Kingston College Development Trust Fund - Overview
Bernard Channer
The Kingston College Development Trust Fund is registered under the Companies Act of Jamaica as a limited liability company limited by guarantee and not having a share capital. It is an approved charitable organization so that donations to the Fund are tax deductible and the Fund itself is exempt from Income Tax.
The Fund was established by a collaborative effort of the school, the Parent Teachers Association (KCPTA) and the K.C. Old Boys Association (KCOBA) and these entities are all corporate members represented at the general meetings of the Trust. The other members of the Trust include the individuals that subscribed to the incorporation of the Fund (these were officers of the entities at the time) and KCOBA USA, Inc. which was recently added by the directors as a corporate member, in recognition of its substantial contributions to the Fund.
The Presidents of the KCOBA and the KCPTA as well as the chairman of the board of governors and the principal of the school, by virtue of their offices, are automatically directors of the Fund. The other directors of the Fund are elected by the members at the general meeting and serve for a maximum of three years before they come up for re-election on a rotated basis. The directors are responsible for the management of the business of the Trust Fund and they elect a chairman who presides at board meetings and at the general meetings of the members of the Trust.
When the KCDTF was launched at the school's Founders Day luncheon in 1986, the aim was to establish a $1 million endowment fund. Today, the Fund has a Capital Sum of $25 million and the investment income from this capital is used by the directors to pay the expenses of the Trust, fund development projects at the school and, if approved by the members, contribute to boosting the Capital Sum.
The main management objectives of the Fund are to preserve the capital sum, protect the assets of the Fund and ensure that the school obtains maximum benefit from the Fund's contributions. The Trust, however, is careful not to interfere in the management of the school. The school submits a request for assistance (RFA) in the approved manner and, subject to resources and feasibility, the Trust provides the funding. Presently, the school is in the process of crafting a Development Plan which when approved should help to prioritize the implementation of projects and facilitate ordered development.
Outside of its investment activities, the KCDTF raises funds through donations, contributions from individuals and organizations and through its principals, i.e. the school, the KCPTA and the various chapters of the K.C. Old Boys' Association.
Donations can be made directly to the Fund by cheque or money order made payable to "The K.C.D.T.F." and mailed to:
The Principal
Kingston College
2A North Street , C.S.O.
Kingston
Donors resident in the USA can get a tax deduction if the donation is routed through the KCOBA USA, Inc. which is a tax exempt alumnus association registered in the United States in support of Kingston College . These cheques should be made payable to "The KCOBA USA, Inc" and mailed to
