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Is
Fort Williams permanently and legally restricted for use as a park?
Fort Williams Park is municipal property that
has been used as a park since its purchase in 1964. It is extremely
unlikely that this site will be used for other purposes. A portion
of the park is governed by State and Federal regulations connected
to previously received federal funding, another portion is governed
by a 1976 vote of the Town Council which dedicated that portion as
open space, and other areas are governed by zoning regulations.
How is the Foundation organized and how does it operate?
The
Foundation is a Nonprofit Corporation incorporated in the state of
Maine. It is run by a Board of Directors who in turn have appointed
officers to perform specific functions. It has been recognized by
the IRS as a tax exempt organization under Section 501(c)(3) of the
Internal Revenue Code.
At
one time the town had a "Fort Williams Park Trust" fund. Is
this still in existence?
The
town created the Fort Williams Park Trust in 1989 so individuals could
give money to the town and know that it would be used exclusively
to benefit the park. The trust was closed in 2001 when the Foundation
was formed and its nominal assets turned over to the Foundation which
has a similar purpose.
What
fundraising activities will the Foundation undertake?
The
Board of Directors is exploring all possible avenues of fundraising
including: capital campaigns, annual fundraising, merchandise sales,
special events, private foundation and government grants and bequests.
What
will happen to funds contributed to and raised by the Foundation?
Money
received by the Foundation will
be deposited into the Foundation's checking account. Funds not needed
for the daily operation of the Foundation will then be invested depending
on the timeframe for the ultimate use of such funds.
How
will endowment funds be invested and spent?
Funds
earmarked for the foundation's permanent endowment will be professionally
invested consistent with the long term objectives of such endowment
funds.
Have
specific capital projects been identified?
The
Fort Williams Advisory Commission has presented a list of projects
to the Town Council consistent with the new Master
Plan Update 2003, now under review by the Council. A
partial list includes:
Goddard
Mansion Repair and Stabilization
Battery
Garesche Repair
Concrete
Bleachers Restoration
... and
many others.
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