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President Olter Donates to COM-FSM Endowment Funds

PALIKIR, Pohnpei (FSM Information Service): April 29, 1997 - In a brief ceremony held at the College of Micronesia-FSM Central Office's lobby in the afternoon of April 18, 1997, the FSM First Lady Amalia Olter presented a check for $25,000 from FSM President Bailey Olter, as his donation to the COM-FSM Endowment Fund, to College President Susan Moses, on behalf of President Olter who was unable to attend the ceremony due to illness which incapacitated him since July 1996.

President Olter said, in a letter which accompanied the donation, that he values education of the FSM youth and that his contribution attests to that conviction. Olter implored COM-FSM President Moses to ensure that the College is mindful of the unique cultures and customs of the FSM States and that such uniqueness be reflected in its curriculum.

In responding to the generous donation, which is by far the largest individual donation, President Moses expressed her gratitude for the President's generous support and presented an appreciation plaque to the President which was accepted by the First Lady on his behalf.

Attending the ceremony were about 50 people, including faculty members, staff and students.

Presently COM-FSM is targeting to raise $250,000 by May 30, 1997, through donations and so far they have raised approximately $225,000. Moses, however, said she is optimistic about attaining the targeted amount, adding that though this is the first time that COM-FSM has tried to raise funds, she is optimistic about its success.

Moses said that the United States Department of Education has indicated that it will match the funds raised with $500,000, if COM-FSM will raise $250,000. The college will then invest the money raised together with the matching funds from the U.S. Department of Education into an Endowment Fund for the COM-FSM. She is hopeful that after 10 or 20 years of investment, the fund will grow to a point where interest generated by the fund will contribute substantially to the operation of the College, thus making the College more financially independent.