Winnipesaukee Forum - Brewster Academy gets donation

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Brewster Academy gets donation

I don't know where it is but Brewster Acadamy just recieved more lakefront property as gift:

Former Fidelity president donates land to NH schoolDecember 17, 2008 11:26 AM

James C. Curvey, a former president of Fidelity Investments, and his family have donated more than 11 acres of lakefront property in Wolfboro, N.H., to Brewster Academy to provide scholarships to students in the Alton/Wolfeboro area.

The property is valued at $6.3 million and represents the largest single donation in the history of the school, which is also in Wolfboro, Brewster Academy said in a press release that was sent out by the press office of Fidelity, the Boston mutual funds giant.

Scholarships will go to three local students per year for their four years at Brewster, starting in the fall term of 2009, the press release said.

Brewster Academy was founded in 1887 in Wolfeboro by John Brewster with a donation of 42 acres of land, including one-half mile of frontage on Lake Winnipesaukee, and the Curvey family's donation will expand the academy’s lakefront resources, the press release said.

In a statement included in the Brewster press release, Curvey noted that he and his family have been Wolfboro summer residents for the past 20 years.
(By Chris Reidy, Globe staff)

Hi Steveo, Brewster Academy is in Winter Harbor, northeast on the Lake.

Lucky local students...

Quote:

Originally Posted by Steveo (Post 86032)

Scholarships will go to three local students per year for their four years at Brewster, starting in the fall term of 2009, the press release said.

Four years tuition for some lucky local students to BREWSTER ACADEMY is a very generous gift from the Curveys.

Quote:

2008-2009 Tuition:
Boarding: $40,495
Day: $24,450

let's see 4 x 24,450 = $97,800 (?)

Wow, that is big news. That must be the Curvey's that own a couple of houses at Lakeside. I have heard they have bought other property. I wonder where the land is they are donating.

Quote:

Originally Posted by mcdude (Post 86035)

Four years tuition for some lucky local students to BREWSTER ACADEMY is a very generous gift from the Curveys.

let's see 4 x 24,450 = $97,800 (?)

Not exactly. Adding three students to the population probably doesn't impact the school's overhead at all from a tuition and fees standpoint. I wouldn't estimate the actual cost at more than a couple thousand dollars per student, even if the "value" is much higher.

In essence, the "scholarships" are a way to deflect questions about what a nonprofit organization is going to do with property worth millions, assuming they're not planning to build on it.

Quote:

Originally Posted by trfour (Post 86033)

Hi Steveo, Brewster Academy is in Winter Harbor, northeast on the Lake.

No -- Brewster is in Wolfeboro, with frontage on the southeast side of Wolfeboro Bay.

Based on what I pay to Meredith of about $34,000/acre, then 11 acres could bring in $374,000. in annual property taxes to the town. So, by transferring it to a school for twelfth grade and below, the land becomes property tax exempt.

No doubt there is more to this than my example because every situation is unique, but it will be interesting to get an accurate and informed view on this angle.

Will the land become a part of the Brewster Academy, or will Brewster just turn around and sell the land to a third party and then add the money to its' endowment, or something? :)

Quote:

Originally Posted by Grant (Post 86043)

No -- Brewster is in Wolfeboro, with frontage on the southeast side of Wolfeboro Bay.

Thank you Grant, you're absolutely right! What a brain-cramp I had. I :confused: Brewster with the Libby Museum. Sorry.

Guess I'm missing something. Hows the donation of land convert to scholarships for a couple students a year? Does that mean they sell the land and use that money?? :confused:

Quote:

Originally Posted by Grant (Post 86043)

No -- Brewster is in Wolfeboro, with frontage on the southeast side of Wolfeboro Bay.

I know where Brewster Academy is (and Grant your'e right), I didn't know, and was wondering where the property that was donated was.

Quote:

Originally Posted by dpg (Post 86052)

Guess I'm missing something. Hows the donation of land convert to scholarships for a couple students a year? Does that mean they sell the land and use that money?? :confused:

Allthough I am not totally sure, I believe that the school will be giving the scholarships in return for getting the land. This is not uncommon with private schools and colleges.

