Endowment and Fundraising

As all not-for-profit organizations pursuing educational/cultural goals, ALBA relies heavily on donations for maintaining and further improving the quality of its operations.

Donations are, however, especially important because ALBA, by its very mission, is a research-driven academic institution: the academic excellence to which ALBA aspires by its mission cannot be achieved without intense academic research activities.

There is a fundamental difference between research-driven academic institutions and academic institutions devoted mainly to teaching: while both produce the educational and other relevant services offered to the students of their academic/executive education programs or other customer-focused activities, research-driven academic institutions also foster the creation of new scientific knowledge, through the research efforts of their faculty.
The results of these research efforts are published in the leading academic journals; they are thus made available not only to the users of the educational or other relevant services provided by the research-driven academic institutions, but to the broader academic community and, therefore, to society in general, who all benefit from this new knowledge.

Passing, therefore, the full operational costs of a research-driven academic institutions to the students or other users of the services provided by the institution, would not only raise the fees charged for these services to prohibitive levels; it would also be extremely unfair to these users, because they would be thus asked to pay not only for the services they actually receive, but also for the benefits to many others beyond themselves.ALBA, therefore, as all research-driven academic institutions, must have sources of income other than the fees charged for the educational and other relevant services they offer.

In the absence of state funds, ALBA's academic research-related costs can be met only through donations from private of corporate donors.

Donations to ALBA can take the form of either Endowment οr Contributions to Annual Fund Raising. ALBA will also gratefully acknowledge direct donations of assets, ranging from office equipment to real estate, to meet its constantly growing needs.

 

ENDOWMENT

Endowment is exclusively destined for the funding of academic research-related operational costs; it contributes to this funding not through the amount actually donated to ALBA, but through the income generated from its investment in low-risk securities.

Endowment can be either restricted, i.e. destined for the funding of specific academic research-related operational costs, or unrestricted, to be used for academic research-related costs, predetermined every year by the Board of Directors.

Examples of possible restricted Endowments include:

  • the creation of an Endowed Chair, for supplementing the salary of an internationally distinguished academic to be attracted to the ALBA Resident Faculty, and for supporting his/her research activities
  • the creation of an Endowed Professorship, with a donation lower than in the case of an Endowed Chair, only for supplementing the salary of a distinguished academic to be attracted to the ALBA Resident Faculty
  • endowment for the ALBA Library
  • endowment for the ALBA Information Technology Center
  • endowment for funding the operation of specific Research Centers, already established or to be established at ALBA.

In all cases of restricted Endowment gifts, the name of the donor is associated with the recipient of the Endowment funds.

The names of all donors of unrestricted Endowment gifts are included in the ALBA list of Endowment Donors.

CONTRIBUTIONS TO ANNUAL FUND RAISING

Contributions to the ALBA Fund Raising constitute a part of the annual total income of ALBA. They can be either restricted, i.e. destined for specific cost items only, or unrestricted, to be freely used by ALBA. The cost items associated with restricted contributions are not necessarily academic research-related.

Contributions not restricted to academic research-related operational costs, may still indirectly help the funding of such costs, by offering to ALBA the possibility to use for this purpose the extra income they represent.

Contributions to Fund Raising, restricted or unrestricted, may take the form of a Program of Annual Donations over a specified number of years.

Examples of possible restricted contributions include:

  • a Program for supplementing the fees of Visiting Professors, to help attract to ALBA internationally distinguished Visiting Professors
  • a Program to support academic research activities over the period these activities will take place
  • partialy covering the cost of research activities associated with a Research Professorship, held by a distinguished ALBA faculty member
  • covering, partially or in full, in the form of Sponsorship, the cost of specific ALBA Public Events or open Executive Education Seminars or Courses taught by Visiting Professors in the ALBA academic programs
  • covering the full annual cost of a new specific academic program
  • covering, partially or in full, the tuition fees of deserving students in the ALBA full-time MBA Program, in the form of Scholarships

In all cases of restricted contributions, the name of the donor is associated with the program, event, scholarship or other cause the contribution was made for. The names of all donors of unrestricted contributions are included in the annual list of the ALBA donors.

A special case of unrestricted contribution is the donation offered by each new ALBA Corporate Members.

ALBA BUSINESS UNUSUAL AWARDS

ALBA has always offered scholarships to candidates with a solid academic and professional profile, and financial aid to those facing serious financial problems, in order to actively promote equal opportunities to people who well deserve it. In order to support our scholarship fund and be able to continue to offer scholarships to at least 20% of students who meet the academic criteria but fail to meet the financial requirements of the program of their choice, we hold a fundraising event called the “ALBA Business unusual Award”. 

“ALBA Business unusual Award” highlights important activities that have a positive impact on the Greek economy and society and, at the same time, honors exceptional individuals who could serve as role models for personal and professional behavior.

 

BUSINESS UNUSUAL AWARD THROUGHOUT THE YEARS

1st ALBA Business Unusual Award

Captain Vassilis K. Konstantakopoulos received the first ALBA Business unusual Award on a ceremony that took place at Hotel Grande Bretagne, on Thursday, December 9, 2010 during the inaugural event of this initiative by ALBA; where approximately 350 distinguished executives from various sectors of the business realm attended. ALBA decided to focus on entrepreneurship for the first award and honor the self-made shipowner, Captain Vassilis K. Konstantakopoulos, a visionary who had demonstrated social responsibility and contributed greatly to Greek society.

2nd ALBA Business Unusual Award

Mr. Theodoros Papalexopoulos received the second ALBA Business unusual Award at a ceremony that took place at Hotel Grande Bretagne, on Tuesday, December 4; approximately 300 distinguished executives from various sectors of the business world attended. For the second award ALBA decided to focus on corporate social responsibility and honor Mr. Theodoros Papalexopoulos, a visionary entrepreneur who has demonstrated social responsibility and contributed greatly to the Greek society.

  

3rd ALBA Business Unusual Award

Mr. George David received the third ALBA Business unusual Award at a ceremony that took place at Hotel Grande Bretagne, on Monday, November 10, 2014; approximately 250 distinguished executives from various sectors of the business world attended. For the third award ALBA decided to focus on Business extroversion of the Greek Entrepreneurs and honor Mr. George David, a visionary leader, a citizen of the world, who has demonstrated a global mindset.

4th ALBA Business Unusual Award

Mr. Theodore Vasilakis received the fourth ALBA Business unusual Award during a ceremony that took place at Hotel Grande Bretagne, on Tuesday, March 21, 2017, where approximately 290 distinguished guests attended, from various sectors of the business, political and academic world attended. For the 4th award ALBA decided to focus on the visionary Greek self-made entrepreneur and honor Mr. Th. Vasilakis, the visionary entrepreneur who through his hard work, perseverance and moral values has managed to thrive and is now one of the most respected business men our country . 

 

Related actions

1st Business Unusual Award, 2010 2nd Business Unusual Award, 2012 3rd Business Unusual Award, 2014 4th Business Unusual Award,2017

TAX IMPLICATIONS FOR DONORS

ALBA, as an educational not-for-profit institution offering scholarships, is by Greek law entitled to receive donations from Greek individuals and Greece-based corporations with the most advantageous legal tax exemption provisions in force for the donor.

Sponsorships for specific events can also be made against a sponsoring invoice issued by ALBA, which will include a 24% VAT.

Provisions have been made for ensuring tax exemptions for donations by U.S. taxpayers.

Since December 2014 ALBA is exempt from U.S. federal income tax under section 501(c)(3) of the U.S. Internal Revenue Code.