ENDOWMENT FUND

The motion for the adoption of an endowment fund was approved during the 2019 AGM. This idea came up when the excos saw the educational condition of some of the kids of our late alumni members, some could no longer go to good schools why others looked unkempt.

In view of this, the excos decided to have an endowment fund which will take care of the educational needs of one kid of an active alumni member that dies during his/her active years. 

Conditions

The condition that guarantees the benefit of this scheme as agreed during last year’s AGM is same as the condition for being a beneficiary of the welfare scheme, it is summarized as follows and pending ratification during this AGM:

1. The late alumnus must be an active member of the alumni body who consistently pay his/her dues and attend at least one zonal or national event.

2. The fund is only to carter for primary and secondary education, tertiary education is not included in this phase of the scheme.

3. Only one kid per family will be sponsored in this scheme

4. It is known that school fees varies from location to location, but a uniform amount is agreed to be given to each beneficiary which is N30,000.00 per term making a total of N90,000.00 per year for the three terms ( this is subject to review)

5. If the surving spouse feels that his/her spouse left behind good investments for the family before demise and hence might not need the support, such should be welcomed but a particular school item should be bought for one of their kids for that year.

Source of Funding

It is observed that most alumni members key in greatly to support alumni members whenever there is a call for a pressing need from an alumnus, hence we believe that with this endowment fund, most alumni members will key into it.

Hence, this scheme will be funded by four means:

1. A total of 5% of total alumni dues paid in a year will be transferred to the Alumni Endowment Fund Account.

2. Generous donations from alumni members from time to time, the excos will continue to give update on the amount raised and the number of beneficiaries we have. To be a donor you can contact the alumni president Dr. Sly Boniface Orji via text message, whatsapp or call on 08065809369 or send a mail to stacalumni2000@gmail.com

3. STAMCOS- Section 9V of the bye-law of STAMCOS gives provision for the disposal of surplus to an education fund in the tune of at least 2%, we use this medium to request the management executives of STAMCOS to use this section to contribute to this endowment scheme and also encourage us all to key into the Alumni Cooperative Society (STAMCOS)

4. Building Investment – STAC Alumni as a body has two units investment in the STAC Alumni building project, it is envisaged that 30% of the profit of this two units investment shall be donated to this scheme.

With all these set in place, the primary essence of our alumni body which centers more on love and charity will be substantially attained.

Thank you.