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NAKA Endowment Donors

NAKA Endowment Donors are donors that have contributed to our NAKA Endowment of $1 Million (USD). This Endowment Fund  will be fully invested in a low-fee S&P 500 Fund. The gains accruing from this Fund will be provided to every host Sammelan Committee as a seed-fund. Many host cities of Sammelans spend almost 1 year raising funds to successfully host a Sammelan. This is NAKA Committee's effort to reduce this effort. This endowment fund will be our gift to Konkanis for generations. Thanks.

Investment Policy Statement

I. Introduction

            After due deliberations, the Board of Directors of NAKA have decided to establish a corpus fund to partially finance the Konkani Sammelan every four years. In order to attract a large number of Konkani families to such events it was decided by the founders to keep the registration fees to a nominal level. If the registration fee is too high, there will be less attendees and this will defeat the purpose of having a Sammelan. Hence the need to raise a substantial sum of money thru donations from the community members during the Sammelan years. This causes a huge stress on the Sammelan host committee and the NAKA board. As a result it is difficult to find the host committee for organizing such an event.

 The purpose of this Investment Policy Statement is to establish guidelines for the Fund’s investment portfolio and accountability standards for monitoring the performance of the Portfolio’s investment program.

II. Role of the Investment Committee

              The NAKA board proposes to set up an Investment committee comprising of at least 3 members. The Investment Committee is acting in a fiduciary capacity with respect to the Portfolio and is accountable to the Board of NAKA for overseeing the investment of all assets held in the Fund and its distributions. The committee will be acting as ambassadors and conduct fund raising campaign for the endowment fund.  

              NAKA will only provide 80% of the investment gains from the fund to the Sammelan organizers to subsidize the cost of the Sammelan. The remaining 20% of the gains will be added to the principal to cover inflation cost in the future. Subsequent withdrawal will be based on the new principle amount. Under no circumstance the principle amount will be withdrawn to pay for the Sammelan cost.

              The Committee will review this Investment Policy at least twice a year. Any changes to the Investment Policy, on the recommendation of a majority of the investment committee members, shall be adopted if approved by a majority of the Board of Directors. The Board is ultimately responsible for all actions by any one acting on NAKA's behalf.

III. Investment Objective and spending policy

              The fund is to be invested with the objective of enabling long-term growth, and maintain real purchasing power of its assets from a growing stream of investment income. The committee will research and recommend the financial vehicles to invest the endowment funds. These financial assets carry varying degrees of risk and returns will fluctuate on a short-term basis. But over the long term this strategy should help generate a reliable funding source for the Sammelan.

              The gains will be distributed as follows. Only 80% of the realized gain will be used and that must include the registration cost of the lifetime members.   Future host committee must present the budget and get an approval from NAKA. The goal going forward is to fund the Sammelan cost with registration fees plus the 80% gains from the endowment fund. This model will be successful if and only if we as a community are able to raise one million dollars or more.

              The investment committee will determine the gains every 3rd year and recommend the amount available for disbursement to the Sammelan host committee. There will be years when the gains will be significantly low or zero. In such cases it is recommended that the Sammelan be pushed out by a year or more.

Our Donor Says

"I believe we are a lucky generation. Due to advances in technology and sciences our generation has seen unprecedented wealth creation. We are the blessed generation. I am happy to contribute to this NAKA Endowment Fund as it is my "small contribution" to our future Konkani generation. I look forward to making more contributions as the situation warrants. I consider it both my duty and privilege to do something for our community".

- A Committed Konkani Donor (Anonymous). 

Donors to NAKA Endowment Fund:

Acharya, Ram & Aruna

Baliga, Ravi & Asha

Baliga, Damodar & Shobha

Bhandarkar, Gopal & Prathiba

Bhandarkar, Pradeep & Geetha

Bhat, Vasanth & Poornima

Gokarn, Milind & Archana

Heble Arun and Geeta

Kini, Panduranga & Shobha

Kamath, Murali & Leelavathi

Kamath, Ram & Udaya

Kamath, Ramesh & Abirami

Kulkarni, Ashok & Ranjana

Mavinkurve Pramod and Geeta

Nayak, Dinesh & Nina

Nayak, Satish & Sumana

Nayak, Narayan & Nirmala

Pai, Raghu & Sahana

Pai, Vasanth & Sudha

Rao, Shilpa

Rao, Anjali

Shenoy, Ravindranath & Poonam

Shenoy, Ramesh & Anita

Shenoy, Vishwanath & Veena

Samsi, Rohan and Deepa

All Donors to be acknowledged.

North American Konkani Association, 2465 Bergen Avenue, Brooklyn, NY 11234, USA

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