Establishment of "Charitable Trust - Minebea Scholarship Fund for Orphans of the Great East Japan Earthquake"
Minebea Co., Ltd. (hereafter, "Minebea") announced that it has established the "Minebea Scholarship Fund for Orphans of the Great East Japan Earthquake", a charitable trust designed to extend the company's support to children who lost their parents in the Great East Japan Earthquake. Sumitomo Mitsui Trust Bank, Limited. (hereafter, "Sumitomo Mitsui Trust Bank") has been instated as trustee.
The fund, which was established as a charitable trust after gaining official authorization from the Ministry of Education, Culture, Sports, Science and Technology, has been set up to provide unrestricted and non-repayable child maintenance funding to children from elementary to junior-high school age who lost their parents in the Great East Japan Earthquake.
Minebea welcomed in its' 60th anniversary of incorporation in 2011, the same year that the Great East Japan Earthquake struck. In the wake of the unmitigated disaster that claimed such a significant number of precious lives, the Group decided to discard plans for the commemorative event that it had initially been working on and channel its' efforts into a support project aimed at orphans of the earthquake. Based on plans to provide long-term support to orphans until they graduate from junior-high school, Minebea applied through Sumitomo Mitsui Trust Bank to establish the fund as a "charitable trust", ensuring the fund's insusceptibility to single-annual financial results, etc. Now with thanks to the enormous effort and understanding of all those who were involved, the fund that meets the company's desired intentions has successfully been established. The trust value is expected to reach 130 million yen by the third year of the fund's operation, with plans to provide extra funding up to 230 million in total after the fourth year, pursuant to the application situation at that time. The fund also considers providing additional congratulatory money to be paid at the time of graduating elementary school and again on graduation from junior high school.
An outline of the scholarship fund is provided below.
Regarding the first year of the fund's establishment, recruitment of recipients is set to commence from September and issuing of funding is expected to commence early December. In addition, in order to ensure fairness of the charitable trust, five education related persons from three prefectures located in the Tohoku region (Fukushima Prefecture, Miyagi Prefecture and Iwate Prefecture) have kindly accepted places on the management committee without compensation.
Intended Recipients of the Scholarship Fund
Children/students who meet all of the following criteria:
(1) Children/students who were orphaned as a result of the Great East Japan Earthquake
(Including children of single-parent families who were also orphaned as a result of the earthquake)
(2) Children/students enrolled at elementary or junior-high school
(Including children/students who moved away with a foster parent from the three affected Tohoku prefectures after the earthquake.)
Nature of Assistance
To provide child maintenance funding for which no repayments are required.
(paid annually, generally in April)
Payment Period : The entire period spanning enrollment at elementary school through to graduation from junior high school
Inquiries About Recruitment/Applications
Sumitomo Mitsui Trust Bank, Retail Fiduciary Business Dept.
TEL:03-5232-8908 (Monday-Friday 9am to17pm) FAX:03-5232-8919
Media Inquires: Corporate Communications Office
TEL +81-(0)3-5434-8637 FAX +81-(0)3-5434-8607
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