‘ACME Group’ Invests €100,000 in the Vilnius University Endowment Fund
Tomas Palšis, Stepas Telešius, and Stede Ingram – three alumni of Vilnius University (VU) Kaunas Faculty and founders of ‘ACME Group', a group of companies specialising in wholesale trade of electronic devices and other business areas – have recently donated EUR 100,000 to the VU Foundation. At the request of the sponsors, the support funds will form the Kaunas Faculty Endowment Sub-fund, with its return on investment to be used for student scholarships.
‘Education is a priority of both our own social responsibility and that of ‘ACME Group’ in general. I believe that we all gain from every investment in this field. First and foremost, Lithuania’s greatest wealth and capital stem from talented people who can create well-running unicorns, open up new business areas, and promote our country. That is why we believe that public education is up to all of us,’ states T. Palšis, co-founder of ‘ACME Group’.
S. Telešius, a shareholder of ‘ACME Group’, agrees that an educated nation is a prosperous nation and that lifelong learning is, therefore, of the utmost importance: ‘At university, we learn to systemise, analyse, and create. With a strong academic grounding, lifelong learning can become much easier. Having been an active VU student myself, I consider it a great honour and pleasure to support the students of this institution and, in general, contribute to the knowledge economy in Lithuania.’
The EUR 100,000 donation by ‘ACME Group’ will have an everlasting effect on VU Kaunas Faculty, as the support funds will be invested rather than spent. In the first year, the return on investment will amount to EUR 2,500. In 100 years, with no additional financing, solely due to exponential growth driven by reinvestment*, the value of the sub-fund established by ‘ACME Group’ will reach EUR 3.2 million, while the return payout to the faculty will be EUR 3.1 million.
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