Suriyanto Bongso via Crowdrise
October 01, 2011
BENEFITING: WINDRUSH SCHOOL
Since 1976, Windrush School has educated thousands of students, sparking a joy of learning in children and sending them into the world academically prepared and with a strong sense of who they are as human beings. As we have built our vision of 21st century Progressive Education, the continuing Great Recession has greatly impacted our families and school forcing us to raise enough funds by Oct 7 or else face closing the end of this month, Oct 28.
This fundraising drive is an opportunity that does not happen very often in life; the chance to immediately and definitively help 165 children and 55 adult educators in a very significant and straightforward way. It will also prevent one of the foremost progressive education schools in the Bay Area from closing its door on October 28 after 35 years of serving the community and producing amazing members of our society.
We need to raise total pledge of $250,000 to match a dollar by dollar challenge pledge of the same amount by Oct 7. Pledge form can be accessed at: http://www.windrush.org/files/content/Campaign_Pledge_Form.pdf.
What has happened so far:
- In 2007, Windrush borrowed $13 million through a bond offering. These funds were used to construct the new K-8 Library/Middle school building and to refurbish the gymnasium. The school’s property is collateral on the bond.
- As the school has faced significant financial stress, the Board of Trustees has for a number of months attempted to work with the bondholders to seek forbearance on the bond payments and to restructure the bond.
- Last week the Board was notified that the bondholders have asked the Court to assume control of the school and manage its assets for the benefit of the bondholders. Their lawsuit would also seek to initiate foreclosure against the school’s real and other property.
- To ensure that our students can finish the 2011-2012 school year our response has been to file a petition for relief and protection under chapter 11 of the Bankruptcy Code. This petition was granted today and immediately stops the bondholders’ receivership and foreclosure efforts.
- The school held emergency meeting and ask for pledge from parents and alumni to raise $900,000. Within less than a week, we have already received commitments of $300,000 leaving $600,000 still to raise.
- This Friday afternoon, September 30th 2011, Windrush School received a challenge pledge of $250,000 from an anonymous donor. The donor will match every dollar raised up to $250,000 from today until the deadline of Friday, October 7. If the Windrush community rises to the challenge, it will generate $500,000 in funds. With the $300,000 already committed, that would raise $800,000, which is close to its target of having $900,000 in pledges required for the school to remain open for the 2011-2012 school year.
Please help us meet the matching challenge pledge and keep our school open. Please do not make the donation directly from this page. Instead, please send in your pledge form: http://www.windrush.org/files/content/Campaign_Pledge_Form.pdf. Once court approve that we have adequate pledges in hand, we will we begin collecting payments on the pledges.
The school crisis has been reported in a few media. For your further information, here are a few links.