The $210 Million Facepalm: How the Eanes BOT May Have Botched the Biggest Financial Gift in Texas Public School History
- Aaron Silva
- Mar 25
- 4 min read
A Night of Tears and a Secret Betrayal
January 14, 2025, was a gut-wrenching scene at Eanes ISD. A packed boardroom buzzed with desperation as over 40 parents and students, voices cracking and eyes brimming with tears, begged the Board of Trustees (BOT) to save Valley View Elementary and the beloved Spanish Immersion program from looming mortality. In a raw, emotional outpouring, parents pledged nearly
$915,000 in real-time donations - not enough to save Valley View but enough to keep Spanish Immersion alive for 700 children at least one more year. Their pledges made in vain, minutes later Spradley gaveled their death warrants, Valley View and Spanish Immersion were adios. But even worse, the Trustees hid a bombshell: just days earlier, they’d let die an endowment offer worth between $210 million and $317 million —potentially one of the largest in Texas public school history. Spread over 40 years, this annuity may not have erased the current $6.5 million deficit, but it could have plugged a massive chunk of it, funded higher teacher salaries to stem our 20% attrition rate, and safeguarded programs like Spanish Immersion. All they had to do was act. They didn’t raise a finger.
November 2024: The Offer That Could Have Changed Everything
In November 2024, Jeff Buch (pronounced ‘Buck’), Managing Member of WAC, LLC, approached Trustee Kim McMath, Superintendent Jeff Arnett, and CFO Chris Scott with a transformative proposal rooted in his commitment to the Eanes community. Mr. Buch is the guy that holds the facilities management contracts for the Westlake Athletic Center (WACC) and Eanes Aquatic Center. Currently, the WACC generates $820,000–$1,100,000 in net income annually while the Aquatic Center generates $400,000 - $500,000. Starting in 2027, the WACC pays rent of just $60,000 annually. Separately, the Aquatic Center shares 20% of net income above $200,000—roughly $54,000 per year—without any top-line revenue split. Buch’s offer was a game-changer: turn the deal on its head, convert WAC, LLC into a non-profit endowment dedicated solely to Eanes ISD, donating 100% of net income from both facilities for 40 years, plus managing district facilities, fields and gymnasium rentals for an extra $500,000 - $1,000,000 of revenue while clipping a $70,000 salary expense. No debt. No catch. Just a gift projected to deliver $210 million over four decades —dwarfing the $6.1 million pittance Eanes is scheduled to collect over the same term. The board's response? Crickets.
Lest anyone think WAC investors are raking in millions, consider this: financials I reviewed during my 2024 campaign, provided by Eanes ISD, show they invested about $6.9 million to build the WACC and have distributed about $8 million back over nine years. That’s a cash-on-cash ROI of roughly 18.5%, or 1.5% annually—hardly greedy. They could have earned more in a money market account, and unlike typical real estate deals, they can’t cash out on asset appreciation if the WACC is sold. Buch’s offer wasn’t about greedily enriching investors; it was about giving back and the BOT kicked it back.
The Historical Context: From Teamwork to a Cold Shoulder
Back then, the deal gave WAC a 10-year rent-free lease, with ownership of the building reverting to Eanes, followed by $60,000 annual rent (rising 2.5% yearly). Protests over traffic and noise delayed construction until 2016, and the district’s weak contract—no maintenance standards or exit clauses—missed future upside. The Aquatic Center, built with bond funds five years ago, saw Eanes tap Buch again for management under a profit-sharing deal that auto-renews every five years. Today, these facilities serve 100,000 users annually, yet the current board shrugs at Buch’s generosity. What’s wrong with these people?
The BOT’s Pattern of Indifference and Mismanagement
After Buch’s November offer, he followed up directly with Trustee Heather Sheffield in December and January, pressing for action. Yet neither she nor the broader board could muster more than a lukewarm “Send us a formal proposal, and we’ll think about it.” Instead, they delayed, deflected, and manufactured process barriers that ultimately ghosted Mr. Buch and his investors - all members of the community. Their inaction squandered a monumental opportunity for our district. As a goodwill gesture and to open more dialog about his endowment proposals Buch reveals he has attempted to reach out to all Trustees one-by-one and in group emails for any level of curiosity or response. Silence.
Imagine how Eanes Education Foundation would have responded if an individual donor or entity approached and offered a $210 million endowment with no strings attached?
Legitimate Concerns vs. Unacceptable Inaction
Eanes ISD has raised valid concerns from time to time including facility maintenance / upkeep issues to minor audit flags —all tied to the flawed 2017 agreement. There may be other issues that myself or the public is not aware about, but these challenges warranted negotiation, not inaction. In situations like this we need leaders that can put aside their differences and work for our children. A capable board would have reworked the terms to protect the district while moving heaven and earth for securing the $210 million endowment. There is no evidence they even tried.
The Need for Leadership Change: Three Elections, Seven Corrections
Once again, this matter demonstrates that the current BOT lacks the business acumen and negotiation skills necessary to steward Eanes effectively. For the last 6 years they have steered us into the current major financial calamity by overspending while the revenue tied to our softening student population declined precipitously. Now, they’ve ignored a $210 million lifeline, jeopardized much needed teacher pay, and let special programs die—what’s next from these leaders?
Why didn’t the BOT make public the overture and endowment proposal by Mr. Buch in November? Why would they press the school district and parents to suffer through closure of Valley View and draconian program cuts all while knowing they potentially had a pocket deal that only needed further nurturing and serious considerations? Not much different than closing the door on the $915,000 parents had pledged to keep Spanish Immersion open.
Bottom line, we need new leadership. These people are nice and well-intentioned but they clearly don’t know what’s best for our community and children. It’s time to move on. Over the next three election cycles, we must replace all seven trustees with capable fiduciaries with real-world business experience. No more hobbyists, lobbyists or Trustees without children in the district.
Attend the next board meeting, demand answers, and vote for change. Eanes deserves better.