IAHR African Trust Fund
African Trust Fund
Dr. Afe Adogame
Secretary of the African Trust Fund Board of Trustees
The IAHR African Trust Fund is one of the many positive results of the Durban 2000 World Congress, established as it was with money accumulated via that congress and handed over to the IAHR/the IAHR African Trust Fund by Congress director, Prof. Pratap Kumar.
The IAHR Executive Committee (2005-2010) inherited the rules for the fund as decided upon by the previous Executive Committee, first communicated to the International Committee in Bergen 2003, and later made public also in the IAHR Bulletin,Tokyo Congress Edition, nr. 38, March 2005, pp. 40-41.
The sum of money (cf. the above mentioned Bulletin p. 47) transferred from the previous to the current Executive Committee was 10.957 USD .
Funds on the account(s)
As for the sum of money, however, this much must be added: When I - due to the much too early death of elected Treasurer, Prof. Gary Lease – took over the Treasury early 2008, I took over one account named the IAHR African Trust Fund (with some 11.000 USD) and another account with no name (some 1.000 USD). In view of this, the Executive Committee later decided to consider the 1.000 of the last mentioned account as pertaining to the IAHR African Trust Fund so that this account amounts to 12.000 USD.
At its meeting in Messina in September 2009, the IAHR Executive Committee decided to do something about this fund, even if the amount of money accumulated was not 20.000 USD as stipulated in the rules.
The decisions taken were:
To set up the mentioned board of trustees in the beginning of 2010
Not to wait for the sum to grow to 20.000 by way of investing the money in a way so as to accumulate the highest interest rate.
To add 8.000 USD over the next five years to the IAHR African Trust Fund from the IAHR general funds
To turn the IAHR African Trust Fund into a ‘sinking’ fund instead of an ‘endowment’ fund
To spend the money (20.000USD) over a period of five years, beginning in 2010
To thus have 4.000 USD each year for 5 years to be granted by the board of trustees according to the criteria set up in the rules.