THE CHAIRMAN’S SPECIAL REPORT AS OF  15 JULY 2013

This report covers a brief background about the Foundation, a summary of its performance during the fiscal year just ended and a recap of its 15 years of operation.

 On January 2, 1998, Zumarraga Circle Foundation, Inc. (ZUFI) was founded by the following Zumarraganhons as incorporators: RAdm Eriberto C. Varona (Founding Chairman),  Reinerio C. Lonzaga, Gerardo Z. Verzosa, Atty. Charlie C. Lim, Dr. Teresa D. Solero, Ireneo S. Bunales & Engr. Anastacio C. Gatil. On March 13 of the same year, the SEC granted ZUFI its Certificate of Incorporation and on 2 December, the BIR approved its registration. The objective: uplift the quality of life of young and talented Zumarraganhons through educational scholarship. The following constitute the current Board of Trustees: RAdm Eriberto C.Varona (Chairman & President), Reineiro C. Lonzaga (Vice President), Manuel I. Versoza (Secretary & Executive Director), Portia E. Varona (Treasurer), Gerardo Z. Verzosa (Auditor), Marlon B. Varona (Asst Treasurer) & Ludy Donaire-Suarez (Trustee-Elect).

 Already, from the seed fund of P204,686.25 that RAdm Varona was able to generate out of his special projects on the occasion of his hermanidad for the 1997 Zumarraga town fiesta in Metro Manila, the Foundation’s total assets have overshot the P2 million mark! This has evolved through wise investment (securing hugh rate of return and ensuring safety of principal). as well as the help of our benefactors and friends, while supportting the scholarship of talented young Zumarraganhons, in both high school and college.

 For the fiscal year ending 30 June 2013, ZUFI’s total assets of P2,009,340.51 surpassed the preceding year’s figure by P70,444.04, or an increase of about 4%. Of this amount, P1,944.862.87 is invested in PNSLAI which for the past several years had yielded for the Foundation at least a 16% rate of return on its investment. The rest of ZUFI’s assets are a Current Account with BPI (P20,609.45), Cash on hand/in bank (P24,828.19), and computer & accessories (P19,040.00). It may be noted that, for the fiscal year just ended, earnings, including the P10,000.00 annual donation of Ms Ludy Donaire-Suarez,  totalled P346,952.04. which exceeded total expenses in the amount of P231,508.00, thus resulting in a net revenue of  P115,444.04.

Of the seventeen (17) college scholars that ZUFI supported last school year, SY2012-2013, three were Dean’s listers, namely: Nessa Sabusap, Ronalyn Costo and Mercy Hernando, the latter grduating Cum Laude from Samar College with BSED (English) degree. For the current school year, SY2013-2014, ZUFI will be supporting twenty-three (23) college scholars with a projected annual budget of P240,000.00 sans the incentives for academic excellence. On the other hand, the Foundation supported last year some sixty-three (63)  scholars in the four secondary schools in Buad Island. Eight of those scholars, with grades ranging from 91.56% to 93.03%, qualified for  ZUFI’s college scholarship grant. For this school year,  SY2013-2014, the Foundation is supporting forty-five (45) students in high school, plus possibly fifty (50) new applicants  from the various barangays. Total budget alloted for high school is P50,000.00, or close to P300,000.00 for both high school and college. So as not to forego some dividend earnings of ZUFI’s placement in PNSLAI, the Chairman, during the last ZUFI board meeting last month, advanced from his personal funds the amount of  P125,000.00 to sustain the operations of the Foundation for the current semester. All told, since its  operations fifteen years ago, ZUFI  has extended a total of 727 scholarship grants, 594 in high school and 133 in college. With its support,  so far 158  scholars graduated from  high school and 18 finished college,  10 of the latter graduating with honors (cum laude/achiever).

I wish to take this opportunity to convey my deepest thanks to my fellow trustees and our donor-friends, as well as the ZUCIR Board, for their invaluable assistance and cooperation. Indeed, without their magnanimity, the Foundation would not be able to sustain its aim of enabling poor but talented students acquire functional education that would help them improve their current station in life.

Radm  Eriberto C. Varona AFP (Ret)

Chairman & President