Fund Overview
The FGCL $1M Endowment Fund was launched on September 1, 2023, by the FGCL ’98 Set in collaboration with BBYMI to commemorate their Silver Jubilee graduation anniversary.
The Fund seeks to raise US$1 million over five years to support Federal Government College Lagos through scholarships, teacher support, infrastructure development, and operational funding.
Purpose of the Fund
The Fund exists to provide stable, predictable funding that enhances the academic and social environment of FGCL while preserving capital for future generations.
How the Endowment Works
All donations to the Fund are invested and preserved in perpetuity.
Only a carefully controlled portion of annual investment income—typically 4–5%—is disbursed according to predefined policies.
This ensures:
Capital growth
Sustainable annual funding
Protection against inflation
Long-term institutional benefit
One Gift, Many Generations
A single endowment contribution continues to generate impact year after year. As the Fund grows, it supports more students, more teachers, and larger infrastructure projects—without exhausting the original capital.
How are withdrawals made from the Trust accounts?
Trust accounts are not like conventional accounts where cheques can be written to withdraw cash. Disbursement can only be made by the Trustee to the Fund beneficiaries according to parameters defined in the Trust Deed.
Do the Endowment Committee Members have access to the Trust account?
No! The Fund Committee Members play a crucial role in formulating policies that guide the Trustee in administering and managing the Fund. However, it is important to note that they do not have the authority to make withdrawals from the Trust account. Their primary responsibility lies in developing and revising the Investment Policy, Withdrawal Policy, and Usage Policy. They are tasked with determining how the funds are invested and disbursed in accordance with the Trust Deed.
What (%) of my donations go to the recipients and what (%) goes to operating cost of BBYM Initiative?
100% of the donations made to the Trust accounts domiciled with FBN trustee will ultimately go to the beneficiaries of the Fund. For donations made through BBYMI in the United States, a portion of the donations (~20%) will be used to offset BBYMI’s operating cost. Some of these costs include fund raising cost, software cost, legal and accounting fees required to meet BBYMI filing obligations with IRS.
I live in the United States, and I want to give to the FGCL-BBYMI Endowment Fund. Are my donations tax deductible and will I get a tax receipt
BBYMI is a registered 501C3 status and as such, will be able to issue tax receipts to any of its donors, who are residents of the United States and who wish to give to the BBYMI – FGCL $1M Endowment Fund in Nigeria through BBYM Initiative. BBYM Initiative is dedicated to mobilizing and managing charitable contributions with the aim of establishing and sustaining Secondary and Tertiary Public School Endowment Funds in Nigeria.
Can an Endowment Fund be dissolved? What happens if the Fund is dissolved?
Endowment Funds are designed for perpetuity. If for any reason the Fund is ever dissolved the funds in the Trust account will go directly into FGCL’s account if it remains a public school or else it will go to an equivalent Endowment Fund set up for another public institution as recommend by the Management Committee.
How am I assured that donations made to BBYM Initiative are safe and will ultimately be given to an Endowment Fund in Nigeria?
- BBYM Initiative is a secure and reliable choice for charitable donations. As a 501(c)(3) non-profit organization, it adheres to the IRS guidelines governing such entities. The organization’s corporate governance is robust, emphasizing accountability, transparency, and active involvement from all donors and governance of endowment funds it sponsors. This commitment to transparency is evident in its by laws, which outline the disclosure obligations of BBYMI to its donors.
- BBYM Initiative’s BOT comprises non-executive directors elected by the chairperson and vice-chairperson of the Endowment funds they assist in establishing. Additionally, BBYMI boasts an audit committee, consisting of members independent of its executive directors, who are appointed by the Chairperson and Vice Chairperson of the supported endowment funds. These measures ensure that BBYMI operates with integrity and effective oversight, making it a
reliable choice for those looking to contribute to meaningful causes.
I am passionate about a particular program (i.e. helping orphans or passionate about sports), can I dictate which program the money I donate is used for?
Yes! Donors are allowed to specify which programs they would like to fund. Also, when your contribution to the fund is up to 25% of the Fund’s AUM, you will be given the privilege to name a specific program.
CanI volunteer to serve on the Programs Committee?
Yes! We are happy to receive volunteers. Please email, contactus@bbyminitiative.org
Do theManagement Committee or other Committee members get paid?
No! Committee members and volunteers do not get paid. Our committee members are experienced professionals from different walks of life. The Federal Government colleges hold a special place in their hearts and they have decided to offer their time and experience free of charge.
I am interested in setting up an Endowment Fund for my school, who do I reach out to?
Sure! We are happy to help. Please contact johnu@bbyminitiative.org