In The Community

  • Funding

    Oct 24 2014

    The Massy Foundation derives funding from subsidiary companies. Under Deed of Covenant, each company/division is responsible for paying 1% of its pre-tax profits. With these pre-tax profits, the Foundation adds to its reserve fund for investment into pledges, scholarships and donations.

    The Foundation was able to collect $2, 345, 000 in seed funding over the period of 1979 to 1987 from its subsidiaries. Despite financially trying times, the Foundation received an additional $605, 000, from 1992 to 1999. From 1999 to 2002, that number rose significantly to $3.2 million.

    In late 2000, newly appointed Group CEO, Mr. Dulal-Whiteway wished to regularise contributions to the Foundation fund. His goals were the self-sufficiency of the Foundation and the assurance that both the recipients and the Group would both benefit from the Foundation’s activities.

    In 2005, the Board of Massy Holdings Limited created a committee which reported the operations of the Foundation. The committee was made up of Bernard Dulal-Whiteway, Gaston S. Aguilera, William Lucie-Smith, Rolph Balgobin and Trevor Boopsingh. This committee’s recommendation was for Trinidad-based companies to continually contribute 1% of their pre-tax profits to the Foundation fund.

    In 2004 the covenants totalled $1.8 million, $2 million in the following year and $2.3 million in 2006. The Foundation is now in a secure position to fund its programmes and operates separately from the Massy Group.