So we are a totally transparent organization (our books are always open), we have decided to do a daily update on this site to let everyone know exactly how many funds have been deposited in our general victim assistance account and also what our total donations distributed directly to victims amount to as time goes by.
Prior to the flooding event, MyNK had a bank balance of $25,862.23. This assistance fund was accumulated prior to the flood through a variety of fundraisers (Mardi Gras, Family Fun Fest) and charitable donations, both individually and through corporate and charitable organizations. The balance in this fund is what we hold in reserves for immediate payouts to individuals in the event of natural disasters. This fund allowed us to make immediate payouts to victims, usually within 48 hours! Obviously, we are now faced with a much larger scale challenge.
Due to this, we had to format an entirely new procedure to handle a catastrophe the size of the Memorial Flood.
From this balance of $25.862.23, MyNK's Board of Directors has allocated $15,000.00 towards the Immediate Assistance Funds. Additionally, some of the contributions being sent in specifically in response to the flood are also being allocated towards the Immediate Assistance Fund. Again these are funds which will be presented directly to victims beginning Tuesday, June 2, 2015, just a little over a week since the flood! The majority of the funds being donated through this site, through direct deposits, through local fundraisers or any other event where MyNK is listed as the receiving charity, will go into the fund for distribution beginning June 25, 2015 (now, moved up to June 16, 2015).
Immediate Assistance Funds are being distributed based on the severity of needs, flood insurance coverage, etc. as determined by a committee comprised of MyNK Board members. Immediate needs funds are limited and therefore, payouts will also be limited in order to assist as many as possible. Any Immediate Assistance Funds available but leftover after June 15, 2015 will roll over into the Long Term Payout available funds.
Long Term funding is going to begin June 16th vs June 25th as previously planned.
SPECIAL NOTICE: Immediate Funding has now concluded. All funds being awarded from June 15th forward will come out of Long Term Funds. Funds which were leftover from Immediate Funding have now been moved into available funds for Long Term funding.
Long term payout funds will be much more substantial as we begin to distribute them June 25, 2015 (UPDATE: Long Term funding will begin June 16, 2015). Because of this, we are setting up an Advisory Board which will make the final determination of the distribution of these funds. This will be a 7 person board comprised of 5 members from the community not associated with MyNK and 2 board members from MyNK's Board of Directors. Our treasurer, Tom Keyser, who handles all our organization's accounting, finances, and payouts, will not be a member of this advisory board to avoid any potential conflict of interest.
We will update the totals below on a daily basis, so check back often.