The Coronado Schools Foundation (CSF), a community-driven nonprofit that raises funds to support arts and STEM in Coronado schools, just delivered its biggest check in history. This year, it raised more than $1.2 million for local schools. CSF representatives presented the check to the trustees of the Coronado school board on Thursday, June 11.
“We’ve seen our community stand up, our business partners stand up and really truly support what we are doing at CSF to support the STEM and the arts,” said Katie Hart, CSF President.
CSF has been around for 44 years, and the most it has raised was $860,000 about two years ago. According to Hart, a few “big things” happened this year to contribute to the increase in funds. She said a large donation was associated with naming rights for the Coronado High School Gym, now called Manning Gymnasium. This donation was matched by the Vivien A. Nelson Foundation.
In addition, the CSF endowment is enjoying success and annual CSF Gala had its best year to date, according to Hart.
The influx of funds is welcome as CUSD transitions to Basic Aid. While the district will receive an additional $8-$10 million a year under the new funding formula, it will take some time for the district to build up the necessary cash reserves.
“The need for fundraising is still there,” said Hart. “There is this misconception that once we hit Basic Aid that we won’t be needing all these funds. But we still need them for arts and STEM.”
District approves option for loan to bolster cash flow
The board voted 5-0 to approve an option for a loan, not to exceed $10 million. The loan, according to Deputy District Superintendent Donnie Salamanca, is essentially a salary advance for the school district.
If needed, the district can exercise the loan in August to ensure that the district has enough reserves to meet cash flow needs.
“We hope that we don’t have to exercise this, but we are asking the board to take action in abundance of caution,” said Salamanca.
He explained that, under the new funding formula of Basic Aid, the school district will get paid in two large lump sums — in December/January and around May/June. This is an adjustment from the monthly payments under the current funding structure.
“Until we are able to rebuild our fund balance reserves, and get to a point that sustains us in regards to cash flow needs … this is something that we are going to have to get relatively accustomed to until we are able to replenish our reserves,” said Salamanca.
Trustee Fitz Lee said it was a necessary step to ensure the district could cover cash flow during the transition.
“Where we are going is very good … we just aren’t going to get there as quickly as you might think. We have to get those reserves built up,” said Lee. “We are doing what we have to and I think we are being very prudent.”
In other board business:
- The board approved the Early Retirement Reduced Workload program.
- The board approved the agreement between CUSD and the California Schools Employees Association (CSEA)
- In August, the board will provide a comprehensive report of the risk and threat assessment protocols.
- Sometime in the fall, the board will review the use of technology in the classrooms.
The next board meeting will take place on Thursday, June 18 at 4pm at district offices.
Earning over $1.2 million for schools is impressive. I wonder how the transition to Basic Aid is going to work out for the district.