ENDOWMENT FUND

My People, guess you and your loved ones are doing great.

We recorded a huge success with the link-up project but getting us to link up with FGCO as a set in terms of Naira and Kobo is still a dream. The Alumni Association has an idea we can buy into as individuals and I encourage you to be part of it. If we all contribute then we can actually arrive at the target sooner or decide to use the extra from our set's donation for any project we deem fit. The mail below spells out the Endowment Fund through which we can give to our Alma Mata.

I pray God restores you as you give (sounds like Church ehn, no mind me, I doubt the restoration will hurt).


FGC ODOGBOLU N50MILLION ENDOWMENT FUND

AIM: To raise a minimum of N50million over a 5 year period so that funds from the fund can be used for project and scholarships.

This can be achieved internally alone or with assistance from externally [corporate bodies]. An analysis of if internally generated alone is as follows: N50m over 5 years amounts to N10m a year. Set referred to would represent year of entry, regardless of it being through O’ Levels or Lower Six.

It is assumed that those who left 8 years ago will not be earning much at the moment and they can be grouped together in the 2000 set. It is hoped that those within this group with considerable more earning power would do right by contributing more. Consequently we are left with 1973-2000 i.e. 27 sets.

N10m Divided by 27 sets = N370, 370 contribution/per set/year

Even if only 50 people in each set can contribute each an average of N7500 in a year, that will amount to N375,000. With this, the target amount for 5 years would be realized even without any assistance from anywhere. With such seriousness of purpose, it would be much easier getting outside assistance which cannot be totally ruled out.

To achieve this, each set is to have 5 representatives who will coordinate the activity of the set. One of the representatives will liaise with a member from each set. They will form the core of the Foundation before Trustees are appointed.

Various corporate bodies will be approached to adopt the school. In return the school could be branded e.g. Dulux can adopt the school and donate paint every year. In return a building could be branded in the company’s name. Including football jerseys worn during inter-school tournaments.

It is believed the roll call of ex-students include people of influence and are presently in big corporations e.g. Dangote Group, OANDO, MTN, etc who should be approached to adopt the school. Especially in their company's CSR programs

Also people who are in NGOs or special interest groups whose objective is to raise educational standard in the country should be approached to see what help can be rendered.

People in the know about the legalities of setting up such a Foundation or Endowment Fund are welcome. Their expertise may prove invaluable in the successful implementation of this Endowment Fund. A committee to iron out the details is in the process of being set up. Additional input is welcome. This is not a plan set in stone, rather the objective is, except is it can be improved on.


Proposed Uses of the Endowment Fund

Rather than scrounging around begging to raise funds every time we have a project to execute in the school, funds would be taken from this pool of course after due process and verification from the house. It also makes it less of a burden when you get to pay a little at a time, though regularly, as against dropping a chunk at once! Projects such as:

Scholarship for indigent students as a result of parents death
Carrying out repairs to the school
To pay for beautifying the school grounds-landscaping etc
Buy drugs for sick bay and maintaining it
Purchase sports equipments