ANS/CA-Scholarship Funds Update for 2010: by Veda Joshi
As I have mentioned in my Semi-annual update for 2010, we started year 2010 with a very unique program for Scholarship Funds and also ended very interestingly for me. I am going to repeat what I wrote in my Semi-annual report for 2010 as a reminder on this update as follows.
“This year we started with a very unique program for Scholarship Funds. For the first time in the history of Scholarship Funds the Chairman Dr. Prachanda Pradhan and the Member Secretary Mr. Shailendra Rajbhandari of the Nepal Selection Committee for ANS/CA Scholarship Funds attended ANS/CA Nepali New Year 2067 celebration on April 17, 2010 and gave us first hand information as to how the NSC is handling selection process for selecting the prospective scholars and the check hand over programs to the scholars. They came all the way from Nepal on their own cost for this worthy cause. Mr. Shailendra Rajbhandari was accompanied with his wife Geeta Rajbhadari “.
“Out of six members of the NSC, three members decided to come. However, one member of NSC, Mr. Barun Baidya (Principal of Nepal Adarsha Madhyamic Vidhyalaya where most of our scholarship activities takes place) did not get Visa to USA”.
“On that occasion, Dr. Prachanda Pradhan, Chairman of the NSC, honored President Arjun Tripathi and Veda Joshi, Director of the Fund and Founder President with “DOSALLA” (Nepali traditional way of honoring persons). In return, Veda Joshi , on behalf of the ANS/CA, presented an Appreciation Plaque to Dr. Pradhan and Mr. Rajbhandari in person and handed over other plaques to Dr. Pradhan for other members (Mr. Kishore Manandhar, Asst. Chair; Capt. B. M. Amatya; Govinda Chipalu; and Mr. Barun Baidya) who could not come. Please visit ANSCA website for photo gallery for the photos”.
As unique as the beginning, the year 2010 ended very interestingly with my meeting with most of the past scholars and all present scholars at a Get-together on December 18, 2010 organized by Nepal Selection Committee on my visit to Nepal. The minutes of the Get-together along with the lists of the attendance and the information collected for 38 scholars at the Get-together were forwarded to ANS/CA Executives on Jan 19, 2011.
We had nine scholars early party of 2010 (Three scholars in ANS/CA – Betsy & Merrill Goodall Scholarship Fund and Six scholars in ANS/CA- Veda & Kyana Joshi Scholarship Fund). As one scholar -Ms. Rasmi Lama Thokar – completed her three-year Bachelor’s course, we ended up with only eight scholars.
A. Under ANS/CA-Betsy & Merrill Goodall Scholarship Fund:
Three continuing PCL scholars are: Ms. Anisha Thapa, Ms. Kabita Tamang and Ms. Nirmala Suwal. All three scholars have passed first year final exam and are in the second year. (Their scholarship grants of $250.00 each for third installment for the first year and first installment for the second year were sent only on Jan of 2011 and it will be reported on 2011 financial report.)
Total scholars including the above three scholars from inception is 33 scholars. 17 scholars successfully completed the course since the inception of the scholarship grant in 1984. 3 scholars are continuing and 13 scholars did not make it.
B. Under ANS/CA – Veda & Kyana Joshi Scholarship Fund:
(a) Miss Rasmi Lama Thokar ( B.A.) – Passed three-year Bachelor course with 53.6% mark and her pending grant of $250.00 for 2nd and 3rd installments for the third year was sent on April 30, 2010.
(b) Mr. Raj K. Maharjan (B.E.) –Passed fourth year first semester (IV/I) with 83.59 marks. I had the opportunity to hand over the grant check of $125.00 for the second installment for the fourth academic year on Nov. 27, 2010 on my visit to Nepal.
(c) Three PCL scholars (Ms. Sarita Kafle, Ms. Manju Basnyat & Ms. Bhagawati Acharya) and One bachelor scholar (Ms. Manju Basi) passed first year final exam and waiting for the result. They received $250.00 each for first and second installments for the first year. (The grant checks of $250.00 each for third installment for the first year and first installment for the second year were sent on Jan 2011 and will be reported in 2011 financial report.)
Since the inception of the ANS/CA-VKJSF in 2000, 50 scholars have received this scholarship grant. 32 scholars have successfully completed the course. Three PCL scholars and one Bachelor scholar stated above are still continuing. One bachelor scholar (Raj K. Maharjan) is in the final fourth year of B.E. One dropped out and 13 were unsuccessful.
Financial Status:
Interest rate is still very low and we are not making enough interest to support many scholars as in the past. As Chairman of VKJS Foundation, I have submitted a follow up second request letter dated Oct. 6, 2010 to the ANS/CA Executive members at Dashain meeting on Oct 9, 2010 for transfer of the Fund to VKJS Foundation and with a proposal to amend ANS/CA By-laws to grant up to 3% of the principal per year if this should result in a financial shortfall. It is very important that the ANS/CA By-laws be amended to use up to 3% of the principal if we are to keep our scholars as is, otherwise, we will not be able to support even one scholar after these scholars complete. It does not matter how much fund we have. It’s useless if we can’t use for the grant for the needy scholars.
ANS/CA - Betsy & Merrill Goodall Scholarship Fundearned an interest income of $127.96 from CD and $78.24 from Regular Savings Account. Total interest income $206.20 as of Dec 31, 2010. Total grant is $750.00. No donation received. $100.00 in acct ending … 5577 and $29,507.53 in acct ending …. 5350. Total asset of ANS/CA-BMGSF is $29,607.53 as of Dec. 31, 2010. (Please see Financial Report for details).
ANS/CA - Veda & Kyana Joshi Scholarship Fund earned an interest income of $60.17 from CD and $176.34 from High Yield and other Savings account. Interest/Div from D.B.Alex Brown – (BRCM account) is $56.86. (Cash Div. is 52.80 and Annual Custodial Fee is $150.00). Scholarship Grants is $1,750.00. Donation from Virgil & Stephanie Day is $200.00. $90,000.00 CD was closed on 5-14-10 and deposited to existing Savings Account and we have balance of $103,596.41 in Chase bank. In addition, we have cash account of $2,728.64 and BRCM Stock 165 worth $7,185.75 @ 43.55 as of Dec. 31, 2010 with D.B. Alex Brown. Total asset of ANS/CA-VKJSF as of 12/31/2010 is $113,510.80 including BRCM stock and cash account. (Please see Financial Report for details).