Barrington's Spencer Trust nearly triples annual budget

Board established an 'Emergent Needs' fund

By Josh Bickford
Posted 4/11/21

The Spencer Trust board of directors recently voted to increase its annual budget from $92,000 to nearly $250,000.

Officials learned recently that the Trust, which is dedicated to helping the poor …

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Barrington's Spencer Trust nearly triples annual budget

Board established an 'Emergent Needs' fund

Posted

The Spencer Trust board of directors recently voted to increase its annual budget from $92,000 to nearly $250,000.

Officials learned recently that the Trust, which is dedicated to helping the poor and unfortunate of Barrington, had experienced greater-than-expected gains. That allowed for a larger amount of funding to be drawn off the interest.

Annelise Conway, a member of the Barrington Town Council and president of the Trust, said officials made some changes to the annual budget during a recent meeting. She said the board established an “Emergent Needs” fund and placed $15,000 in it. That money could be given to residents who experienced an unexpected tragedy, such as a house fire.

Spencer Trust officials also increased the amount of money it will give to the East Bay Community Action Program, and gave $75,000 to the downpayment assistance program in town.

Another $75,000 went to the Trust’s home repairs fund, and additional money was extended to the nonprofits Tap-In (Touch A Person In Need) and Meals on Wheels.

Ms. Conway said the funding increase is intended to help those who need a hand. She said it was the intention of the donor when he offered a gift that it makes a difference.

“… they’re not hoping it sits and grows,” she said. “They’re hoping it changes the community.”

Spencer Trust budget

Downpayment assistance — $75,000

Non-profit organizations — $36,539

Emergent needs — $15,000

Program expenditures — $75,000

Management/banking fees — $23,000

Miscellaneous — $2,500

Salary expenditures — $21,961

Total — $249,000

2021 by East Bay Newspapers

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