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The Foundation was formed with a view on creating an international platform for the financial and organizational support of higher education programs.
The objects of the foundation are to engage in works of a philanthropic or social character, and support higher education programs such as PhD’s and MSc’s. The foundation aims to promote inclusion and equal opportunity to all looking to pursuit knowledge in the field of natural and social sciences.
The foundation shall strive to achieve its objects, by – amongst other things -:
a. through monetary contributions and/or by providing advice support organizations, institutions and persons with a non-commercial or social character that are involved in the sector of higher education
b. to engage in activities that directly or indirectly contribute to achieving the objects of the foundation and of which the revenues will at all times be allocated to achieve the objects of the foundation.
Not all have access to fair opportunities despite effort and knowledge, the Foundation aims to level the playing field and provide brilliant minds with brilliant opportunities and possibilities.
Rather than relying on large institutions and competitive programs, we will strive to have a direct impact with students and post graduates themselves.
The Paeonia foundation will raise funds through donations.
As the founders have their roots in a business environment and possess of an extensive network within the international business community, primarily they seek to attract larger donations from multinational companies and high net worth individuals.
Typically, this will concern donors that are passionate about higher education, either in general or in relation to fields of study in particular. For various reasons, such donors often wish to keep a low profile.
Notwithstanding the above, it goes without saying that donations from all sources are welcome.
Once the feasibility of a project identified is confirmed, the Paeonia foundation may actively approach the relevant institution with a view on supporting such project.
Such support will be predominantly aimed at directly financing and impacting students and post graduates with ambitious and prosperous plans. However, as the organization of the Paeonia foundation and its network grows, its support may increasingly have an organizational dimension as well.
Donations can be made either at once or in various installments, depending on whether certain milestones are reached. This will depend per project and laid down in the agreement with the relevant education provider/student.
The Paeonia foundation will make donations through grants where it considers the purpose to meet the goals of the Paeonia foundation, for example to support research projects and other activities in the area of education and its promotion.
The Trustees will determine the amount and terms of any donation it deploys. The Paeonia foundation would expect that the priority for the allocation of its grant funding would be for activities that are unlikely to be funded through other sources or bodies.
The Paeonia foundation may also consider written proposals received from education providers across the globe. These proposals should meet both the Paeonia foundation’s strategic priorities and its statutory purposes.
In considering proposals, the Trustees will take into account:
Strategic dimension: whether the proposal meets the objects of the Paeonia foundation and its strategic direction
Ethical dimension: whether the proposal meets the values implicit within the Paeonia foundation’s objects and explicit in its policies
Financial dimension: whether the proposal falls within scope of the Paeonia foundation’s funding capacity and priorities
Feasibility: whether the proposal is achievable and realistic and is likely to succeed.
Depending on the type of grant approved, the Trustees may well require that a formal agreement between the Paeonia foundation and any funded party will be entered into.
These agreements will typically include the responsibilities of each party, reporting requirements and evaluations. The agreements may also stipulate that funds will only be released upon receipt of an invoice from the funded party when and as required for the grant.
Finally, the Paeonia foundation will also deploy the funds necessary to cover costs incurred for legal advice relating to its statutes, any required taxation or other advice related to its activities, as well as accounting, audit and management/administration costs.