A memorandum of understanding between the Northern Marianas College and members of a newly formed foundation working for the institution will soon be inked to clearly spell out the specific goals of the new group, according to president Sharon Y. Hart, Ph.D.
The new NMC Foundation was recently formed to help the college raise funds for its needs and priorities.
This new foundation and its board will function entirely separate from the existing NMC Foundation, which, according to Hart, primarily deals with federal monies that the college receives from an endowment fund.
Hart said the new foundation will play an important role for the college because it will find and search badly needed funds for the college.
Unlike the existing NMC Foundation, where donors may be subjected to public disclosure and legislative inquiries, supporters and sponsors of the new foundation will be accorded confidentiality in their donation to the college.
The president said this is because most donors in big foundations wish to remain anonymous. As such, the new foundation's transaction will be kept from the public's eye.
“Those foundations are so much better in raising money because donors know that what they're doing is confidential and many donors want to remain in that level,” she told Saipan Tribune.
According to Hart, the newly formed foundation is in the process of completing some requirements, including the creation of its bylaws.
In an interview with NMC Foundation chair Dr. Alan Markoff last month, he told Saipan Tribune that the existing board is for the organization and support for NMC, while the new board will strictly focus on fundraising for the college. This idea was patterned after the current structure of the University of Guam.
The Foundation board recently approved a short-term consultancy contract for Strategies for Philanthropy amounting to around $8,000. This company is owned by Steven West, Hart's husband.
Markoff said the goal of forming a new foundation board and tapping consultancy service is to “engage more people” in the business sector to support the college.
Despite the two boards, Markoff sees no conflict or overlapping of functions because of their different duties.
Ten to 15 members are being eyed for the composition of the new board.
Hart is an ex-officio member of the old NMC Foundation. She has no voting rights.