by Sam Hieb
Obviously they do that anyway —which often is enough to make one shudder —— but here are a couple of stories with a different angle.
For starters, the Rhino reports on certain Guiford County school board members —-“none of whom have banking experience,” as the article notes —-making investment decisions:
Some things just shouldn’t be done by amateurs without training. Brain surgery, skydiving and investment banking leap to mind. But that didn’t stop the four school board members from trying to decide where Guilford County Schools should keep “its” money – in reality, the money of county, state and federal taxpayers.
The letter begins, “It has been brought to our attention that Guilford County School District does not currently have any of its operating funds deposited in the branch of Mechanics and Farmers Bank located in Greensboro, North Carolina.”
Mechanics and Farmers Bank is a minority-owned bank, and the four board members were expressing concern minority banks were not being given the same opportunity to provide services. Too bad, GCS is locked with Wells Fargo until 2016.
In another money issue, a board committee spiked a “staff suggestion” that private groups raising money for a particular school be required to make a matching donation that would be deposited in an equity fund that would benefit other schools:
Many parents criticized the proposal, claiming it would discourage fundraising.
“I have no problem with encouraging groups and individuals to make voluntary donations,” said school board member Paul Daniels. “To require a matching donation is an implicit if not explicit tax on philanthropy.”
Note commenters to the N&R article are lamenting Daniels’ decision to withdraw from the upcoming school board election.