"The Eugene Atwood Fund mission is to aid deserving industrious young people, who are making an honest effort to accomplish the best results in life." Eugene Atwood, 1916
About UsThe Atwood Fund was established in September of 1916 by Eugene Atwood, the head of the Atwood Machine Company, located in Stonington, Connecticut. Mr. Atwood was an inventor and prized the value of education.
Mr. Atwood had three living daughters and one grandson at the time he established the Fund. Mr. Atwood intended the fund to assist young people, both boys and girls, who would otherwise be held back by a lack of financial resources to make the most of their opportunities. The Atwood Fund has provided over $5,000,000 in achievement awards and interest free loans since 1916. 100% of returned loan funds go out to new student loans. Please consider a donation to the Fund. A ten thousand dollar donation could go out ten times or more creating $100,000 or more in loans and $1,000 could generate $10,000 in support. The Eugene Atwood Fund is a non-profit 501(c)3 and a Private Foundation within the meaning of section 509(a) of the tax code enabling us to make loans and grants. We are based in Stonington, Connecticut. |
Who We Are and how it works
The Eugene Atwood Fund Board is comprised of volunteer community and family members who oversee the Interest-Free Loans and Awards processes through an annual review of qualified candidates. The 19 area New London County High Schools are invited to nominate an Atwood Award Recipient each year in January and February. Grants will be made to 3-5 area students.
TIMING:
- College Bound Applications due by February 28th of each calendar year
- Trade and Technical School Applications due by February 28th of each calendar year
- High School Principal nominations for the Eugene Atwood Award due by February 28th of each calendar year
- The Board meets in April/May to vote on Loans and Awards.
- Eugene Atwood Award funds are distributed by early July.
- Loans are paid in two installments to the student and the College/Trade School in July and December.
- Loan repayments come back into the fund monthly, and are managed for re-distribution.
We are inspired by application essays that demonstrate how individuals want to create opportunities for themselves and others through gaining education and skills for a productive and industrious future. Eugene Atwood was the third generation working in milling and machinery and he was always fascinated with how to improve the business and never complacent about just "getting by." Inventions with patents can be seen above and here . How do you want to imagine or invent your future? Lets us know.
The Fund was established, to benefit boys and girls, men and women, four years before women were granted the right to vote in August of 1920. Eugene Atwood was a forward thinking person wanting the best outcome for everyone. We are looking for forward thinking students.
The Board:
Charles Clark William Cosgrove Christopher Dixon Erica Lindberg Gourd Stephanie Kindell Annie White Trustee Emeritus: Amanda Atwood Lindberg Elizabeth Dodge White Trade & Tech Committee: Wes Dawley Erica Lindberg Gourd Aidan Haskell Matt Taylor Director/Administrator: Stacey Haskell |
Board Members connection to the Eugene Atwood Fund
One Trustee is the first grand-daughter of the first grand son of Eugene Atwood. The financial trustee is a the grandson of the president of the Atwood Machine Company, Franklin R. Hoadley, who succeeded Eugene Atwood as president after his death in 1926 and successfully ran the company until the 1940's. Two Trustees are great grand children of Eugene Atwood, and two are great, great grandchildren. One is a generous member of the community. The Eugene Atwood Fund seeks to support industrious inventive work, and the education required for trade and technology jobs as well as liberal arts education. Our goal is to support your goals. We are a group of family and friends who believe in the history of sharing. Who are you? What do you want do? How will you innovate and what will you pass on? Apply, study, and find out. You are the future. Become the Eugene Atwood of your time. |
The Atwood Machine Company History
The Atwood Machine company no longer exists in Stonington, CT, but, when it did, it generated the money that went into establishing an Education Fund to benefit generations of future students. We hope many of you, once educated will seek to build successful businesses in Stonington and New London County in the years to come. What will you invent? Clean technology jobs, engineering marvels, apps?
The Atwood Machine Company moved to Stonington, CT in 1876 when the previous plant lead by John Edwin Atwood , (Eugene's father) suffered a fire in Willamantic, CT and they needed a new space to rebuild the business. Eugene Atwood became the new president of the company when they incorporated in Stonington in 1876. They moved to the Trumbull factory building in Stonington and remained there for seventy years. The company prospered, setting up offices in New York and selling its silk making machines around the world.
John Edwin Atwood died in Stonington in 1903, and his son Eugene led the company until his death in 1926 when Franklin R. Hoadley took the reins. After the death of Eugene Atwood in 1926, Franklin R. Hoadley led the company brilliantly through new challenges as they worked to keep pace with changes in the textile industry, such as the rise of knitted and woven goods and the appearance of rayon and nylon undermining the value of silk. It rallied strongly from the devastation of the 1938 hurricane (see photograph from the company newsletter below). Atwood almost closed before World War II, but Hoadly won an Army-Navy "E" for its work on war contracts and put off the inevitable until 1945, when no longer cutting edge manufacturing it was sold.
