Aug. 2, 2012: Twenty-eight Rotarians and a guest (Tom Gates wife, Anne) were
present as Rotarian Dottie Anderson, Chair of the Borough’s Finance Committee,
shared information about the Gelnett Trust and its uses. This irrevocable trust
is valued at 5.1 million dollars, with interest being paid monthly to the
Borough. The two trustees are Scott Heintzelman and Robert Laudenslager, and
the funds are held at Northumberland National Bank. The Borough places the interest
money received in its Community Acquisitions and Improvement Fund, a fund that
can be carried forward. It is distributed both through the budget process and
by granting special requests from eligible groups. A full description of the
process and an application form can be found on the Borough website. Because
this is municipal money it can only be used for public purposes, hence it can
only fund areas and projects approved by the State’s Borough Code, such as
Parks and Recreation, the Fire Company, the library, the pool, etc. It can’t be
used to fund Rotary projects, scholarships, United Way. Boy or Girl Schouts.To the best of our knowledge, Selinsgrove is
the only borough to have an endowment fund, hence we needed to develop policies
on our own. Council philosophy at this time is clear that the money should not
replace tax revenue, but should be used in ways that enhance life in the
borough.