THE EBHS ENDOWMENT FUND
Ekiti Baptist High School (EBHS) was founded in 1956 by the Baptist Mission as Ekiti Baptist Boys High School (EBBHS). It adopted the current name, EBHS, in 1966 following the admission of female students. The school, renowned for her academic, sporting, and moral standards, graduated her first set in 1961. Since then, over 5,500 pupils in 63 sets have passed through the school, many of whom played and continue to play important roles in Nigeria and in diaspora and, contributing immensely to World’s development.
Due to inadequate funding over the years, the enviable strides ebbed, evidenced by academic performance decline, value erosion and dilapidated infrastructure. Different sets of old students have made efforts to rehabilitate some structures in the school, but a holistic, more enduring rehabilitation and rebuilding of the school has become imperative. The aim is to deliver 21st century compliant curriculum and students with sharpened potentials and world beaters that will contribute to national development and emancipation. To achieve this laudable goal, requires large amount of capital spread over the years. A robust and sustainable funding mechanism for the school is required. Current funding, mainly derived from dues and levies, have limited capacity to meet the envisaged needs of the school. Other shortcomings include:
- Prone to Members’ fatigue and vagaries of economic factors, thus not sustainable
- Not well diversified; focuses on members, excludes friends and beneficiaries of the school’s products.
- Irregular flows, making planning difficult, etc.
Clearly, a funding paradigm shift is required.
Long-Term Funding Concept:
Worldwide, the most successfully managed educational institutions have always leveraged their goodwill among their alumni and friends. The vehicle mostly used is the Endowment Funds scheme. Yale University Endowment Fund is an example.
WHY EBHS NEEDS YOUR HELP
Investment income generated has been used over the years to support the University. The whole idea behind an Endowment fund is to have a firm basis to generate income on a regular basis and use the same to fund the needs of the institution on a sustainable basis. The Fund attracts and collects funds from all sources, mostly donations, and generates investment income that is used to fund infrastructural projects of the subject institution. This requires a sizable amount of capital to generate reasonable income. This is exactly what the EBHS Endowment Fund intends to replicate.
The Big Move:
On January 12, 2022, the National Executive Committee of the Ekiti Baptist Old Students Association (EBHSOSA), announced the creation of EBHS Endowment Fund, and the Committee was charged with the responsibility to implement the dream of a sustainable funding scheme with a target of N1 billion for the first phase. To make an impact, a sizable amount of capital is required to generate a reasonable level of income. Assuming a N1 billion capital base and an investment yield of about 10% p.a., the Association could be booking about N100M annual income! With this level of income, the Association can better plan for the rehabilitation and development of the school facilities. The challenge we face, therefore, is raising the Seed Capital in the first instance. This is where we need the help of alumni, friends, and well-wishers all over the world.
The Endowment Fund Committee:
The Endowment Fund Committee (EFC) is charged with the responsibility to mobilize for donations and manage the funds received therefrom. It is made up of 46 members under the Chairmanship of Mr. Olusola Ogunsakin (1975 set), Chief Phillip Adebolu (1980 set), the Secretary and Deacon Oba Ekiran (1963 set) as the Adviser. The EFC is further organized into 3 subcommittees namely: Funds Mobilization, Administration & Accounting, and Investment Management, to deliver the goal set by the NEC.
Funds Mobilization:
The EFC adopted a 2-stage launching. First, the Alumni Launch, which was successfully held on February 11, 2023, and second, the Mega Launch, which is expected to garner donations from the non-alumni public. This approach is consistent with the saying that charity begins at home, and indeed, has yielded positive results. As of September 30, 2023, over N22 million in cash and pledges have been realised.
Administration & Accounting:
All donations are being and will be fully and promptly receipted. Similarly, monthly Financial Reports showing contributions, expenses, disbursements, and investment activities are being and will be produced timely and dispatched to all members.
Investment Management:
The funds received will be managed in accordance with the following terms:
Objective: To generate regular and predictable income to meet infrastructural budgetary needs of EBHSOSA while preserving the purchasing power of the assets.
Risk Tolerance: Zero
Potential Instruments: Fixed Income instruments (with zero coupon and/or no principal default in the last 20 years or more) in Naira and/or foreign currencies such as US, Pounds Sterling, and Euro.
Donation Protocols:
To ensure donors’ convenience as well as transparency and accountability, dedicated bank accounts have been established at Nigeria’s GT Bank Plc to receive donations. Remittance details are as follows:
*Payment Description:
For Alumni – ID Number OR First and Surname + Set Year
For Non-Alumni – First and Sur/Last name + Contacting Alumnus’ ID Number
Upon payment, kindly provide us with your name/email address, to enable us to send your payment receipt. Please send such information or any request for clarification or additional information to our email address: ebhsendowmentfund@gmail.com.
We welcome generous donations to the EBHS Endowment Fund from all – alumni, friends, and well-wishers, in support of our great Alma Mater.
EBHSOSA
Focus on Ekiti Baptist High School, IgedeINFRASTRUCTURE
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