Memorandum of Understanding (MOU)
The Adachi family who is the founder of 'Reo Adachi Scholarship Fund' (hereafter called the Adachi family), Tokyo Helen Keller Association (hereafter called THKA) and Nepal Association for the Welfare of the Blind (hereafter called NAWB) have agreed to support for the education of children with visual impairments (hereafter called CVI) of Nepal and sign the Memorandum of Understanding as follows:
The following conditions are agreed by the Adachi family, THKA, and NAWB:
- The name of the scholarship will be 'Reo Adachi Scholarship Fund'.
- Reo Adachi Scholarship Fund is a revolving fund created with an amount of Japanese Yen 2,000,000.00 generously donated by the Adachi family in memory of their late Mr. Reo Adachi who was the master of the Adachi family.
- The fund will be kept in a fixed deposit at a reputed and reliable bank in Kathmandu. Until such account is opened, the amount shall be remitted to the account of NAWB Central Office, which shall be subsequently transferred to such exclusive account along with interests and other proceeds, if any. The account shall be operated by the designated signatories of NAWB.
- The scholarship will be awarded to CVI for the study of primary to high school education.
- NAWB will manage the education of CVI and other administrative expenses related to this scholarship with the interest come from the fixed deposit amount. The administrative expenses will not be more than 5% of the scholarship amount.
- NAWB will follow up and guide students with visual impairments studying under this scholarship at least once in a year.
- NAWB will furnish the progress report pertaining to the overall academic performance of students with visual impairments studying under this scholarship along with the financial report to the Adachi family and THKA at the end of December of every year.
- NAWB will send the letter and pictures of students benefited by this scholarship to the Adachi family and THKA at the end of December every year.
- In case of any requirement those not included in this Memorandum, NAWB in consultation with the Adachi family and THKA shall make needful and appropriate arrangement in the interest of CVI.
On behalf of the Adachi family
The Adachi Family, Japan
On behalf of NAWB
On behalf of THKA
Date: 15th October 2008
Mr. Takashi Fujimoto
TOKYO HELEN KELLER ASSOCIATION, INC.
14-4, Ohkubo 3 chome, Shinjuku-ku, Tokyo 169-0072
Dear Mr. Takashi Fujimoto,
This refers to the pleasant visit of Mr. Hiroshi Fukuyama, Director of Overseas Program for the Blind, Tokyo Helen Keller Association, Japan in Nepal and discuss on various issues for the cause of blind and visually impaired (BVI) children/persons of Nepal.
During the fruitful discussions with Mr. Hiroshi Fukuyama, we came to know the good name of late Mr. Reo Adachi and his family. We also noted that the Adachi family has created a fund in memory of late Mr. Reo Adachi, the master of the Adachi family, which the Adachi family would like to use for the benefit of BVI children/persons of Nepal.
We are glad to share the appropriate use of the Reo Adachi Fund, and thus, draw your kind attention as follows:
- We propose to use the Reo Adachi Fund as the Scholarship Fund in order to provide the educational opportunities to BVI children of Nepal who are deprived with such opportunities.
- The name of the scholarship fund is proposed 'Reo Adachi Scholarship Fund'.
- We have noted that the Reo Adachi Fund is Japanese Yen 2,000,000.00. It is estimated that there will be NRs. 1,248,000.00 with an exchange rate of NRs. 6.24 per 10 Japanese yen. It is also estimated that NRs. 87,360.00 will be accrued as interest from the revolving fund with the prevailing interest rate (7 % interest).
- An amount of NRs. 1,500.00 per month per student as scholarship will be provided for the period of 10 months in a year and it is in line with the policy of providing scholarship to any students for 10 months by Ministry of Education of Government of Nepal.
- When the scholarship recipients complete the high school education, the Reo Adachi Scholarship will be awarded to new BVI students.
- After the fund is deposited at NAWB's central bank account, NAWB will operate a fixed deposit account with that amount in a reliable bank in Kathmandu.
- NAWB will provide scholarship to the BVI students effective from April 2010 with the interest received from the fixed deposit if it can receive the Reo Adachi Scholarship Fund by February 2009.
- The Scholarship Fund handing ceremony to NAWB will be done in Kathmandu, Nepal in a convenient date and time to THKA and the Adachi family.
- The income and expenditure of the fund will be mentioned in the progress and financial report to be presented during the General Assembly of NAWB every year. The General Assembly is held tentatively during April/May each year.
We are also pleased to share that NAWB is having fixed deposit accounts/funds as follows.
i) Ramola Devi Shaha 'Chhinnalata' Scholarship Fund
ii) Rotary club of Kathmandu Scholarship Fund
iii) Renuka Devi Neupane -Tham Kumari Pande Scholarship Fund
iv) Bishnu Devi- Narayan Govinda Award Fund
v) Kaski CBR Fund
vi) Kailalee CBR Fund
vii) Bara CBR Fund
- NAWB has been using only the bank interest acquired from the fixed deposit. The Principal amount is always kept in the fixed deposits.
- There will be a tripartite memorandum of understanding (hereafter called MoU) among THKA, the Adachi family and NAWB for the use of the fund.
- The draft of the MoU is attached herewith. Please go through the draft MoU and give your suggestions if any for the finalization.
If you need further clarification on it, please feel free to contact us.
Nepal Association for the Welfare of the Blind
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