Family planning endowment project

The project was a success. FLAS complied with grant conditions relating to the endowment fund in all respects, and has largely achieved its strategic goals. It is strongly recommended that FLAS emphasize fundraising activities in 1996 in order to raise additional revenue for long-term sustainability and allow for expanded operations. In addition, FLAS should recruit new fund managers and begin making investments in South Africa where the return on investments is much higher. (The grant agreement specifically forbade investment outside of Swaziland due to the political situation in 1992, but since then South Africa has completed its democratization process and investment on the Johannesburg Stock Exchange is now encouraged). FLAS should also document specific USAID audit requirements, notifying auditors of these annually and sending copies to USAID. The most important lesson learned by FLAS is how to manage an endowment portfolio. USAID has learned that endowments are a useful development tool for assisting organizations that have enjoyed a great deal of institutional assistance. Endowments should be considered for countries and good programs where there is no bilateral Mission, since they are easy to implement and require minimal oversight.