| Summary of Life in Africa Foundation, CBO
& USA Assets & Liabilities Distribution |
|
|
|
| By
agreement between Life in Africa WE Network parties as published @ |
ned.com/group/lia-usa/ws/agreement/ |
|
| the
figures, comments and links on this page form the basis for an interim
Memorandum of Understanding to cover |
|
| WE
Network operations between 1 February and 1 April 2008. |
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|
|
|
|
| All
figures noted are estimated as of 1 Feb 2008, to be finalized by LiA CBOs and verified by LiA Foundation by 1
Apr 08, |
| at
which time a final Memorandum of Understanding guiding the re-distribution of
LiA Foundation assets and |
|
| Life in
Africa WE Network operations in 2008 will be signed. |
|
|
| Craft
Stock |
|
|
| 70,000,000 |
total Foundation owned craft stock
value as of 1 Dec 2007 |
|
| (10,000,000) |
value of stock to LiA
Gulu |
|
| (10,000,000) |
value of stock to LiA
Kireka |
|
| (50,000,000) |
value of stock to LiA founder
against a write-off of shs72,000,000 in unrecuperated investments |
|
| 1700 |
forex rate |
|
| $ 29,411.76 |
current warehouse value |
|
| $
20,000.00 |
68% |
discounted sale value from LiA
founder to Life in Africa USA |
|
| $
335.00 |
59.7 |
monthly payments due from
Life in Africa USA to LiA Founder, starting 1 Apr 08 |
|
| LiA USA agrees to use acquired stock to
raise at least $20,000 in program funds for disbursal to the CBOs |
|
|
| CBO
Member Savings |
|
|
| Savings are
a liability inherited by each CBO |
|
| The savings
currently owed to members are backed by craft stock value |
|
| (800,000) |
LiA Gulu recorded member savings
(deducted from previous craft pmts due) |
|
| (3,500,000) |
LiA Kireka recorded member savings
(deducted from previous craft pmts due) |
|
| CBOs
need to convert savings to 100% backed with cash on deposit to count savings
as LiA loan guarantee funds |
| see |
lifeinafrica.com/programs/microsuccess.htm |
for further details |
|
|
| Craft
Coop balances |
|
|
| Coop
balances represent stock that has not yet been paid for by Life in Africa
Foundation |
|
| 7,300,000 |
debt owed to kireka producers on
stock that both CBOs own |
|
| The
Governing Boards of LiA Gulu and LiA Kireka need to agree on a fair split of
this debt by end March 2008 |
|
|
| School
Fees |
|
|
| 3,120,000 |
moneys raised for Gulu in June
disbursed to Gulu cbo (separate from LiA SchoolFees2008 sponsorships) |
|
details at |
ned.com/group/lia-usa/ws/extraordinary_disbursals/ |
|
| 960,000 |
to LiA Gulu (6 LiA sponsored
children term 1) |
ned.com/group/lia-usa/ws/schoolfees2008_disbursals/ |
|
| 960,000 |
to LiA Kireka (6 LiA sponsored
children term 1) |
ned.com/group/lia-usa/ws/schoolfees2008_disbursals/ |
|
| 12
children are currently guaranteed LiA - USA sponsorship for 2 terms |
|
|
| Nutrition
Program |
|
|
| 300,000 |
to LiA Gulu for start up equipment |
|
| 700,000 |
to LiA Gulu for Feb 08 club
activities |
|
| 400,000 |
to LiA Kireka for start up equipment |
|
| 700,000 |
to LiA Kireka for Feb 08 club
activities |
|
| Life
4 Kids Club nutrition funding is currently secured for Feb 08 only |
|
|
details at |
ned.com/group/lia-usa/ws/life4kidsclub_disbursals/ |
|
|
| Outstanding
loans portfolio |
|
|
| Kiva loans |
|
| (4,229,500) |
Total outstanding LiA
Foundation portfolio value |
|
| (529,500) |
Outstanding principle on Gulu loans
due as of 11/15/07 |
|
| (3,700,000) |
Outstanding principle on Kampala
loans due as of 01/15/08 |
|
| Each
CBO shall repay their outstanding Kiva loan portfolio to LiA Foundation in full no later than 1 Apr 08, |
|
| and
continue independent loan portfolio recovery efforts thereafter |
|
|
| Onet
(small groups) loan funds |
|
|
7,010,000 |
Total portfolio value |
|
| (1,500,000) |
LiA Kireka group |
|
| (5,510,000) |
LiA Gulu groups |
|
| LiA
Kireka shall repay the outstanding principle on Onet funded group loans to
LiA Gulu by 1 Apr 08 |
|
| Onet-donated
loan funds shall be converted to MicroSuccess loan guarantee funds for LiA
Gulu |
|
| community
members in 2008, at detailed terms to agree upon prior to 1 April 2008 |
|
|
| Computers
& Internet Access |
|
|
| 10,000,000 |
Estimated current value of LiA Gulu
telecenter equipment |
|
| (1,500,000) |
Minimum
required internet/maintenance budget to keep LiA Gulu connected in 2008 |
|
| 10,000,000 |
Estimated current value of LiA
Kireka telecenter equipment |
|
| (1,500,000) |
Minimum required
