To develop and establish an “Operating and Maintenance Cost Fund” corpus (O&M Fund) in the amount of $1,000,000 (one million) to generate investment results to supplement DMZT earnings used for the operating and maintenance costs of the new Dar-e-Mehr and reduce the burden on contributions from ZAGNY and IZA to meet these costs for any given year.
NEED FOR CREATING A FUND:
At the DMZT Annual General Meeting on May 7, 2017, DMZT Trustees noted that the increase in net operating and maintenance costs for the new Dar-e-Mehr is slightly higher than what was initially projected. Operating and maintenance costs increased from approximately $25-30,000 in previous years to $60-70,000 for the new building.
ZAGNY and IZA remain obligated and will continue to contribute their respective share towards the operating and maintenance costs. In addition, ZAGNY and IZA will generate supplemental funds as necessary, through membership drives, fundraising events and activities to meet with the increased operating and maintenance costs. If necessary, DMZT may also from time to time, engage in fundraising efforts with ZAGNY and IZA to raise additional amounts.
DMZT Trustees, ZAGNY Board, IZA Board and the new Dar-e-Mehr Fundraising Team unanimously agree that to enable the DMZT Trustees to effectively and efficiently operate and maintain the Dar-e-Mehr, it is prudent to supplement DMZT earnings with investment results to help meet the increased operating and maintenance costs of the new Dar-e-Mehr. This would be achieved by creating the O&M Fund.
HOW THE O&M FUND WILL WORK:
DMZT Trustees are entrusted with judiciously managing the O&M Fund monies and will appoint an Investment Committee of three community members to guide their investment decisions. DMZT Trustees, in consultation with the Investment Committee, may elect to have the funds managed by a professional money manager.
Each year, the O&M Fund corpus amount shall be adjusted to increase for the inflation rate (CPI) published by the government. Investment results in excess of the adjusted O&M Fund balance (corpus + CPI), shall be distributed to the DM Maintenance Account. Amount, timing and manner of distribution shall be determined based on discussions between DMZT Trustees, ZAGNY Board and IZA Board. All monies in the DM Maintenance Account shall be used solely for the operating and maintenance costs of the Dar-e-Mehr.
O&M FUND DRIVE:
DMZT shall, along with ZAGNY and IZA, raise funds for the O&M Fund by forming a Fundraising Committee. Raising funds for the O&M Fund is a long-term initiative that will span over the next five years from 2017-2021, and will be called “Project Twenty – Twenty one” (Project 2021).
The target amount to be collected for the O&M Fund by the end of Project 2021 shall be $1,000,000 (one million) + CPI.
Donations / Pledges will be at the following levels to encourage participation from all age groups, especially our young adults –
Diamond: $3,000/Year for 5 years – total of $15,000
Gold: $2,000/Year for 5 years – total of $10,000
Silver: $1,000/Year for 5 years – total of $5,000
Other: $XXX/Year for 5 years – total of 5 times $XXX
Lump-sum up-front donations from donors who would like to make a one-time contribution to the O&M Fund will be greatly appreciated. It will go a long way in establishing the O&M Fund and help to start reducing the burden on ZAGNY and IZA. Please keep DMZT in mind for your end-of-year charitable contributions and send your contribution (payable to DMZT – memo line O&M Fund) by December 31, 2017. A Donation / Pledge form for Project 2021 is attached for your convenience.
Your support and generous contributions in the past have made our dream of a new Dar-e-Mehr a reality, and the pride this collective effort has generated for our tri-state community is priceless! Let’s ensure that together, we continue to care for our Dar-e-Mehr so we may enjoy it today, tomorrow and always.
“I shall pass this way but once…..
Any good that I can do let me do it now…..
For I shall not pass this way again.”
– Stephen Grellet (modified)