The Cornwall Endowment fund, currently over $25,000, is used by the
selectmen for worthwhile projects not in the budget. If it gets large
enough it could be used to lower the mill rate.
The fund is part of the Berkshire Taconic Community Foundation. This has a special advantage for Cornwall. Connecticut towns aren't allowed to invest in common stocks, so as an example the generous bequest that Sidney Kaye left the town a number of years ago has been badly hurt by inflation. But community foundations are can invest in common stocks. The fund will be invested partly in bonds for income and partly in conservative stocks for income and growth. A small part of any capital gains can be used currently, but most of the capital gains will stay in the fund to help it grow.
If you would like more information about the endowment fund, cal the
First Selectman's office at 672 4959. If you would like information
about how to make a gift or a bequest, call the Berkshire Taconic
Community Foundation at 1 800 969 2823.