Trust Fund officially handed over to Kim Collins
ZIZ News…April 22, 2010 – The St. Kitts and Nevis National Olympic Committee (SKNOC) is pleased to announce the Handing over of the Kim Collins Trust Fund.
The Trust was established in March 2001 in a collaborative effort between a number of private individuals and in conjunction with the St. Kitts Nevis Amateur Athletic Association (SKNAAA) and the National Olympic Committee. The objective at the time was to create some financial asset that could serve as a “Nest Egg” for Kim in his retirement years.
An initial sum of EC$ 85,653.16, which represented the net proceeds of fund raising efforts, was placed in National Bank Trust Company with the intention of growing the fund to EC$ 100,000.00. National Trust facilitated this effort by providing a favorable rate of interest. Once the principal investment had reached this point in June 2004 therefore, and in keeping with the wishes of Mr. Collins, all interest earnings started being transferred to his private savings account.
To date over EC$ 43,000.00 has been transferred to Kim in this way thereby showing a yield of approximately 67% on the initial investment made in 2001.
Mr. Collins officially retired in September 2009 and again in keeping with his expressed wishes the principal amount of the Trust Fund of EC$ 100,000.00 is now being turned over to him.
The National Olympic Committee extends its immense gratitude to Mrs. Jennifer Nero who as a private and impartial party has served to look after the fund and the interest of all concerned over the years.
The SKNOC congratulates Kim on reaching this stage in his career and again expresses its boundless appreciation to him for all the things that he has done and achieved for St. Kitts and Nevis. This country can never really repay the contribution that our hero has made. We wish him God’s speed and continued success in all his endeavours.