Michael E. Smith Endowment for Excellence in Education Funding Restrictions

Principal will remain invested in perpetuity with disbursement of interest only. The funds shall not be utilized to meet obligations within the town's operating budget or meet shortfalls therein. Funding of proposed grants will be at the discretion of the Board with the following as guidelines:

Funds will not be utilized for support of buildings and equipment or maintenance there of.

Funds will not be utilized for basic, core learning materials and supplies to be provided through the school operating budget.

Funds will not be utilized to pay salaries and benefits, excluding stipends.

Funds will not be utilized to replace any expenses recurring in the school operating budget.