Endowment Fund

Sri Lanka Association for the Advancement of Science

Establishment of SLAAS Endowment Fund

1. The SLAAS Council established the SLAAS Endowment Fund, to strengthen its financial position and solicit donations from members and well-wishers. The objectives of the endowment fund are as follows,

    1. To provide an additional income stream for the SLAAS,
    2. To serve as an emergency reserve.

2. The SLAAS Council appointed Endowment Board will manage the Endowment Fund. This Board should be responsible to the Council, but should operate independently of the Council.
All donations shall be considered part of the Endowment Fund which is a Capital Reserve, and will not be considered income to the SLAAS, for accounting purposes until they are used for expenditure. Two types of donations to the endowment shall be accepted.

      1. Capital donations. These shall be donations intended for investment only. The capital so invested shall not be used for any other purpose, except under the conditions discussed below. The gains, interest, or dividends from such investment may be re-invested or disbursed according to the needs of the Association. Reinvested gains shall be part of the Endowment Fund (Capital Reserve), while disbursed amounts shall be considered income.
      2. Special donations. These may be earmarked by the donor(s) for particular projects or expenses, and must be available for disbursement in a timeline mutually agreed upon by the donor(s) and the Association. The amounts so donated shall remain in the Capital account, subject to short- term investments to maximize returns, until the time of disbursement, at which point they will be recorded as income.

3. The SLAAS operate a separate current account into which donations received can be deposited in the first instance. Receipts for these donations shall be issued under the authority of the Treasurer. This account is known as the SLAAS Endowment Fund Current Account of which the details are as follows,

Acc No: 91705477
Acc Name: Sri Lanka Association for the Advancement of Science – Endowment Fund – Current Account – SLR
Branch – Bank of Ceylon, Independence Square
Swift code : BCEYLKLX002
Bank code: 7010
Branch code: 453