Group admits money for Dist. 26 not in hand
A leader of the foundation hoping to bring back teachers and programs with a $4.3 million grant to Cary elementary schools admitted Saturday the group doesn't actually have the money in hand.
David Ruelle, former Cary Elementary District 26 board president and one of the foundation's directors, said the Soar to Higher Heights Foundation could not legally collect funds until it was formally established.
"We have never collected from anyone, and we can't because we're not set up as a foundation," Ruelle said. "We haven't collected anything. We have received solid pledges."
Ruelle said although the group registered Aug. 13 with the Illinois secretary of state and attorney general's office, there are still steps it needs to take to become a legally operating nonprofit organization.
The news that the money is not in hand confirmed the fears of District 26 board members, who have expressed skepticism that the promised funds are in the bank.
"This is exactly as we had feared," board President Chris Spoerl said. "I'm disappointed that they seemed to intimate that they had the money."
Ruelle had stated on Aug. 10: "We have the money in an account. The money is in hand."
On Saturday, Ruelle said he was sorry if he had left the impression that the foundation had indeed collected the $4.3 million.
Despite the development, District 26 board members say it's not the end of the line for the foundation's offer to bring back 68 teachers and restore art, music and physical education, among other programs.
"It doesn't mean we're going to turn off the switch with these guys," board Vice President Jason Larry said. "It just means we need to proceed with caution."
The board will meet on Monday to discuss and take possible action on the proposed grant. The foundation has asked the board to accept its terms before the foundation will provide verification of the funds.
But the offer may not even come to a vote, as board members are reluctant to take any action until they have definitive proof.
"There's no way we're ever going to act on promises made by people whose situations might change," Spoerl said.
On Saturday, Ruelle declined to say when the foundation might be able to convert donors' pledges into cash.