The founders of the wholesale electronics trade and other business group "ACME Group", Vilnius University (VU) Kaunas Faculty alumni Tomas Palšis and Stepas Telešius, together with Stede Ingram, donated 100 thousand euros to the VU Foundation. At the behest of patrons, the support funds formed the intangible capital sub-fund of the Faculty of VU Kaunas, the return on investment of which will be used to establish student scholarships.
"Education is a priority area of social responsibility for both us and ACME Group. For every investment in education, I think everyone wins. First of all, because our state's greatest assets and capital are talented people who are able to create perfectly functioning unicorns, open new areas of business and make our country famous. Therefore, we believe that state education is the business of all of us," T. Palšis, one of the founders of ACME Group, is convinced.
"ACME Group" shareholder S. Telešius seconded: an educated nation is a rich nation. And for that it is important to learn throughout life: "At university we learn to systematize, analyze, create. With a good foundation, lifelong learning can be made much easier. Since I myself was an active student of VU, it is a great honor and pleasure for me to contribute to the students of this university and the knowledge economy in Lithuania in general."
100 was allocated to "ACME Group". EUR support will ensure an eternal impact on the Faculty of VU Kaunas, because the support will not be spent, but invested. In the first year, the payment from investment returns will reach 2,5 thousand. euros. After 100 years with no additional support, just exponential growth from reinvestment* The value of the subfund established by "ACME Group" will reach 3,2 million. EUR, and during that time the support paid to the faculty from the return was 3,1 million. euros.
This is not the first ACME Group's support to the Faculty of VU Kaunas: some time ago, the group awarded nominal scholarships to students and shared experiences during lectures.
"We regard the establishment of the subfund as an important event for the Faculty of VU Kaunas, which will celebrate its 60th anniversary next year. This will allow to improve the attraction and motivation of talented students for high-level academic achievements. The generous support of the alumni who founded and successfully grew the "ACME Group" is important not only financially, but also symbolically dear to the entire faculty community. It is nice that former students of the faculty maintain contact with their own Alma Mater and returns "with interest" and gratitude for the knowledge acquired at VU, first professional experiences and valuable contacts. For us, this is a significant assessment and commitment in educating specialists for the future", thanked VU Kaunas Faculty Dean Assoc. Kęstutis Driaunys.
"The country's strong education system and scientific progress are an important element of the state's development, allowing not only to develop a mature and creative society, but also to ensure favorable conditions for the creation and prosperity of business, which is the engine of our country's economy. The VU Foundation is the first university intangible capital fund in Lithuania, established in 2016. The support allocated to the VU Foundation is professionally invested, the university's scientific talents are financed from the earned return on investment," says Justinas Noreika, director of the VU Foundation.
According to J. Noreika, the funds of the newly established VU Kaunas Faculty subfund will be invested together with the entire intangible capital of the VU Foundation, the value of which reached almost 3,9 million after the generous support of alumni. euros.
During the 7 years of operation, the VU Foundation has already allocated more than 1 million. EUR for various areas: 7 VU young researchers with international experience are co-financed through a tender (up to EUR 30 per researcher); 27 scholarships of various sizes were awarded to talented Lithuanian and foreign students (more than 41 thousand euros of scholarships ranging from 225 euros to 2,3 thousand euros were awarded); funded scientific research for 426 thousand. euros and VU community projects for 340 thousand. euros; contributed to the management of the COVID-19 pandemic (55 thousand euros) and the support of the Ukrainian academic community (52 thousand euros).
in 2021 The VU Foundation presented the opportunity to establish and support university departments and nominal intangible capital sub-funds, the return on investment of which is used to implement and finance specific goals set by departments or philanthropists: scholarships, research awards, internships, etc. Currently, 10 sub-funds are managed, and the Kaunas Faculty sub-fund established by "ACME Group" will be the eleventh.
"The VU Foundation is actively supported and supported by the broad community of Lithuanian philanthropists, who value the importance of advanced higher education for the development of the state. The long-term goal of the VU fund is to mobilize a billion euros of intangible capital, which would allow the return on investment to strengthen the financial stability of the most advanced university in Lithuania, open up opportunities for the university to take on more serious financial obligations, and ensure the university's international competitiveness in the long run," says J. Noreika.
Source: Vilnius University
