SELF Reached $902,000/yr for 5 years
VICTORY!
It is a victory
for the 17 million Asian Americans who can now look to a professional political organization to give advice, consul, and perhaps take action to protect them. Politically, that is a huge legacy to our children;
for the entire Asian American community, because it had shown that it is willing to invest in its own future through a grassroots movement. Culturally, that is a HISTORIC beginning;
for our nation, because when the 17 million AsAms gradually get to enjoy equal opportunity, America becomes "A MORE PERFECT UNION."
Six interesting Details
1. Henry Lee, New York, NY is the hero who pushed SELF beyond $900k/yr.
Henry's brother George Washington Lee, a Verizon and ATT communication executive and served in the US Army artillery unit, passed away recently. Henry decided to increase his brother's donation to SELF from $2,000/yr to $7,000/yr for 5 years, in memory of Geroge. That did it. We thank
Henry, who is an EF Board Member.
2. An announcement from 80-20 PAC soon
80-20 PAC Board Members and Advisors are meeting to decide if it should come back to its full operation, given the exceedingly positive statement of our community for wanting to keep 80-20 PAC alive.
3. A professional audit of SELF planned
A professional firm will be hired to audit the SELF account. Its results will be reported to you.
4. Important distinctions between 80-20 Initiative, 80-20 PAC, & 80-20 EF
80-20 Initiative is an organization with two components (a) 80-20 Educational Foundation (EF) and (b) 80-20 Political Action Committee (PAC). The two are independent orgs, although they share the same purpose and the usage of staff. Each org. pays for the staff time it uses.
80-20 EF is a 501 c-3 organization. It owns SELF and is the parent organization for the Board of Donors (BOD). Contributions to EF is tax deductible.
80-20 PAC is registered with the Federal Election Commission. It rewards politicians who share AsAms' rightful concerns and punishes those who don't.
5. How will the SELF (S
elf Empowerment Long-term Fund) money be used?
Of the anticipated $4.5 million or more that will come the next 5 years, $1.8 million is already on hand. Not a penny has been touched, except for bank fees.
$0.5 million will be used each year to run EF.
$100,000 will be granted to BOD to forge unity within the AsAm community.
$100,000 will be for operations.
$300,000 will be for hiring 3 high-quality staff - 2 professionals & 1 administrative assistant.
6. Fundraising will CONTINUE till midnight of Oct. 25, 2015.
.
S. B. Woo
President and a volunteer for the past 17 years
80-20 Initiative, Inc.