People donate the land/buildings to the school, the school names and funds scholarships in the name of the donors and, in this case, local students get the opportunity of a lifetime, if they use the scholarship well, which I am sure they will.

Class move by a classy family, in my opinion!

R2B

Quote:

Originally Posted by Resident 2B (Post 86067)

Class move by a classy family, in my opinion!
R2B

Having worked for Mr Curvey, he personifies class!

The full article with further details can be found here - http://www.brewsteracademy.org/docum...essRelease.pdf

cheers -PIG

The property is in Roberts Cove. It was sold off from The Brook and Bridle several years ago.

Quote:

Originally Posted by Pine Island Guy (Post 86068)

Having worked for Mr Curvey, he personifies class!

I met the Curvey's once, but I do not know them, nor do they know me. From my limited exposure to them, they seemed like wonderful people who really care about the local community, be it their summer community or any other community they are a part of.

We are so lucky to have them here at the lake. Their actions demonstrate they wonderful people who really care about the future of the local residents.

R2B

I don't think Brook and Bridle is Robert's Cove. However, I did hear today that it IS the B and B property. I wonder if Brewster is going to sell it. If so, why wouldn't the Curveys just donate the money??

Regardless of the location of the land, I think the donation is one hell of a legacy for the family that donated it and an incredible gift to the families of the kids who will benefit from it. Maybe one of those kids will grow up and become an intelligent future leader of our nation... lord knows we will need more of them.
Kudos to the family for their caring and generosity. Merry Christmas everyone-

Robert's Cove vs. Brook and Bridle

From the Baysider......

Quote:

Curvey family donates Roberts Cove Road land to Brewster
WOLFEBORO

— Former
Fidelity Investments President
James C. Curvey and
his family have donated
more than 11 acres of lakefront
property to Brewster
Academy to provide scholarships
to students in the
greater Alton/Wolfeboro
area. The property is valued
at $6.3 million and represents
the largest single donation in
the school’s history. Scholarships
will go to three local
students per year for their
four years at Brewster, starting
with the first three in the
fall term of 2009. Ultimately,
12 students at a time will benefit
from this gift.
Head of School Dr.
Michael E. Cooper cited the
gift as “the most transforming
donation in the school’s
more than 120?year history.”
“We are honored that the
Curvey family has recognized
Brewster Academy
with this incredible donation
and are committed to the opportunity
it presents to identify
and financially support
deserving local students who
would not otherwise be in a
position to afford a Brewster
education,” Cooper said.
“This not only opens up more
opportunities for students to
attend, but also gives new focus
to the school’s discussion
and planning regarding a
comprehensive fundraising
campaign.”
Brewster Academy was
founded in 1887 in Wolfeboro
by John Brewster with a donation
of 42 acres of land, including
one?half mile of
frontage on Lake Winnipesaukee.
This tradition continues
through the generosity of the
Curvey family, whose donation
will expand the academy’s
lakefront resources and
provide the setting for more
hands?on educational opportunities
that will enhance
current offerings such as
Fresh Water Ecology, Environmental
Science, Character
Leadership, and other experiential
learning programs.
“The Curvey family is
happy to make this donation
to Brewster Academy since
we believe that it is important
to the future of our country
to make a quality education
available to as many students
as possible,” said Curvey.
“As summer residents
for the past 20 years, we feel
committed to this community
and are pleased that this
gift will help to demonstrate
that and enhance the
first?rate education students
receive at Brewster.”
With this gift, the Curvey
family’s support to education
is being extended to directly
benefit students in the
town of Alton, along with
those from Wolfeboro and
surrounding communities.
“Brewster will use this
property to create scholarships
in the near term and
will manage the property to
support our long?term educational
mission,” said
Daniel Mudge, chairman of
the school’s board of
trustees. “We intend to leverage
this newly acquired investment
to the best of our
ability and we are committed
to being good neighbors.
Brewster has a long history
of maintaining a positive
presence in the town of
Wolfeboro and we intend to
continue that by forging a
strong relationship with the
residents on Roberts Cove
Road as well as the town of
Alton.”
This gift to Brewster
Academy represents the continuation
of the Curvey family’s
longstanding support of
education through the creation
of scholarships. In
1999, Curvey established a
scholarship program at his
alma mater, Villanova University.
That program provided
financial assistance to
students from Curvey’s
hometown of Mahanoy City,
Pa., to attend the university.
The program was expanded
in 2002 and again in 2005 with
gifts from Curvey totaling $6
million, creating an endowment
that now provides four
scholarships annually to Villanova?
bound students from
five high schools in
Schuylkill County, Pa. To
date, the program has supported
16 Curvey Scholars,
each of whom is also eligible
to apply for a fellowship experience
made possible
through Curvey’s gift. Curvey
graduated from Villanova
in 1957.
“This is an extraordinary
opportunity that we never
anticipated coming our way,”
says Dr. Cooper. “We intend
to honor the legacy of the
Curvey family in helping to
open up educational opportunities
for talented students.
We are also very excited
about the opportunity to
extend our reach toward
those students interested in
pursuing an education with
us from the town of Alton
and surrounding communities.
The property being donated
to the Academy is a
means to that end.”
Learn more about the
Brewster difference by visiting
www.brewsteracademy.

