nKoso Adjustment

Ben Blodgett, June 18, 2013

Nkoso_adjustment

You may have noticed that we included a Western Union transfer fee as part of the budget for each of our students. As a startup non-profit organization we were not sure the most cost effective way to transfer funds internationally and Western Union seemed like the best option at the time. We've found that this is not the case.

We thought transferring each child's tuition individually was necessary to show our donors exactly where their funds were. However, we've found that providing an official school receipt with the student's name and year as well as a signed affidavit from the school and family confirming the successful payment is suffice evidence. Further, we believe it's most important that we use our donor's funds in a way that will create the highest impact in the communities we work with. Our new strategy allows us to transfer funds for many students (in our first transfer we sent funds for 13) which is much more cost effective.

On, June 7, 2013 we transferred $2054.00 to Yesu MMO to pay the following students tuition:

Vera - $158.00

Matilda - $158.00

Beatrice - $158.00

Fauzia - $158.00

Samuella - $158.00

Bridget - $158.00

Gifty - $158.00

Kelvin - $158.00

Lawrencia - $158.00

Falida - $158.00

Enock - $158.00

Samuel - $158.00

Kestin - $158.00

This transfer cost a total of $52.35, or approximately $4.02 per student. Going this route allowed us to save $77.74 which we rounded to $80 and applied to the following students to complete their goal:

Lawren - $18.00

Clement - $55.00

Eggla - $7.00

For these student's you will notice a donor called 'nKoso Adjustment' has been added for these amounts. We will continue to do this with all students who had the $10.00 Western Union fee added into their budget.

Going forward we will not include any transfer fee into the student's goal and will handle the fees from our operating budget. Thank you again for all your support and please do not hesitate to contact us at support@nkoso.org if you have any questions/concerns.