A private family foundation in Melbourne Australia approached Friends of Kijabe in early 2019 with a unique proposal to incentivize planned giving. Immediate gifts up to $40,000 and monthly gifts up to $80,000 will be matched. After much discussion about this amount, they made an amazing pledge, to triple the agreed-upon amount, not $120,000, but $360,000!
The first challenge to climb the elevation of Mt. Kenya in monthly giving, $17,057 for 17,057 feet. Monthly donations both to Friends of Kijabe and to Kijabe Hospital by Kenyan staff are eligible for the match.
Additionally, starting in May each year, gifts over $5000 may also be eligible for the match.
Funds from the Mt. Kenya Matching Grant Challenge will be used to launch the Friends of Kijabe Forever Endowment.
Why is an endowment vital? We want Kijabe Hospital to have the capacity to provide excellent medical training, care for vulnerable patients, and build the best medical facilities in East Africa forever. An endowment is an excellent solution for organizations with a long-term horizon of service.
Endowment Structure Details
- Balance will be held in U.S. based investments/funds designated by FoK endowment committee under oversight of the FoK board.
- An acceptable portion (subject to by FoK board approval, up to 20% of total balance) may be held in trust by Kijabe Hospital to take advantage of high Kenyan interest rates.
- An acceptable portion (subject to FoK board approval, up to 30% of total) may be loanable to the Kijabe Hospital for revenue-producing projects, repayable in no more than 5 years at a rate acceptable by FoK.
- Endowment terms on the Melbourne match should include ESG/ethical investment guidelines with clean energy focus.