Scholarship Fund

At the 2018 Annual General Meeting (AGM) of KCOBANA, it was decided to set up a Scholarship Endowment Fund where monies will be invested for long term growth with the understanding that only the income earned may be expended, not the principal. The goal is that income from the endowed fund will be sufficient to administer the program. The merit-based scholarship is to be awarded annually in the amount of one thousand dollars ($1,000) and contribute towards the tertiary education of two (2) graduating King’s College student. It shall be used for tuition, books, room and board costs at an accredited 4-year university or polytechnic within or outside Africa. The KCOBANA Scholarship Fund will operate as a temporarily restricted fund during the five–year period that is slated for building up to the endowment amount of $100,000, whereupon it will be converted into a permanent, endowment fund. At that time, the KCOBANA Board will consider moving the funds under the advisement of a recognized fund manager. Post-endowment contributions to the fund will be added to the fund principal or set aside for additional scholarships. To date, KCOBANA has collected approximately $54,000 towards this endeavor