This Fund is established for the benefit of the USD 297 school district. The annual net income from the Fund will be distributed to St. Francis USD 297. Net income shall be defined as an amount that shall be computed annually based upon the current spending policy of the Community Foundation (currently 5% of the average past three year-end Fund balances).
Such net income may be distributed in May or June each year, that is, toward the end of the school district’s Fiscal Year (which ends on June 30 each year). If any portion of the net income is not distributed in a particular Fiscal Year (July 1-June 30), the undistributed net income for such year shall be added to principal.