It has been a while since an update has been posted, mainly due to most of the team being swamped with university assignments and exam preparation. While some of us have crossed the line and completed the semester, a few of us still have a bit more to go. Good Luck to you!
Registration
The good news is that Empower is a registered association (not for profit). While this does not entitle us to all the benefits of a registered not for profit entity, it's useful leverage when applying for grants and dealing with other organisations. We found that applying for full-fledged Not for Profit status would be intensive with regard to accounting and management requirements (for accountability). Given that we are a small freelance team, the practically of such a decision is questionable. However, this will be fully discussed during our next meeting (before the end of the month).
Fundraising
We're experiencing quite a mixed situation with regard to the funding as illustrated in the pie charts below. The good news is that Practical Action , an international NGO focused on poverty alleviation through technology, has confirmed that they will give the Energy Forum Rs. 600,000 towards the project. This equates to approx AUD 8,000 at the current exchange rate (fluctuates but I calculated it as 1 AUD = SLR 75). The bad news is that the project cost was calculated at a time when 1 AUD = Over SLR 100. The recent downturn in financial markets across the world (particularly in the U.S) has lead to the depreciation of the Australian Dollar as well. This has been communicated to Asoka and since Practical Action are funding the project in Rupees, this portion is unaffected. While this technically means that our fund raising target will increase significantly, we were advised to wait for the markets to recover. So this is where we stand now.
The exchange rates are expected to recover but this may take a few months. The actual scenario will likely be between the two scenarios displayed in the pie charts. If the Energy Forum need a capital injection on top of the Practical Action grant, we can send them a portion. The priority however, is to transfer at the most advantageous time (closest to Rs. 100/ 1 AUD).
Meanwhile we aim to explore the possibility of applying for more grants and perhaps organising an event/fundraising drive within the SL Community. The project has been getting more personal donations from interested individuals. Our sincere thanks to you all.
Meanwhile we aim to explore the possibility of applying for more grants and perhaps organising an event/fundraising drive within the SL Community. The project has been getting more personal donations from interested individuals. Our sincere thanks to you all.
As you can see, the exchange rate makes a huge difference. Let's hope that the negative impact is cushioned over the next few weeks and months. Either way both the Empower team and Energy Forum are committed towards making this project work. We're well over the 50% mark regardless of the scenario :)
Installation
The Energy Forum is completing its design plans for the digesters and plans to commence installation shortly. I will post an update on specifics once I get them. There was a delay due to heavy rain. Though everything else seems to be falling into place with regard to initiating the project.
That's all for now,
Shanil
