OWASS ENDOWMENT REPORT TO AKATAKYIE USA – August 31, 2018
This report provides an update on the Owass Endowment since the 2017 End of Year Report
The goal of the Endowment remains to raise a total of at least $1.0 million over the three years ending December 2020. The attached Contributions Summary Table (Appendix A) gives a breakdown of the details of the current Endowment Fund Balance.
The total contributed account balance is $119,782 + $2.84 interest. There are currently 15 Platinum (>=$5000) contributors, 2 Gold ($3000 - $4999) contributors, 11 Silver ($1000 - $2999) contributors and 9 Bronze (<$1000) contributors. The pledge outstanding equals $157,180 and represents the biggest near-term opportunity for significantly increasing the level of contributions.
Endowment Board – Additions/Subtractions: There have been eight additions to the Endowment Board since the last report. Namely Akatakyie; Sam Owusu Akyaw (U102), Julius Kwame Boateng (V5), Kwame Bawuah Edusei (0239), Osei Kwame (X22), Kofi Yeboah (X25), Emmanuel Opoku Boateng (AH69), AE Year Group Rep Rexford Brentuo (AE85) and AN/AS300+ Year Group Rep Nii Armah Ollenu (AN198). This brings the total Endowment Board membership to 46. The Endowment Executive Council (EC) is proposing that the NEC significantly increase the target number of Board members from 50 to a target of 100. The BOD will be charged with helping to recruit the additional board members.
Endowment Officers – Joe Agyei (AC38) was confirmed as the Chief Fundraising Officer by the Endowment Board, and Kofi Owusu Boaitey (055) confirmed as Chairman of the Council of Patrons and a signatory for the Endowment Account
Council of Patrons – No changes.
Governing Articles – The governing articles were finalized and approved by the National Executives as the legal framework for the endowment board mandate.
Investment Policy – A draft Investment Policy has been developed and an Investment Committee is being formed to refine the draft and present it to the BOD for approval.
Contributions goal for end of 2019 – The Endowment Executive Council is proposing $200,000 as our 2019 end of year goal for our total contributions.
Strategies for meeting 2019YE Contributions Goal – a) Increase number of high donor ($5,000) BOD members from 50 to a target of 100. b) Develop plan and pursue Corporate matching funds. c) Improved distribution of labor – utilize people close to year groups to raise funds. d) Reach out to more people in the $100 contributing range. e) Develop and implement framework to encourage contributions beyond amounts currently pledged and paid.
Chairman and CEO, Opoku Ware School Endowment Fund
Appendix A - Compiled by Prof. Samuel Frimpong
OPOKU WARE SCHOOL FOUNDATION CONTRIBUTIONS
AKATAKYIE USA unanimously approved a $1 million OWASS Endowment to be generated within 2018 and 2021 at the 2017 Reunion in Manassas, VA. Table 1 provides the progress on contributions to the OWASS Foundation. Donation categories include PLATINUM (≥ $5,000), GOLD ($3,000 – $4,999), SILVER ($1,000 – $2,999) and BRONZE (<$1,000). The Endowment funds to date include $119,482 in cash contributions (11.95%), $157,480 pledges (15.75%), with a remaining amount of $723,038 to reach the $1 million target by 2021.
AKATAKYIE USA ALUMNI
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