By Ramamohan Rao Kakani | Project Leader
5th REPORT to GLOBALGIVING FOUNDATION: PROJECT ID #: 19863 – 28th December 2018
A sum of Rs. 68,198.73 has been credited to BREAD Society’s FCRA Bank Account on 27th December 2018. This is in respect of $ 1,006.50 contributed through GlobalGiving Foundation as communicated on 21st Dec. 2018. We will be setting up a library with Rs. 40,000 in the month of January 2019 at ZPHS, Masapet in Rayachoti Mandal of Kadapa district. We will invest Rs.28,000 as Corpus for replenishing books. Interest received on the total corpus of RS. 88,000 will be utilized for replenishing new books to existing BREAD libraries every year.
Interest on these two amounts will be worked out at 6.5% per annum till July 1st 2019 (for 9 months on Rs. 60,000 and 6 months on Rs. 28,000) and the actual amount of interest works out to Rs. 3835. We will utilize this amount to gift books to existing libraries in 2019.
From July 2019 interest will be worked out on annual basis at the then prevailing rate of interest. And new books will be gifted to existing libraries from 2020 on.
A statement of account is attached.
(Ramamohan Rao Kakani)
Secretary, BREAD Society
December 28, 2018
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