Dear Fedgocolians (Set of 90), We the members of the BOT of PESCUNNA 1990 held a meeting on 2nd January, 2015 (via skype) and the following issues were deliberated on:
1. School Project
2. Business Idea to Sustain Funds
3. Welfare
4. Registration
We intend to award N100,000 as an academic grant to the top two students in the graduating JSS3 class at N50,000 each at the start of the school year in September. As the group matures and fund increases we may add two more students to increase the grant to N200,000 per year.
We also deliberated on various investments to sustain and increase funds generated and agreed on risk free Treasury Bills or Fixed Deposits (in Nigeria) with expectation that the returns will lie between 10 - 14 % yield per annum. The end game of this investment vehicle is to be able to fund the scholarship to the students yearly and also the funds we will allocate to provide financial assistance to members of our set. For example, if our yearly outlay is =N=500,000 (=N=100,000 for the grant and =N=400,000 for financial assistance to members), we will strive to raise =N=5M so that the interest from the investment will sustain our yearly outlay.
On welfare, a document was prepared by the trustees and would be sent to everyone shortly.
Registration of PESCUNNA is still on going.
Source of Funds:
The group set a target to collect the 2015 yearly dues (of N24,000 at N2,000 per month) from at least 50 members by the end of March in order to approach the school and inform them of the academic grant we intend to award by April. If we hit this target we will have =N=1.2M. We will take =N=100,000 for the grant and the rest will be put towards the investment account.
On the investment account we will strive to raise N5m so that the interest from the investment will be enough to cater for the academic grant and financial assistance to members.
We also want to encourage all members to contribute above their annual dues and also to pay the outstanding dues of 2014 (from September to December) as initially mandated by the BOT.
All Naira payments should be made to Christabel's account pending PESCUNNA's registration and accounts being opened.
The account details are:
Bank Name: Ecobank, Account Number: 0081027063, Account Name: Bello, Edore Christabel.
Dollar and other foreign currency payments can be made through Hector's account.
Regards,
:For Pescunna BOT
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