NEWS & UPDATES | joe-neary

News & Updates

Updated April 2015

* * * Children’s Home, Carmel Piyuma, Wanathamulla * * * Carmels Girl's Home, Akkaraipattu * * * Sister M. Sunitha, A.C. Provincial Superior * * * Support from GlaxoSmithKline Pharmaceutical Company * * * Fund Balances * * *

Great News !

Ground was broken for this project in February 2009 and it has been a long and difficult task for Sister Fatimanayaki, A.C., the Sister responsible for its completion. However, in 2013, an organization based in the U.K. stepped forward and committed the funding necessary to complete the construction and agreed to sponsor the on-going operations and maintenance with the result that the orphanage was officially opened and blessed on Friday, April 11th 2014. Sister Fatimanayaki will now enjoy the fruits of her labor and will be responsible for the 20 Tamil and 20 Sinhalese girls who will be housed there. These photographs were taken at the opening ceremony.

CHILDREN’S HOME, CARMEL PIYUMA, WANATHAMULLA

CARMEL GIRLS’ HOME, AKKARAIPATTU

As we received the news about the pending completion of the Children’s Home in Wanathamulla, it meant that the investments we had accumulated for the future operational needs of the orphanage would not be needed for that purpose. Coincidentally, about the same time we became aware of the critical need for support for an orphanage in Akkaraipattu on the south east coast of Sri Lanka, which had suffered severe damage in December 2004 when a devastating tsunami hit the island. An organization in The Netherlands had provided funding for repairs and operational support for five years following this tragedy but this ceased in December 2009 and the Sister-in-Charge was having an extremely difficult time continuing its operation. Therefore, the investments we had been holding for the Children’s Home in Wanathamulla were transferred for the benefit of this orphanage and effective January 1, 2013 all our fundraising became dedicated to this project. However, since then, with the help of new donations we have been able to add to these investments and as of April 30, 2014, with approximately Rs.6.5 million (approx. $50,000) in this account, it is felt that we can move on and tackle a fourth project. The photo shows Sister Laurinda with 15 of her girls.

TRUSTEES APPROVE A NEW PROJECT

With the first three projects we have undertaken, once we have reached a level of approximately $50,000 in interest bearing investments, which can then provide a significant, regular and dependable portion of their operational needs, it has been felt that it would be preferable to address more critical needs elsewhere than to continue to build larger portfolios for each one. Thus, the Sisters suggested that we move on to try to give some assistance to the St. Joseph’s Girls’ Home in Trincomalee, which, like the other projects, is currently suffering from financial difficulties. A profile of this project follows under the “Donations and Contacts” section and from May 2014, we will be focusing our fundraising for this facility.

SISTER M. SUNITHA, A.C., PROVINCIAL SUPERIOR

Effective September 30, 2013, Sister M. Sunitha, A.C. once again took over the responsibilities as the Provincial Superior following her election at the community’s Chapter meetings held in August. She thus succeeds Sister Carmella, who has served as Provincial Superior for the last six years from 2007. Sister Sunitha had previously served in this capacity from 2001 to 2007 and she will again be headquartered at The Provincial House in Borella in Colombo.

The photograph shows Sister Sunitha meeting Pope John Paul II at the Vatican.

SUPPORT FROM GLAXOSMITHKLINE PHARMACEUTICAL COMPANY

We have been able to make contact with the GlaxoSmithKline country representative for Sri Lanka who has very graciously and generously offered to provide some of the company’s product for the children at The Bethlehem Creche, the Apostolic Carmel School and the Girls’ Home in Akkaraipattu.

Their product VIVA is a milk, wheat and malted barley drink with 9 essential vitamins and is full of natural goodness. Each facility received 10 boxes, each with 12 800gram packets.

The photo shows the happy students at the Apostolic Carmel School receiving their packets of Viva.

The photo below shows Bill Pullen and Sister Marietta with the teachers during the Pullen’s visit to the school in 2010.

FUND BALANCES

The Sisters who administer the Joe Neary Foundation in Sri Lanka provide excellent detailed reports on the various funds three times a year as at April 30, August 31 and December 31. The following information reflects the status of the accounts as at December 31, 2014.

Project #1. Carmel Piyuma, Wanathamulla

This project supports the work at the Bethlehem Creche day-care facility and the Education and Handicraft Centre.

Fixed Interest Certificates Rs.7,500,000

Savings Accounts Rs. 208,314

Total Rs.7,708,314 (approx. $58,000)

Monthly distribution to the Sister-in-Charge – Rs.65,000 (approx. $500.00)

Project #2. Apostolic Carmel School, Maharagama

This project supports the operation of the Apostolic Carmel School in Maharagama. This is an all girls’ high school with approximately 80 - 100 students, of which just over half are boarders at the school.

Fixed Interest Certificates Rs.6,426,153

Savings Account Rs. 319,741

Total Rs.6,745,894 (approx. $50,720)

Monthly distribution to the school Principal - Rs.56,150 (approx. $425.00)

Project #3. Girls’ Home, Akkaraipattu

This project supports an orphanage on the south east coast of Sri Lanka in an area, which was severely damaged by the tsunami, which hit the island on December 26, 2004. Many of the children currently housed there lost one or both parents in this tragedy. Funding support became critical after a 5-year commitment from an organization in The Netherlands expired.

Fixed Interest Certificates Rs.6,363,000

Savings Accounts Rs. 302,108

Total Rs.6,665,108 (approx. $50,100)

Monthly distribution to the Sister-in-Charge – Rs.40,000 (approx. $300.00)

Notes:

(i)The Savings Accounts are used to accumulate the monthly interest income from the investments and in-coming donations prior to the purchase of Fixed Interest Certificates.

(ii)During 2013, the rates of interest on new and renewed Fixed Interest Certificates were in the range of 14.5% - 16% depending whether the interest is paid monthly or at maturity. However, since the beginning of 2015, new rates have been lower at between 7% and 10%.

(iii)The rate of exchange between the US dollar and the Sri Lankan rupee, as of January 19, 2015, was US$1.00 = Rs.132.06