Annual Report 2010-2011

As in previous years the principal concern of the Foundation was to provide funds for the studies of students desiring to study at St. Scholastica’s College but not having the financial means for it.  The Foundation supported 48 students in the first semester and 46 in the second semester of the school year 2010-2011.  All finished their studies for the year successfully.  Eight graduated with their respective degrees; two of the eight, cum laude.  One of the two was also the president of the Student Council, and in that capacity, served as a member of the Board of Trustees of St. Scholastica’s College during the school year.  Cost of their studies was P2,877,122.40.  The amount was within the budget allocation of P3 million for scholarships previously approved by the Board.

Interest rates continued to be low, reflecting this trend in the interest income.  For the year interest income amounted to P1,721,768.70.  Donations for named scholarships, including new ones, totalled P2,152,699.80.  Expenses amounted to P3,012,904.42 while revenues reached P3,516,578.55.

Direct sponsorship of a scholar was extended to three students by an SSRDF scholar of a number of years ago, now president of Hyundai Philippines, Mrs. Fe Perez-Agudo.  She had sponsored one scholar the previous year, but extended her assistance to three students starting this school year.

Three administrative chairs are at present being awarded under the Salome L. Tan Administrative Chair Endowment Fund: to the Registrar and for the school year just ended to the Associate Dean of the College of Music as well as to the head Security Officer.

Two research grants were extended to two College faculty members.  Both researches dealt with the environment.  Lately, Ms. Rhoda Tayag gave the SSRDF a copy of her dissertation, “Akuin-Mahalin – A Process of Understanding Connection with Place,” which she had defended before the panel of Maryknoll College as part of the requirements for her doctorate in Environmental Science.

In December 2010 the Board lost its secretary as Sister Lumen Gloria Dungca, OSB was assigned superior of the Congregation’s community in Argentina.  The Board elected Sister Mary Thomas, then vice-president of St. Scholastica’s College, as the new secretary.  We extend our best wishes to Sister Lumen and offer prayers for her new assignment, and we thank Sister Mary Thomas for accepting to take the additional assignment.

 Before the end of the school year the Foundation received word from former Ambassador Bienvenido Tan that he was establishing two funds with a capital of a million pesos (P1,000,000.00) each, in the name of his wife, Emma Rustia Tan, and his sister, Consuelo Tan.  The benefits would be turned over to the SSRDF starting the next school year.  The funds will be managed by his foundation, and the interest income turned over to the foundation at the beginning of each school year.  However, because of favourable opportunities, he already turned over the interest income for the next school year in the amount of a hundred thousand pesos (P100,000.00) still within this year.  The amount will be applied in the coming school year 2011-2012.

We extend our thanks to all our benefactors and pray for God’s blessings on them and all the good they do for His “poor” ones.