The Royal College Old Boys’ East Coast Foundation (RCOBECF) celebrated a landmark moment in its history two of its founding members donated perpetual scholarships to the Loyalty Pledge individually. The respective donations were handed over to the Loyalty Pledge by the distinguished founding members, Mr. Buddhi Abeyasekera and Mr. Ravi Karunaratne. Mr. L.W.K Silva, Senior Deputy Principal of Royal College and Mr. Aruna Samarajeewa, Secretary of the Royal College Union graced the occasion.
Under the perpetual scholarship scheme, the endowment of Rs.400,000 will be used as the capital fund and its interest income will be used to service a full “Help a Needy Student” scholarship granted to a young Royalist. A “Help a Needy Student” scholarship provides the scholarship holder a monthly stipend of Rs. 5,000/= for one year period. As such, the endowment by the RCOBECF represents a significant step toward securing the long-term financial stability, guaranteeing continuous support for its core mission of the Loyalty Pledge which is to support young Royalists to achieve their goals.
Speaking at the announcement ceremony, Mr. Abeyasekera and Mr. Karunaratne emphasized the importance of the work carried out by the LPMC. “When we helped found the RCOBECF, our goal was to create a lasting mechanism for giving back to our alma mater and our country,” said Mr. Karunaratne. These perpetual funds are not just a donation; they are a guarantee that the spirit of philanthropy we established will endure, supporting future generations of students and critical community projects.”
Mr. Abhaya Amaradasa, the President of the Loyalty Pledge, thanked the RCOBECF and its membership for coming forward to make this donation, and highlighted that it will be a great precedent to be followed by other old Royalist groups around the World. He expressed that the journey of the RCOBECF started with this donation will be a stepping stone to a new chapter of our relationship with the RCOBECF which will steadily grow in the future.