|In early 1996, while the representatives from various Hong Kong schools alumni associations were planning activities for Hong Kong Schools Alumni Federation (“HKSAF”), there was a sense among all the representatives that HKSAF could contribute something of significance to Hong Kong and Los Angeles. A scholarship for needy Hong Kong students was suggested and embraced by all. That set the stage for the formation of HKSAFSF, an entity separate from HKSAF, created to accept tax-deductible contributions for our scholarship program. HKSAFSF was incorporated in October 1996.
In 2003, a domestic scholarship program was established to benefit high school students in California.
By the end of year 2005, HKSAFSF reached its first major milestone in completing $1 million in endowment. It was quite an audacious goal that a lot of people did not think possible when the founders set it in 1996. This goal is important because at a conservative 5% return on investment, $1 million will generate an income of $50,000, which will allow HKSAFSF to fund at least one Hong Kong scholar every year in perpetuity. The Foundation only uses the income generated from the endowment, which leaves the endowment intact to generate more income for the future. Therefore, donating to HKSAFSF is like investing as a shareholder in our endowment. Even a mere $1 will make a donor a stakeholder, and the $1 will generate an income for as long as we can imagine. The significance of reaching this $1 million milestone means that even without any further donations, our scholarship program can continue forever – a benefit most other charitable organizations cannot enjoy.
Year 2005 also marked the establishment of the DBS Reverend George She Scholarship by the alumni of Diocesan Boys’ School. The scholarship is managed by HKSAFSF, allowing DBS alumni to leverage on the administrative resources of HKSAFSF and freeing DBS alumni to concentrate on fundraising. HKSAFSF encourages other alumni associations to form their own scholarships, and continue to leverage the administrative expertise of HKSAFSF and our tax exemption status.
Thanks to the continuous and gracious support of our donors, including our own scholars, full scholarship was awarded for the first time under the HKSAF Scholarship in 2013, and our Domestic Scholarship has expanded to include the Hong Kong Study Scholarship and Hong Kong Internship Scholarship to encourage our Domestic Scholars to explore, learn and experience a different culture and living in Hong Kong.
Both the HKSAF Scholarship and Domestic Scholarship are merit and need based. As of to date, $1.5 million have been awarded to over 100 students.
HKSAFSF is registered as a charitable nonprofit 501 (c) (3) tax exempt organization. Its Federal ID is 95-4603467. Donations to HKSAFSF are tax deductible to the full extent of the law.
|To encourage and to support qualified top students from Hong Kong and California to attend universities in the USA, promote international educational exchanges, and foster academic excellence and community services in youth.|
|Officers & Directors|
|The Board of Directors consists of prominent members of the community from different fields of expertise. All directors serve on a voluntary basis and meet once a month to plan and discuss matters pertaining to the organization.The Foundation is grateful for the service of many past directors who have helped to attain the success of the scholarship programs. These members continue to support and provide valuable advice.|