org or calling 569-7494.

Quote:

Originally Posted by tis (Post 86107)

I believe that is better financially to donate the land if Brewster is a nonprofit organization.

If Curveys sold first they would have to pay taxes on the sale and be able to donate less and the charitable donation they could write off on their taxes is less.

If they donate the land they get to claim the full value of the land as a charitable donation. Then Brewster can sell the land without paying taxes on it (I think). Everyone gets full value.

Good point Jeff. That does make sense. Brewster is non profit.

Brook n Bridle is on Roberts Cove Road, but it appears that the beach is on Beaver's Cove.

http://www.brookbridle.com/ratenow.htm

nj2nh

Quote:

Originally Posted by Steveo (Post 86056)

I know where Brewster Academy is (and Grant your'e right), I didn't know, and was wondering where the property that was donated was.

They own two lots with one home on each at the end of Pipers Point Lane in Alton, that is in the cove located between Barndoor Island and the point that the Bahre estate is located on. Don't recall the name of the cove.

Don't know if that is thr property they are donating.

Grady, I don't think that is what they are donating. Have you ever been in their houses? One of them is just adorable, it reminds me of a storybook house. It has a cute little storybrook front door, a rail system going up the stairs with little flowers cut of wood, as I recall a tin ceiling and wainscoating. It is just adorable!

According to today's Baysider it is, indeed, the Brook and Bridle property and they plan is to make it into a satellite campus.

Quote:

design for a satellite campus consisting of student dormitories, faculty
housing, and a classroom and science lab on an 11-acre parcel of land off Roberts Cove Road recently donated to the Academy by former Fidelity
Investments President James Curvey......

.....Brewster’s goal is to promote environmental protection and education.

.....Asked about Brewster’s plans for the existing buildings on the property, Cooper explained that the Academy would be looking at internal
renovations geared toward turning the bed-and-breakfast facilities into dormitories, and the homes into a faculty housing building and a
classroom/lab building. Alternate board member Bill Curtin asked how many
students would occupy each building. Cooper replied that the
dormitories would be designed to accommodate 15 to 18 students. He added, however, that overnight stays at the site would be limited, and
that it would be used primarily for all-day programs.

For the Alton town selectmen, given an assumed choice between spending 3 million dollars of town money for an 11 acre town beach, or having it be developed into property tax paying waterfront homes, chosing the tax money was an easy and understandable choice. Boy-O-boy, bet they were stunned when they learned that the property was donated to Brewster Academy, which makes the property exempt of prop taxes, forever.

In New Hampshire, private schools teaching up to the 12th grade are prop tax exempt. Above the 12th grade, like in college, NH is the only state in the country with property taxes. So, maybe Alton could be checking for 13th graders, who take a post graduation summer course?

With Ellacoya State Park just over the town line in Gilford, does Alton want or need a large town beach? It already has a small town beach. By the way, the state didn't have to pay for Ellacoya. It was donated.