News > Endowment Fund Launched
Date Posted: 2010-04-01
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1. Does the Navigators of Ghana ensure good stewardship of the resources God brings our way?
2. Is it possible to have sustainable funding for part or all ministry activities?
The above and other related questions and thoughts have engaged the leadership of the Ghana work over the past few years. The Navigators of Ghana Endowment Fund becomes the younger sibling of the Navigators of Ghana Ministry center or the Navigators of Ghana Building project. Both of these ventures are very involving investment we are making today, which will ensure regular income in the future for funding ministry activities.
ENDOWMENT FUND
An investment fund set up by an institution in which regular withdrawals from the invested capital are used for ongoing operations or other specified purposes.
It is a way to ensure that the gift of donors provide streams of revenue for the desired charitable purpose on a continuing basis. A gift to an endowment fund is not spent but invested. Each year a portion of the earnings is made available to be spent for charitable purposes through grants. The remaining portion of the earnings is returned to the fund to increase the fund’s valve and provide for future spending.
Over time the amount of money available for grants will far exceed the value of the donor’s original gift. And because the gifts into the fund are not spent, the fund will provide support for the charitable cause perpetually.
On 27th of March 2010 the Navigators of Ghana launched the Navigators of Ghana Endowment Fund. We are in the process of finalizing the Board of Trustees who will ensure that the Fund manager(s) will invest and manage the Fund in line with the following:
• INVESTMENT POLICY: What types of investments can the funds be applied to?
• WITHDRAWAL POLICY: How much can the ministry take from the endowment fund and at which periods?
• FUND USAGE POLICY: Ensure that money from the endowment fund is being used properly and for the purposes set out by the fund.
a. The objectives of the Navigators of Ghana Endowment Fund is to see all administrative costs for the ministry as well as some key ministry activities like the Annual Youth Camp fully funded in the near future.
b. A target of six hundred and seventy five thousand Ghana Cedis (GH˘675, 000) to be raised of the next five (5) years, after which withdrawal for ministry activities will begin.
c. A separate account with Stanbic Bank (Accra Main) is being opened, into which donations designated “Endowment Fund” can be made. (More details soon).
d. The three (3) member committee that worked on the Fund's setup and launch, will manage the fund in the interim
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