In 1916, ten years before his death, Eugene Atwood established a Trust Fund that he hoped would provide reinforcement and help for motivated hardworking youth seeking to better themselves.
We are working to continue to facilitate his vision and hope that you are motivated to work for yourselves, and others going forward.
John Edwin Atwood died in Stonington in 1903, and his son Eugene led the company until his death in 1926 when Franklin R. Hoadley took the reins. After the death of Eugene Atwood in 1926, Franklin R. Hoadley led the company brilliantly through new challenges as they worked to keep pace with changes in the textile industry, such as the rise of knitted and woven goods and the appearance of rayon and nylon undermining the value of silk. It rallied strongly from the devastation of the 1938 hurricane (see photograph from the company newsletter below). Atwood almost closed before World War II, but Hoadly won an Army-Navy "E" for its work on war contracts and put off the inevitable until 1945, when no longer cutting edge manufacturing it was sold.
In 1916, ten years before his death, Eugene Atwood established a Trust Fund that he hoped would provide reinforcement and help for motivated hardworking youth seeking to better themselves.
We are working to continue to facilitate his vision and hope that you are motivated to work for yourselves, and others going forward.
An Atwood Machine Company Loom
This Loom was made by The Atwood Machine Company in 1875 in Stonington, CT for the purpose of weaving Silk Taffeta and is currently on display a the Windham Textile and History Museum in Wilamantic, CT.
Windham Textile and History Museum
Website
Directions
Museum in Windham, Connecticut · Willimantic
The Windham Textile and History Museum is a museum in Willimantic, Connecticut, in the New England region of the United States. Wikipedia
Address: 411 Main St, Willimantic, CT 06226
Phone: (860) 456-2178
Windham Textile and History Museum
Website
Directions
Museum in Windham, Connecticut · Willimantic
The Windham Textile and History Museum is a museum in Willimantic, Connecticut, in the New England region of the United States. Wikipedia
Address: 411 Main St, Willimantic, CT 06226
Phone: (860) 456-2178
Conflict of Interest Policy
Purpose
The purpose of the conflict of interest policy is to protect this tax-exempt organization's (Organization) interest when it is contemplating entering into a transaction or arrangement that might benefit the private interest of an officer or director of the Organization or might result in a possible excess benefit transaction. This policy is intended to supplement but not replace any applicable state and federal laws governing conflict of interest applicable to nonprofit and charitable organizations.
Definitions
1. Interested Person
Any director, principal officer, or member of a committee with governing board delegated powers, who has a direct or indirect financial interest, as defined below, is an interested person. No members of this Board have a direct nor indirect financial interest.
2. Financial Interest
A person has a financial interest if the person has, directly or indirectly, through business, investment, or family:
a. An ownership or investment interest in any entity with which the Organization has a transaction or arrangement,
b. A compensation arrangement with the Organization or with any entity or individual with which the Organization has a transaction or arrangement, or
c. A potential ownership or investment interest in, or compensation arrangement with, any entity or individual with which the Organization is negotiating a transaction or arrangement.
Compensation includes direct and indirect remuneration as well as gifts or favors that are not insubstantial.
A financial interest is not necessarily a conflict of interest. A person who has a financial interest may have a conflict of interest only if the appropriate governing board or committee decides that a conflict of interest exists.
1. Duty to Disclose
In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement.
2. Determining Whether a Conflict of Interest Exists
After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the governing board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists.
3. Procedures for Addressing the Conflict of Interest
a. An interested person may make a presentation at the governing board or committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest.
b. The chairperson of the governing board or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement.
c. After exercising due diligence, the governing board or committee shall determine whether the Organization can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest.
d. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the governing board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the Organization's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination it shall make its decision as to whether to enter into the transaction or arrangement.
4. Violations of the Conflicts of Interest Policy
a. If the governing board or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose.
b. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the governing board or committee determines the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action.
The minutes of the governing board and all committees with board delegated powers shall contain:
a. The names of the persons who disclosed or otherwise were found to have a financial interest in connection with an actual or possible conflict of interest, the nature of the financial interest, any action taken to determine whether a conflict of interest was present, and the governing board's or committee's decision as to whether a conflict of interest in fact existed.
b. The names of the persons who were present for discussions and votes relating to the transaction or arrangement, the content of the discussion, including any alternatives to the proposed transaction or arrangement, and a record of any votes taken in connection with the proceedings.