Video by: Olivia Centeno, UWC Mostar, Class of 2024 from Spain
Working towards a sustainable solution for UWC Mostar
With the completion of the initial period for which financing was secured, UWC Mostar entered a challenging intermediate financial situation.
As a response, the Board of the Foundation Education in Action set up the Endowment "Bridge to the Future" with a view of raising €30m in capital and securing long-term financing of the school with the support of private sector and public sector donors.
• The Endowment (with €30m capital) would fund scholarships for 120 students, with each Endowment costing €250k to cover the scholarship of one student each year.
• Scholarships will be funded from the investment income of the Endowment, with 5% average investment income assumed to cover the costs of one student at the school every year into perpetuity.
• The Endowment has approximately €10m of funds currently and supports the scholarships of 33 students in the school year 2018-19.
• Support has been obtained from many prominent individuals through endowments in the name of: Nelson Mandela, Lord Mountbatten from the UK, Prince El Hassan bin Talal from Jordan, Yitzak Rabin from Israel, former Chairman of the US Federal Reserve Paul Volcker, and Anne Frank.
A strong governance structure for the Endowment Fund (registered as a UK charity) has been put in place to ensure that the capital donated to the Fund is managed and safeguarded in line with the objectives of the donors and to the highest possible professional standards.