The SATVA FUND SRI LANKA project sprang into existence when several of us – members of the Sri Lankan American diaspora, living in these United States – decided to band together and support the truly needy in the land of our birth in a more organized and systematic manner.
For many decades, we had individually been supporting a host of projects in Sri Lanka that focused on educational, health, welfare, housing, environmental, basic income and other needs. However, we came to realize that this support was fragmented and often carried out on a one-off basis.
This prompted us to come up with a strategy to implement these projects in Sri Lanka in an effective and transparent way along with, where applicable, assuring the recipients of a consistent and predictable source of funding. We also devised formal procedures and protocols related to criteria that we will deploy in project selection, in the short-, medium- and long-terms, and the different sectors that we will fund.
The founders were successful in registering and incorporating SATVA FUND SRI LANKA with state and federal authorities in the United States.
In September 2022, SATVA FUND SRI LANKA was registered as a charitable organization and incorporated as a non-profit organization in the state of Nevada. In October 2022, SATVA FUND SRI LANKA received approval from the federal Internal Revenue Service (IRS) as an organization exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code. Finally, in October and November 2022, SATVA FUND SRI LANKA also registered as a charitable organization with the states of Georgia, New Jersey and New York.
The goal of SATVA FUND SRI LANKA is to positively impact the lives and wellbeing of Sri Lankans in need by financially supporting projects that will directly benefit economically disadvantaged individuals and families.
The projects that SATVA FUND SRI LANKA will support are those that would typically fall below the radar screen of larger organizations, first, because they are too small to warrant the focus of these larger organizations and second, because they are difficult to scale-up. In the current context in Sri Lanka, where the financial positions of so many are so dire, the founders of SATVA FUND SRI LANKA are determined to make a positive impact in the lives of the truly needy.
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