March 1999 Table
of Contents -
Current Issue of The Abaco Journal
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Abaco Bahamas' Home Page
ABACO SCHOLARSHIP FUND
The Abaco Scholarship Fund has passed the $300,000 mark in gifts and pledges and the
first scholarship award under the fund will be issued in 1999.
The Abaco Scholarship Fund was launched in April 1998 at a special fund raising dinner
at the Spinnaker Restaurant in Treasure Cay which featured the Rt Hon Hubert Ingraham
as guest speaker. This was the third such dinner featuring the Prime Minister. The
two previous occasions were in 1993 and 1994 and the total realised from the three
events is $48,000, all of which has been incorporated into the Abaco Scholarship
Fund.
The Fund has entered into a contract with the Lyford Cay Foundation, headquartered
in Nassau, wherein the Abaco Scholarship Fund will be able to take advantage of Lyford
Cay Foundation's professional organisation and over 30 years experience operating
a very successful and respected scholarship programme in The Bahamas.
Lyford Cay Foundation has an endowment fund of $12.5 million, including a special
fund whose earnings cover all management and administration costs including such
costs for the Abaco Scholarship Fund. This means that every dollar raised in Abaco
will go directly towards earning funds which will be paid out in scholarships to Abaco students.
Lyford Cay Foundation Inc and the Canadian Lyford Cay Foundation are registered charities
in the USA and Canada so taxpayers from those countries can receive full tax benefits.
Of great importance to donors is the fact that Lyford Cay Foundation utilises professional money managers and operates under strict financial controls with audited
annual financial statements. Also very important to donors is the Foundation's experienced
and professional organisation for screening, selection and monitoring of applicants and award winners. Lyford Cay Foundation has developed a very extensive file on
many post secondary and technical institutions to assure that award-winning students
will receive a quality education.
The local organisation under the chairmanship of Ron Jackson of Treasure Cay is primarily
responsible for raising funds, leaving all other major functions under the control
of the Lyford Cay Foundation. A $50,000 endowment is required to assure funding one scholarship of $5,000 per year and, as such, the amount of $50,000 is referred to
as a 'single scholarship unit'. To date four such units have been donated or pledged.
There is no doubt that these major gifts are important. However, Mr Jackson stresses
that all contributions, large and small, will be needed to reach the $1 million objective.
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