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 …
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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