GENEVA – The Geneva District 304 school board Monday accepted a donation of $314,000 from the Fabyan Foundation.
According to a donation letter from the Fabyan Foundation, $114,000 is to be dedicated to support the district’s technology program and $200,000 is to be dedicated to support Fabyan Scholarships for district graduates.
Because the district’s policy requires the board to accept gifts, grants or bequests of more than $500, the board voted to accept it.
Last year, the foundation donated $323,300 to Geneva District 304.
The Fabyan Foundation, based in Geneva, is a private foundation that provides grants to Geneva District 304, the Geneva Public Library, the Geneva History Museum and Preservation Partners of the Fox Valley in St. Charles, according to its funding history.
The foundation received its 501c3 charity status in 1991 and reported fair market value of all assets of nearly $6.5 million for the fiscal year year ending in December 2018, according to its IRS filing.