Fwd: Depletion of Funds
Rtn Pankaj Shah
Begin forwarded message:
From: RISAO <ri...@rotary.org>
Date: 4 September 2020 at 10:09:22 IST
To: rotary.p...@gmail.com
Subject: Depletion of Funds
Reply-To: mail.cxvjhecl...@msgfocus.rotary.org
RI SOUTH ASIA OFFICE
Dear Rotarians,
Since the past 5 years, thanks to the generosity of donors, we have had adequate INR funds enabling us to disburse all grant payments in India from funds raised within India. Over the last two years, we funded up to 34% more grants than we anticipated. In addition, due to the incredible efforts of Rotarians to address the COVID-19 pandemic, global grant application submissions rose substantially as Rotarians moved into action. While we were delighted to see this increase in grant activity, it also meant that we depleted funds raised in India much faster than anticipated and, unfortunately, our contributions towards Annual Giving have also come down over time.
We believe that at this rate we can barely sustain grant disbursements from INR funds till the middle of September 2020.
To meet the possible funding gap, we urge Rotarians to:
- step up their efforts to support our Foundation starting now rather than in the last quarter of the year, as is traditionally the case.
- encourage their clubs/districts to register or to have their fully controlled trust or society register under the Foreign Contribution Regulation Act (FCRA), not only to receive foreign funds from Rotary Foundation (India) when the need arises, but also enable them to receive direct contributions from International Partners or other foreign sources, if they chose to do so.
In all likelihood, the clubs that are not registered under FCRA, may experience a delay in grant payments based on INR funds available from the contributions made within India. Consequently, grants will be placed in a queue and paid on a first-come, first-serve basis only thus delaying the implementation of their projects.
We urge you to give the above your urgent consideration.
Regards,
P.T. Prabhakar Gulam Vahanvaty
Chair, Rotary Foundation (India) Trustee, The Rotary Foundation
