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Three New Perpetual Purpose Trusts
A wide variety of three new PPT's
This week I’ll be covering three new Perpetual Purpose Trusts from a Connecticut company, in-space spacecraft services, to a local independent Oregon-based company!
The Walker Group Perpetual Purpose Trust:
The Walker Group is a company in Farmington, Connecticut that provides network management, data security, and digital marketing services. As of June 2023, The Walker Group officially became a Perpetual Purpose Trust-Owned Company, they also became the first in the state of Connecticut! The company has operated as a social enterprise since 2007 with a dedication to allocating no less than one-third of its distributable profits to support the community. In 2014, this commitment was formalized by becoming a registered Benefit corporation. Their shift to a Perpetual Purpose Trust-Owned Company, they hope will ensure their core mission remains the primary focus. The transition to this ownership model stemmed from Kate Emery, after realizing that a traditional sale of the company wasn’t an option for her. As reported in the Walker Group article, the company is now the first in the state of Connecticut to utilize this ownership structure.
A Breaking Ground Perpetual Purpose Trust:
The next perpetual trust includes Orbit Fab and Breaking Ground Trust, who are collaborating to develop sustainable and innovative approaches to managing lunar resources, starting with a lunar regolith donation held in a trust. They hope to set a precedent for future lunar resource transactions and contribute to the growth of the in-space economy while ensuring the responsible use of lunar resources. In an article by Breaking Ground, they discuss the purpose behind this collaboration, which is for Orbit Fab to purchase a lunar sample from a third party and then donate it to Breaking Ground Trust. Both share an interest in sustainability and want to develop lawful methods to manage lunar resources while making sure lunar resource utilization is both balanced and beneficial for the stakeholders. In a statement by the same Breaking Ground article, James Bultitude who is Orbit Fab’s Chief Technology Officer, goes on to explain a long-term vision that includes producing commodities and feedstock for lunar by obtaining raw materials from commercial companies. This makes part of their goal of becoming a materials supplier for the growing in-space economy, starting with a propellant supply chain. James Bultitude also explains that the collaboration was inspired by the “one percent for the planet” concept on Earth.
A STEM Education Perpetual Purpose Trust:
The last perpetual trust includes Vernier Science Education’s shift in ownership. The company will go from being partner-owned to being owned by a Perpetual Purpose Trust and will be funded from both gifting and purchase of shares from current partners. The Cision PR Newswire article reveals this change in ownership is aimed at preserving the company’s mission and values indefinitely. The company is also committed to ensuring its social and charitable objectives remain a priority long term and also secure the future of its employees. John Wheeler, the CEO of Vernier Science Education will keep his position until a replacement is found. In the PR Newswire article, Wheeler says their decision stemmed from their firm commitment to STEM education, they also believe the shift will secure the future of their employees all while reinvesting in their business and continuing their mission of a STEM-literate society.