CLINTON, N.Y. -- In 2001, anonymous donors created the 'Hamilton College Town-Gown Fund' to foster goodwill and communication between the college and Kirkland and Clinton residents.
Each year, the income earned from the investment of the donations is used to make grants to local organizations. That income amounts to about $70,000.
Among the organizations to benefit from it this year, the john g. Karin Kirkland Town Park, which got $16,000 for new playground equipment.
The Clinton Fire Department, which got $8,000 to buy two complete sets of firefighting gear. And the Clinton Central School District, which gets $7,000 for new equipment for the student fitness center, at the high school.
Hamilton College officials explained that the fund really is the gift that keeps on giving.
“So that million dollars is now worth $1.7 million and out of that, we get about $70,000 in income each year we use to make these grants but the stipulation is that it must go to these organizations in the community, so it can't be used for any other purpose and it'll never go away,” said Mike Dibraggio, with the college.
The endowed fund has received more than $1 million in gifts since its founding, in 2001.