Bleoo Legacy Fundraising Initiative Launched

The Bleoo Legacy Fundraising Initiative (BLFI) was launched during the Association's maiden AGM held on 24th March 2018. The BLFI  is an initiative to provide an efficient and sustainable means for Bleoobii to continue to support their alma mater in the ever changing and uncertain landscape of secondary education in Ghana. What is certain is that Bleoobii will be called upon increasingly to come to the aid of the school as result of the Free Secondary School and other government programs which are not fully funded. Thus for every crisis the school has to fall on Bleoobii or stretch the use of its facilities to raise internally generated funds (IGF). Clearly, this approach is not sustainable.

What is conspicuously missing in the portfolio of support from Bleoobii to the school is the lack of invested funds. We believe that the time has come for Bleoobii to raise funds specifically to be invested in order to generate a constant stream of interest revenue to be used as needed; and also, we do not panic when the next crises comes. This special initiative is needed to bring focus to the need for raising seed capital and to assure Bleoobii that this seed capital is protected and only the returns would be transferred to Endowment Fund to be used for the benefit of the school.

The BLFI calls on each Bleoobii to make a lifetime contribution as his or her LEGACY to the school. These contributions will be invested in perpetuity in honour of the contributors and for the benefit of the school. Only the interests from these investments will be available for the maintenance, wellbeing and development of Accra Academy.

The BLFI is also intended to influence the mindset of Bleoobii to have a legacy by way of significant contributions towards the progress of the school. Bleoobii may pledge life-time contributions of Ghc1,000, (minimum) Ghc5,000 (standard) Ghc10,000 (gold) or above Ghc10,000 (platinum). The names of all Bleoobii who fulfil their life-time contribution pledges would be immortalized in the Great Hall of the Alumni House and likewise documented in the annals of the Accra Academy Old Boys’ Association (AAOBA).

WHY THE NEED FOR THE BLEOO LEGACY FUNDRAISING INITIATIVE?
The Accra Academy is amongst the best performing senior high schools in Ghana. Having been established in 1931, the school stands tall among the most productive educational institutions in the country. Despite its many successes in both academics and sports, Accra Academy has been fraught with many challenges over the years. In the ever changing and uncertain landscape of policies affecting secondary education in Ghana; and to avert any negative impact on their wards, many Ghanaians are sending their wards to private secondary schools. For the Accra Academy to be relevant in the near future, it needs to be well resourced. The BLFI offers Bleoobii and Year groups alike with the opportunity to contribute to the development and wellbeing of Accra Academy in perpetuity. Their contributions would be a gift which keeps on “giving” to the school each year. The BLFI will be a consistent source of revenue that will enable school management plan strategically to meet the future needs of the school.

OBJECTIVES
1) To raise seed funds for investment in Government bonds as a means of providing sustainable cash in-flows for the Academy.

2) To provide Bleoobii and Year Groups alike with an opportunity to leave a LEGACY for the school.

3) In the short-term, to provide an average of Ghc150,000.00 to Accra Academy annually to finance its activities and development.

4) In the long term to be the largest and the most reliable source of Bleoobii contributions to the Academy.

IMPLEMENTATION
An initial amount of Ghc1,000,000.00 is expected to be raised as legacy contributions from 200 Bleoobii each contributing an average of Ghc5,000. Alternatively, 20 year groups can each raise Ghc50,000 from 10 of their members. In both scenarios however, Bleoobii can contribute more or less than the stated average. We anticipate raising this amount in four quarters but hopefully sooner.

The prevailing interest rate for a 20-year Government of Ghana (GOG) bond is between 17% to 20%. With an investment of Ghc1,000,000, the BLFI would generate between Ghc170,000 to Ghc200,000 continuously for the school over the next 20 years. The principal of the Legacy contribution would remain intact and only the interests generated would be available for use.

It is intended that the BLFI would not require much management. A properly executed agreement with a reputable bank would create a special account for the BLFI and establish that the funds are a donation to Accra Academy in perpetuity. It would furthermore establish that the funds would always stay invested by the bank in GOG bonds, and only the interests would be transferred periodically to the Accra Academy Endowment Fund.

The AAOBA Executive would be responsible for marketing the BLFI. Semi-annual reports on contributions received and payments made to the Endowment Fund would be rendered by the AAOBA Executive. Annual external audits of the AAOBA accounts as well as the Endowment Fund will cover the receipts and use of the BLFI contributions and interests.

RECOGNITION & AWARDS
Bleoobii may pledge life-time contributions of Ghc1,000 (minimum); Ghc5,000 (standard); Ghc10,000; or Ghc100,000 and above. The names of all Bleoobii who fulfil their pledges would be immortalized in the Great Hall of the Alumni House and in the annals of AAOBA. Bronze for Ghc1,000 and above; Silver for Ghc5,000 and above; Gold for Ghc10,000 and above; and Platinum for Ghc100,000 and above.
Year groups do not have to make additional contributions, they would be recognised based on the total contributions by their members. For total contributions of Ghc10,000 and above, the year group gets a Bronze award; Silver for Ghc50,000 and above; Gold for Ghc100,000 and above and Platinum for Ghc1,000,000 and above.

CONCLUSION
It is the fervent hope of the Executive of AAOBA that all Bleoobii will appreciate and embrace the Bleoo Legacy Fundraising Initiative (BLFI). That Bleoobii will adopt a culture of making significant contributions to their cause, just as our founding fathers sacrificed all to establish the Accra Academy. That all Bleoobii would contribute their quota and earn a place of honour in the Great Hall of the Alumni House.
Accra Aca !!!