Throughout the years, supporters of Spaulding High School have made lifetime or testamentary gifts of funds to be used to provide scholarships to graduates. These funds had been received by Spaulding High School and held in a variety of investment instruments with the school acting as a de facto trustee of the funds. The Spaulding High School Board of Directors along with the Scholarship Committee shared the responsibility of managing the funds and awarding scholarships on an annual basis.
Over time, the number and value of the scholarship funds increased and it became more difficult for the School Board and the Scholarship Committee to track the funds efficiently as well as to invest the monies effectively. Efforts began in 2010 to consolidate the disaggregated accounts. In 2012, the School Board created the Investment Advisory Committee to finalize the consolidation of the funds from the various banking institutions and to develop a coordinated investment strategy for the funds. In conjunction with this work, the Committee determined that there was no formal trust agreement governing the management of the funds, and changes in federal law imposed extreme constraints on the ability of the school to invest the scholarship funds.
The Investment Advisory Committee met with attorneys, accountants and investment representatives and the consensus was reached that the scholarship funds should reside in a separate trust and be administered by an independent board of trustees. In late 2014, the Spaulding High School Board of Directors authorized the creation of the Scholarship Trust.
In March, 2017, the Trust was granted authority to receive and administer scholarship funds for the benefit of students who have successfully attended the Central Vermont Career Center (formerly the Barre Regional Vocational-Technical Center).
The Trust was formed in accordance with the trust laws of the state of Vermont, and in compliance with the requirements of the Dodd-Frank Act of 2010. A 5-member Board of Trustees oversees the investment, management and distribution of funds. Professional investment services are provided by the Stotz, deGroot, and Broscious Group at Morgan Stanley Wealth Management with offices in Colchester, Vermont. The day-to-day operations are managed by the accounting firm, Salvador & Babic, P.C., located in Barre, Vermont.