By: Kissa Ocampo
Sometimes it surprises me how little real time has passed since the new Board hit the ground running in Feb-Mar 2022 with a plan to rebuild our then 97-year old association-foundation and update it to fit the needs and opportunities of the 21st century and beyond.
But then again, there’s nothing like a hard reality check to jumpstart some intense creative thinking. We got onboard with hardly any amount of restricted and free funds for SSAFI’s ongoing programs. Some funds were earmarked for the Night Secondary School (NSS) collaboration with the Manila Community, but it could only support about 35 scholars out of the almost 100 scholars who all needed help. In the spirit of fairness and compassion, the Board approved 100% coverage of ALL scholars moving forward. Moreover, we discovered there was less than P1 Million to cover Operating and Administrative Expenses which could not be used for Projects inasmuch as SSAFI needed to earmark a portion of this amount for the retirement benefit of our long-time Office Secretary. Unfortunately, there had been no provision set up for her retirement benefits in the books of the Foundation.
This untenable situation gave birth to the Sustainability Fund, a new program launched last June 2022. The concept of Sustainability was discussed by the 2022-2023 SSAFI Board because a foundation should have enough reserves to pursue Programs and Projects it has already started because it has a dual commitment — to both its Beneficiaries and Donors. Beneficiaries await the yearly support while Donors who agreed to initialize the funding requirements want to invest in sustainable advocacies.
Towards this end, we are pleased to report that 2022 ended with P 783,000 in the Sustainability Program (rounded figure, based on the Audited 2022 Financial Statement). We acknowledge with gratitude the donation of the Romulo Family, on behalf of former SSAFI President, the late Teresita Romero Romulo (HS 1949), and other Donors for believing in this program. The SSAFI Board 2023-2024 continues to endorse this program which aims to compensate for shortfalls, if any, in the funding needs of Outreach, Night Secondary School, and Alumnae Services. However, the amounts advanced shall be paid back when the donations for the respective programs come in. Our goal is to reach and maintain a reserve level of P5 Million in the Sustainability Fund. This serves as our legacy, ensuring the future care of the Alumnae Foundation to Board Members and Alumnae Members who will succeed us, whoever they will be.