Scholarships and the future of the Democratic Republic of Congo
There are many ways to help the Congo, but one of the most effective ways to make a difference is to educate the doctors, lawyers, teachers, businesspeople, and pastors who will steer the nation towards health, justice, prosperity and faith. You can participate in this mission by providing scholarships that will enable highly motivated but financially limited young men and women to pursue the studies that will enable them to enrich their own lives and the lives of those they touch throughout their careers.
There are two ways you can offer opportunities to university level scholars through Education Congo.
1) An Annual Scholarship Fund. Your donation will go directly to a Congolese university (see the Education Congo partnership tab) which will choose recipients on the basis of academic record and of need. In Congo any dollar amount goes a long way, and $1000 pays full tuition for one student for a year. The impact will be immediate.
2) A Named Fund. A named fund is a way to leave a lasting legacy for higher education in Congo and a way of honoring someone who was important in the donor’s life or in Congo. Numerous former missionaries saw these funds as a means to continue to assist the country they had served during their careers and were among the first to establish one of these funds to which they, family and friends have been steady donors over the years. Others who did not have that direct connection to Congo have recognized the importance of this mission and chosen to honor or remember a loved one in a way that will continue many years into the future and provide scholarships for countless students for generations to come.
A Named Fund must reach a minimum of $25,000 to begin providing scholarships, but they can be established with a smaller initial donation and built up to that level over time. They will carry the name of the donor or honoree, and the university will receive the scholarships in that name. Donors may designate criteria for recipients (e.g., field of study) within the limits specified by the IRS tax code and Education Congo’s policy.
3) Scholarship Fund Management. Education Congo’s Finance Committee is responsible for overseeing the Funds. These responsibilities include day-to-day administration and recommending investment strategies and payouts to the Board of Directors for approval. Currently Funds are pooled and invested in a selection of index mutual funds, bond funds and interest-bearing funds.
Payouts are currently determined using a highly structured approach first developed for use at Stanford and Yale Universities. The goal is to provide a relative steady stream of cash to the recipients, while building asset value during market growth in order to weather the inevitable market declines. Using a structured approach also helps avoid a common issue encountered by non-profits, which is being overly generous during times of high market growth.
As of 2019 the total number of Funds is 39 with 36 paying and another starting to pay within the next year. At the end of June 2019, the total assets were approaching US $1.9 million.
If you are interested in establishing a Named Fund, please contact Doug Cardwell, Education Congo Executive Director, at +904 600 4123 or email@example.com for more details.