|40 min||GSK shortfall|
- GSK approached us recently saying they have an overall shortfall of 59 lakh rupees in their operational expenses
- Global Budget & Financial status shows
- 3.3 crores of initial budget
- 1.5 crores of operational budget
- Available funds from Vibha & WCT for Vistaar is around 48 lakh rupees.
- Current shortfall for Vistaar is 12.5 lakh rupees.
- Available funds from Asha Austin, Porticus & Yatra for school operation is 45.5 lakh rupees
- Current shortfall for schools is 46.5 lakh rupees
- They are requesting Asha Austin to fund 9.6 lakhs on top of 9.76 lakhs already approved by Asha Austin. This amount is for next 6 months.
- Out of the 9.76 lakhs previous approved, we were going to send 8.2 lakhs due to 1.5 lakh carry over from previous year
- First installment has been already sent.
- Most of the line items requested now were also in the budget proposed earlier this year. Column N shows % of that budget. In all cases it is less than or equal to the amount earlier requested
- Vibha will not be funding next year
- Porticus and HT Parekh were limited term grants, which have expired.
- WCT (Vistaar) and Yatra (Faria) will continue.
- They requested a letter from us. I have asked them to send me a draft.
Documents available : 2017-18 Audit Report and 2017-18 Annual Report
For the past 6 months, they have been putting efforts to raise funds through both, institutional and individual donors.
- Among the institutional donors, they have, so far, approached H. T. Parekh Foundation, Lupin Foundation, PVR-Nest, Bajaj-CSR, Chambal Fertilizers for the running cost of the programme. They have also approached Roundtable Association - Jaipur and ASED for getting infrastructural support. Currently, they are following up with H.T. Parekh Foundation, Lupin Foundation, PVR-Nest, Roundtable group and ASED.
- They are also registered on Rajasthan CSR Portal which gives them some lead to tap middle-sized corporate located in Rajasthan. They are now contacting these potential donors for their support.
- They are running online fund-raising campaigns on Ketto and Global Giving.
- They have begun to reach out to individual donors including some high-networth individuals based in Sawai Madhopur and Jaipur. This will help them in getting long-term financial stability but the process will be taking some time in relationship building with the donors.
- One of the AIF fellows, Avital Datskovsky, who earlier interned with them, is willing to volunteer supporting them in fund-raising. She will be joining them in the next week.
- In order to strengthen their reporting process, they are also planning out a strategy to ensure regular sharing about the programme with their donors. They are also doing it with the help of regular Facebook posts (around 3 posts per week).
- They are hoping that these efforts will help them in building a good donor-base which will provide a financial stability long term.
- Based on current project expenses, we can disburse additional $13k. Since we have not sent funds to Mathru this year, we can ear-mark $5k in addition to $2.5k already earmarked from WAH fundraising. Hence, we can send the remaining $8k to GSK to cover 61% of their shortfall.
- Can revisit again in Jan and see where they stand in terms of shortfall.
- All present in the meeting were in favor of this idea.
- Formal vote will be taken in the next meeting, where other updates will also be presented.