Florida school officials say the school will not accept a $100-million charitable trust given to beavers by a charitable foundation that was formed by the charity’s founder.
In a statement issued Friday afternoon, the Boca Raton school district said it was “deeply disappointed” by the trustees decision to fund the trust through a corporate fund.
“It’s unfortunate that the BOC district has chosen to accept the gift from the Charitable Trust Fund of Florida, which was created to benefit Beavers International,” the statement read.
“Beavers International has a fiduciary responsibility to the trustees and to the public.
This trust fund is a tool to help support Beavers in need, not to benefit any particular organization.
This is a matter that is now before the Florida Court of Appeals, and we will be following the outcome of that court.”
The Beavers’ charter school was founded in 1989.
It’s a charter school that has received $1.7 million in federal funding to operate, and the foundation, founded by the Beavers founders, was formed to raise funds for the organization.
Beavers’ trustees had approved the gift in December.
The school district is paying $2.6 million to the Charite Trust Fund, which also funds other charitable trusts, including the Beaches Medical Research Institute.
The trustees said in a statement that the school board will “consider our options and determine our next steps.”
A spokesman for the Florida Supreme Court said in an email that the justices are reviewing the case.