Vanni Trust Fund

Last Update: Sept. 2014 Remittance of Rs. 120,764.00
Previous Update: Sept. 2013 Remittance of Rs. 122,152.00

 

St. Patrick's College Jaffna - Vanni Students Scholarship Trust Fund ("VSSTF")

Background of  SPC - VSSTF

Purpose of the Scholarship Fund. The full name of this Scholarship Fund is St. Patrick's College Jaffna - Vanni Students Scholarship Trust Fund ("VSSTF") and the purpose of VSSTF is to support the boarding, lodging and education of two eligible students per year from Vanni region at St. Patrick's College Jaffna.

Launch of the Fund:  VSSTF was launched by Dr. Michael R. Thambynayagam at the SPC Jaffna Alumni Association's Silver Jubilee celebration Gala Night on June 2nd, 2012 in Vaughan, Ontario, Canada. The target capital amount of the fund was set at CAD 25,000. This fund received substantial contribution from generous Patricians on the night of the launch itself and this VSSTF initiative was widely welcomed and appreciated by the Patricians and well-wishers.

Eligibility: Any male student with permanent residence in Vanni region, who studied at one of the schools in Vanni region is eligible to apply for this Scholarship and selection will be finalized by the Rector or his designate based on the merit and recommendation letter furnished by the principal of the feeder school.

Maximum number of students per year. Initially top two students who meet the eligibility criteria will be awarded this scholarship

Management of the Fund

VSSTF is managed from Toronto, Canada by the seven-member Board of Trustees of the VSSTF, who were appointed by the general body of SPC Jaffna Alumni Association Ontario at the AGM of the Association held on September 16th, 2012 in Toronto, Canada.

Target Capital of the Fund: When the capital of the VSSTF reached a total amount of CAD 25,000.00, all capital in excess of that amount, minus costs for management of the VSSTF, is to be used for funding scholarship. The eventual aim of the Trustees is to make this VSSTF an Endowed Scholarship – a self-sustaining fund with the interest income earned on the account funding the scholarship.

Roles and Responsibilities of  the Board of Trustees

Seven-member Board of Trustees of the VSSTF was appointed by the general body of SPC Jaffna Alumni Association Ontario at the AGM of the Association held on September 16th, 2012 in Toronto, Canada.

Full Name of  VSSTF Board of Trustees

1. Anton P Sinnarasa

2. Anton Rajinthrakumar

3. P. Reginauld Nicholapillai

4. Joseph Selvanayaham

5. Gerrard Simonpillai [current serving President]

6. Anton Sathy Jeyanathan [current serving Gen.Secretary]

7. Andrew Rajasingham [current serving Treasurer]

Board of Trustees of VSSTF.

The Trustees will work in close partnership with the committee members of SPC Jaffna Alumni Association Ontario and Patricians & well-wishers around the globe to reach the target capital of CAD 25,000.00 in the not-too-distant future.

The Trustees will act in good faith and manage the funds with proper risk tolerance and oversight to produce steady interest income.

The Trustees will engage with the Rector and his designate(s) in good faith and provide the required financial assistance and moral support for the administration of this scholarship.

The Trustees will help the Rector with the implementation of VSSTF administration process that includes notification, selection and award process. The Trustees will communicate with member(s) of the staff, who may be designated by the Rector to assist him with the administration of this scholarship at the College.

The Trustees will work with the Rector to determine the amount of Funds required in Sri Lankan Rupees per student per year and do the remittance accordingly. The Trustees will seek periodic update from the Rector with regards to scholarship recipients progress and usage of funds remitted from Canada.

Current Status of VSSTF

Trustees agreed to remit up to a maximum limit of CAD 1,000 per year from the capital until the fund reaches the target capital of CAD 25,000.

In September 2013, BOT remitted CAD 1,000 to the Rector as two eligible students were selected to be the initial recipients of this Scholarship.

Nixon Maran from Vettilakerni, Mullian and Anton Ratnarajah Jeenujan from Puthukudiuruppu

are the two successful initial recipients of this scholarship as per the communique received from Fr. Lebourn Suthan OMI.

Expenses per year of a student as per the estimate provided by Fr.Lebourn

Boarding Fees -- 4000 X 12 = 48,000
Tuition --- 1000 X 12 = 12,000
Stationary and personal -- 500 X 12 = 6,000
School fees (yearly) -- 3000 = 3,000

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Total = SL RS 69,000

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Rev.Fr. Lebourn Suthan OMI was designated by the Rector to be the primary contact at the College with regards to this scholarship.

Here below is the acknowledgement received from Fr.Lebourn.

_________________________________________________________________________________________________

From: Lebourn Suthan

Sent: Wednesday, October 23, 2013 2:57:33 AM
Subject: Re: Vanni Students

Dear BOT

Greetings from St. Patrick's

Thank you for having transferred the amount of $1000.00 to the college account in the commercial bank  on the 17th of September 2013 for the two students' annual expenditure. We received the amount of Rs. 122,152.00. According to the Bank statement $ 980 has been transferred. I am here sending the CREDIT ADVICE in the attachment. This fund will be maintained separately in the College account for the scholarship fund by the College bursar and will be spent for the students' educational purposes like hostel fee, Tuition, personal, school needs and so on. Since the students are in the hostel they will be looked after by me and the account will be given to Bursar. we have started spending the fund from September onward. I am also sending here the acknowledgment letters received from the parents of the both the students. I am also forwarding the mail which I sent on 9th of August to Mr. Reymond regarding the annual expenditure of each student.

Thank you once again for your support and may God bless you all

Please find the attachment.

Fr. Lebourn OMI

After the initial remittance, the current balance of VSSTF is CAD 10,100.00 as of December 31, 2013.

Communication and Reporting:

The official website of the SPC Jaffna AA – Ontario, www.spcalumni.org will be the main platform with regards to the reporting on the status and activities related to VSSTF.

The Board of Trustees appointed Mr. Anton X. Rajinthrakumar and Mr. P. Reginauld Nicholapillai to be responsible for communication with the Rector and his designate(s) with respect to the administration and reporting of the VSSTF.

The Board of Trustees will provide periodic updates to the incumbent President, General Secretary and Treasurer of the SPC Jaffna AA- Ontario regarding the general status of the VSSTF.

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