Government of the Federated States of Micronesia

President Olter Donates to COM-FSM Endowment Funds

PALIKIR, Pohnpei (FSM Information Service): April 29, 1997 –
In a brief ceremony held at the College of Micronesia-FSM Central Office’s
lobby in the afternoon of April 18, 1997, the FSM First Lady Amalia Olter
presented a check for $25,000 from FSM President Bailey Olter, as his donation
to the COM-FSM Endowment Fund, to College President Susan Moses, on behalf
of President Olter who was unable to attend the ceremony due to illness
which incapacitated him since July 1996.

President Olter said, in a letter which accompanied the donation, that
he values education of the FSM youth and that his contribution attests
to that conviction. Olter implored COM-FSM President Moses to ensure that
the College is mindful of the unique cultures and customs of the FSM States
and that such uniqueness be reflected in its curriculum.

In responding to the generous donation, which is by far the largest
individual donation, President Moses expressed her gratitude for the President’s
generous support and presented an appreciation plaque to the President
which was accepted by the First Lady on his behalf.

Attending the ceremony were about 50 people, including faculty members,
staff and students.

Presently COM-FSM is targeting to raise $250,000 by May 30, 1997, through
donations and so far they have raised approximately $225,000. Moses, however,
said she is optimistic about attaining the targeted amount, adding that
though this is the first time that COM-FSM has tried to raise funds, she
is optimistic about its success.

Moses said that the United States Department of Education has indicated
that it will match the funds raised with $500,000, if COM-FSM will raise
$250,000. The college will then invest the money raised together with the
matching funds from the U.S. Department of Education into an Endowment
Fund for the COM-FSM. She is hopeful that after 10 or 20 years of investment,
the fund will grow to a point where interest generated by the fund will
contribute substantially to the operation of the College, thus making the
College more financially independent.