Owass Endowment Fund

FREQUENTLY ASKED QUESTIONS

1What constitutes the OWASS Foundation?

The endowment is created by contributing members of AKATAKYIE USA to fund critical projects for academic excellence at Opoku Ware School (OWASS) in Kumasi, Ghana. The goal is to set up a minimum endowment of $1 million within 3 years, from 2018 to 2021.

2What legal instruments govern the administration and use of the Foundation?

The Governing Articles adopted by AKATAKYIE USA at the 2017 Reunion in Manassas, VA constitute the governing instruments with legal authority to a Board of Directors (BoD) for executing its mandate with oversight responsibility by the National Executive Committee (NEC) of AKATAKYIE USA.

3What is the purpose of the OWASS Foundation?
The purpose is to develop and sustain OWASS as a center of excellence in secondary education in Ghana. The Endowment will provide funding for maintaining, renewing and building new infrastructure, laboratories, classrooms and other facilities to provide total quality education to future generations of students to advance Ghana’s socio-economic and technological development.
4How can I contribute to the OWASS Foundation?

Below are the current payment options to the Opoku Ware School Endowment Account at Bank of America:

  1. Walk into any Bank of America and deposit your donations with this account information:
    Opoku Ware Endowment Fund A/C#: 383018132056; Bank of America, 720 W. Uwchlan Ave, Exton, PA 19341.
  2. Wire Transfer to Bank of America:
    Opoku Ware Endowment A/C#: 383018132056. Routing 031202084; Electronic 026009593
  3. Use your bank's app to transfer your donations to the Opoku Ware Endowment (A/C) at Bank of America with email address: endowmentowass@gmail.com
  4. Mail your checks made to Opoku Ware Foundation to Akatakyie USA Treasurer: Attn: Kwaku Poku, P O Box 347, Livingston, NJ 07039
5Why do we need the OWASS Foundation?
OWASS has reached a tipping point in need of major repairs, maintenance and expansion. The Government of Ghana is incapable of shouldering this responsibility alone. As alumni, we want to assist but move away from asking for funds every year. The Foundation will allow us to put in place substantive funds that will yield income in perpetuity for carrying out these initiatives.
6How will my contribution to the OWASS Foundation be remembered?
The names of all contributors to the Fund will be displayed on a wall in the School under one of these categories – PLATINUM, GOLD, SILVER and BRONZE. Your contribution will always be remembered in perpetuity.
7Who will manage the Foundation Investment Funds?
NEC, acting on behalf of AKATAKYIE USA, has vested legal authority in the Board and its Executive Officers to manage the Opoku Ware School Endowment (Foundation) efficiently, effectively and appropriately.
1How are the managers of the Foundation answerable to AKATAKYIE USA?

Under the Governing Articles, which is the Legal Document for the Foundation, NEC shall have oversight responsibilities for administering the Foundation with the sole authority to appoint and terminate all Foundation BoD.

The National President (or Delegate) and National Treasurer (or Delegate) shall act as ex-officio Officers with non-voting authority on the Foundation Officers’ Council.

NEC shall meet with the Officers of the Foundation at least twice annually (one in the month prior to the Annual Reunion) to discuss the performance of the Foundation and other relevant matters.

2How would members know the management progress of the Fund?
The Endowment account will be audited annually by a reputable, independent auditing company. The audit reports shall be made available to AKATAKYIE USA at Annual Meetings and on the AKATAKYIE USA website for additional transparency and management efficiency of the OWASS Endowment.
3How will the OWASS Foundation support projects at the School?
When the Foundation Corpus reaches the minimum $1 million, the annual income will be used to fund selected projects at Opoku Ware School.
4How will projects be selected for funding by the OWASS Foundation?
Projects will be selected based on discussions with the School administration and a survey of the instructors and current students. Selected projects will be ranked based on discussions with members of AKATAKYIE USA to generate priority projects for funding.
5Do Foundation Contributors have a say in the selection of projects for funding?
YES, the final projects for funding will be discussed thoroughly and approved by contributors before submission for funding. No projects will be funded without the approval by the contributors to the Fund.
6How do we ensure that the funds for supporting OWASS projects are not wasted?
All projects will have Project Implementation Committee, Detailed Project Plans with Detailed Budgets. The progress of projects will be monitored and audited periodically to ensure that expenditures are within budgets.
7How is the OWASS Foundation secure in perpetuity?
The Officers of the Board selected to direct and manage the Fund are individuals with good reputation. The Governing Articles also ensure arms-length executives to NEC and the Board of Trustees. All incomes are limited to funding projects approved by AKATAKYIE USA. It is a legal requirement in the Governing Article not to fund projects with the Endowment Corpus.
8How do we involve the Global AKATAKYIE Network in the Foundation?
All the National AKATAKYIE Groups are developing initiatives to set up similar Foundations. In the future, when a Global AKATAKYIE Union has been established, it is envisaged that the Foundations would be combined into a single entity with a single management board.
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