Palau Coral Reef Center Raises $100,000 For New Building

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PICRC to build extension facility at M-Dock

KOROR, Palau (Island Times, Feb. 12, 2015) – The Palau International Coral Reef Center (PICRC) hits another significant milestone in 2015! A few weeks ago during their 14th Anniversary dinner event on January 17th, PICRC raised the highest amount in their history with over $100,000.00 in donations and ticket sales, due to the immense support and generosity of many local and international friends and partners.

This month, they will begin construction of a new building - a research extension facility, to be built on their lot at M-Dock. To signify the start of construction, His Excellency, President Tommy Remengesau, Jr., High Chief Ibedul, Ambassador Harry Ho-Jen Tseng, Republic of China’s ambassador to Palau, as well as several national and state leaders, joined PICRC’s staff and board members, to celebrate the symbolic groundbreaking ceremony for this new facility. The new building is intended to not only improve PICRC’s services as a hub for visiting students and scientists, but also to provide a stable source of income.

As with all other groundbreaking ceremonies, this ceremonial rite of passage marked a beginning of construction of a new building. However, for PICRC staff, board members and friends, this event meant so much more. It also represented a realization of a vision that we worked toward for over 10 years – a dream to secure a sustainable source of revenue towards financial independence. President Remengesau commends PICRC’s non-wavering efforts in their journey towards greater financial independence by securing funding to build their new facility, which he called, "A great investment because it supports sustainability." The President also expressed his hope that PICRC would continue to aggressively explore ways to become more financially independent and he will continue to support PICRC’s efforts.

The total cost of the new building is $840,000.00. Funding support for the new building include contributions by the Republic of China ($400,000.00), PICRC and the many other donors who made contributions last month during PICRC’s 14th Anniversary fund-raiser. Once completed, the new facility is estimated to generate $66,000.00 every year. Combined with other rental services such as the conference room and office spaces, the total annual revenue is estimated to be around $100,000.00. Dr. Yimnang Golbuu, Chief Executive Officer for PICRC stated that, "This is a significant step towards a more financially stable PICRC and I am still in awe with everyone’s financial support, which turned this dream into reality today and not another 10 years from now. All of us at PICRC are extremely grateful for the support that we have received for this building, as well as all our programs and we will continue to work hard to earn and keep that trust and support".

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