internet/maintenance budget to keep LiA Kireka connected in 2008 |
|
| Each
CBO shall be responsible for paying their own telecenter internet access and
maintenance bills. |
|
| Community
accessible internet access is required for receiving funding / fundraising assistance from LiA USA |
|
| Click4Africa
offers CBOs a way to earn connectivity grants |
|
|
|
| Rent |
|
|
| LiA Gulu |
|
| 5,000,000 |
total paid by LiA Founder for rent
aug 07-Dec 08 |
|
| (3,600,000) |
due to Founder 1 April 2008 in
reimbursement of 12 months rent paid in advance Jan-Dec 08 |
|
|
300,000 |
payable directly to landlord
thereafter |
|
| 1,400,000 |
additional monies paid by cj for aug
- Dec07 rent (waived by cj) |
|
| LiA Kireka |
|
| (3,600,000) |
1 year rent due to Kireka landlord
end Feb 2008 |
|
| Each
CBO to receive a start-up operations loan thru LiA Foundation to cover 1 yr
rent & early operations costs |
|
|
|
| Operations
Loan |
|
|
| 15,000,000 |
Total operations funding
loaned privately to LiA Foundation, to be disbursed as follows |
|
| (4,000,000) |
LiA Gulu (Feb 08) |
|
|
|
| (4,000,000) |
LiA Kireka (Feb 08) |
|
| (3,500,000) |
LiA Gulu (1 Apr 08) pending all cbo required
documents in order for signature of final MoU for 2008 |
|
| (3,500,000) |
LiA Kireka (1 Apr 08) pending all cbo
required documents in order for signature of final MoU for 2008 |
|
| Each
CBO shall repay the total borrowed amount + 10% per annum to Life in Africa
Foundation |
|
| at
payments of shs 562,500 per month for a period of 15 months beginning 1 May
08 and continuing to 1 Jul 09 |
|
| LiA
Foundation keeps the interest; 100% of the loan capital must be returned to
the private lender by 1 Jul 09 |
|
|
| Human
Resources Support |
|
|
| 7,200,000 |
LiA Gulu Community Admin
support (disbursed @ shs600,000 monthly x 12: 1 Apr 08 - 1 Mar 09) |
|
| 7,200,000 |
LiA Kireka Community
Admin support (disbursed @ shs 600,000 monthly x 12: 1 Apr 08 - 1 Mar 09) |
|
| LiA
USA will provide shs600,000/mo. for 12 mo. to each CBO to employ a (required)
Community Administrator |
|
|
job description @ |
http://lifeinafrica.com/jobs/communityadmin.htm |
|
| LiA
USA will also provide salary support as required by LiA Foundation in
2008. |
|
| LiA
Foundation shall employ a Chief Accountant and a Director of Ugandan
Communities |
|
| LiA
Foundation staff shall spend a minimum of 5 days / month working with CBO staff on location at each
center |
| CBOs
will provide onsite internet access as required to visiting LiA Foundation
Staff and agents |
|
|
| LiA
Gulu estimated Jan 2008 starting
balance sheet (to be finalized by LiA Gulu/verified
by LiA Foundation) |
|
|
| Lia Gulu Starting Assets |
|
|
| 10,000,000 |
Craft Stock |
|
| 4,080,000 |
School Fees |
|
| 1,000,000 |
Nutrition Program |
|
| 7,539,500 |
Outstanding loans
portfolio |
|
| 10,000,000 |
Computers &
Internet Access |
|
| 7,500,000 |
Operations Loan |
|
| 7,200,000 |
Human Resources
Support |
|
| 47,319,500 |
|
|
| LiA
Gulu Starting liabilities |
|
| (800,000) |
CBO Member Savings |
|
| (3,650,000) |
Craft Coop balances |
|
|
(3,264,000) |
School Fees |
|
|
(890,000) |
Nutrition Program |
|
| (529,500) |
Outstanding loans portfolio |
|
| (1,500,000) |
Computers & Internet Access |
|
| (3,600,000) |
Rent |
|
| (8,430,000) |
Operations Loan |
|
| (7,200,000) |
Human Resources (Community Admin) |
|
| (29,863,500) |
|
|
| LiA
Gulu starting position |
|
| 17,456,000 |
Assets minus liabilities |
|
|
| LiA
Kireka estimated Jan 2008
starting balance sheet (to be finalized by LiA
Kireka/verified by LiA
Foundation) |
|
|
| Lia Kireka Starting Assets |
|
| 10,000,000 |
Craft Stock |
|
| 960,000 |
School Fees |
|
| 1,100,000 |
Nutrition Program |
|
| 5,200,000 |
Outstanding loans portfolio |
|
| 10,000,000 |
Computers & Internet Access |
|
| 7,500,000 |
Operations Loan |
|
| 7,200,000 |
Human Resources Support |
|
| 41,960,000 |
|
|
| LiA
Kireka Starting liabilities |
|
| (3,500,000) |
CBO Member Savings |
|
| (3,650,000) |
Craft Coop balances |
|
|
(768,000) |
School Fees |
|
|
(960,000) |
Nutrition Program |
|
| (5,200,000) |
Outstanding loans portfolio |
|
| (1,500,000) |
Computers & Internet Access |
|
| (3,600,000) |
Rent |
|
| (8,430,000) |
Operations Loan |
|
| (7,200,000) |
Human Resources
(Community Admin) |
|
| (34,808,000) |
|
|
| LiA
Kireka starting position |
|
| 7,152,000 |
Assets minus liabilities |
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