, and takes an active role in the development and implementation of these programs through close cooperation with educators and administrators throughout the school system.  MFE is privately managed, while state statutes govern the management of the education fund.  Finally, MFE is a proactive way to raise and disburse funding and develop educational programs—the education fund is largely reactive, based on whatever is donated in a given period, and/or when enough money is available to fund a given program.

Is my contribution to MFE tax deductible?

MFE is 501(c)(3) tax exempt organization.  Your contribution is 100% tax deductible.

What do we provide in the form of receipt for donations?

Any donations worth $250 or more must be recognized with a receipt. MFE will automatically provide the donor with a receipt.  The IRS has not created a standard format for contribution receipts but the following information will be included in a thank you letter or post card.

• The donor's name

• The amount of money or a description of the item donated

• A statement indicating whether or not any goods or services were provided in return for the gift. Receipts from religious organizations must include a statement indicating that "intangible religious benefits" were provided but they have no monetary value for tax purposes

• A good-faith estimate of the value of goods or services provided. Insubstantial value need not be recorded (see above)

How can you support the Medway Foundation for Education?

Gifts of: cash, stock, real estate, life insurance, bequests

Sponsor Events: Individual and business support is essential to the MFE. Partnering with the MFE is good for our community and good for your business

Underwrite grants: grants are the most important function of the MFE. Funding innovative programs in the schools is crucial to maintaining academic excellence

Volunteer: We need caring and committed people like you to make it all happen - grant evaluations, event planning, outreach programs and fundraising events

How can I contact MFE?

Please contact Suzanne Grillo at 508-533-3266 or email us at mfe@medwayschools.org.  You may also mail us at:

Medway Foundation for Education
c/o Richard Grandmont
45 Holliston Street
Medway, MA  02053