In the Akmola Region, the private boarding school for gifted children from rural areas, «IQanat High School of Burabay», which opened in 2020, has been transferred into the ownership and management of an endowment fund. Prior to this, the institution was owned by the founder and head of BI Group, Aydyn Rakhimbayev.
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For reference: an endowment fund is designed for the long-term management of capital and assets, the income from which is used to finance specific goals, be it education, science, art, charity, or the development of organisations. The fund's capital is generated through donations.
According to Informburo.kz, Rakhimbayev decided that the project should serve society, rather than remain in private ownership.
It has become known that, thanks to the support of 160 entrepreneurs, the school, which educates and houses 365 children, has achieved financial independence and now covers its own expenses.
“IQanat includes the main academic building, dormitories for students and teachers. Freedom House is a separate building where lessons in biology, programming and the humanities take place. It also houses a fitness centre, library, art studio, tennis court, recording studio and pottery studio. About 80% of classes are held in the main academic building”, the statement reads.
It is noted that the best students – finalists of the IQanat Olympiad from rural schools – are awarded grants as part of the social project.
“Through intensive training, the school helps children reach a new level – up to 94% of participants in IQanat programmes gain admission to the best universities in Kazakhstan and abroad. Since 2021, 64 school graduates have been enrolled at Nazarbayev University, and 42 are studying in 17 countries around the world”, the school reported.
It was also reported that students study at the educational institution on both a free and paid basis. Currently, about 20% of IQanat students are on a paid basis. The cost of tuition includes all expenses: clothing, six meals a day, and accommodation.
“We began to actively develop the IQanat educational foundation, and many programmes emerged within the project. The school had its own educational programme, the foundation had its own projects, which ultimately resulted in a large-scale initiative working not just at the level of one school, but across the entire country. That’s how the idea came about to attract like-minded businesspeople, first friends of Aydyn Rakhimbayev, and then other concerned entrepreneurs”, noted the executive director of the IQanat educational foundation, Aliya Salikova.
Salikova said that after a few years it became clear that more funds would be needed for the construction and development of the school than had been previously stated.
“Some may have had doubts about where their money was going, as the school legally belonged to the IQanat foundation, founded by Aydyn Rakhimbayev. All capital costs invested in the school’s development were not returned to investors. Initially, the campus was designed for 200 places, then it expanded to 350 places, with dormitories for teachers, additional facilities and buildings added”, she said.
According to Aliya Salikova, in order to benefit society, the foundation’s representatives decided to change the legal form of the institution. To do this, they studied international experience and chose the endowment fund model.
“We discovered that the best practices for endowment funds are implemented in the USA. We analysed the experience of Harvard Business School and Harvard University. The goals may seem unattainable, but they served as a role model for us”, noted Aliya Salikova.
Salikova said that the school receives per-capita funding from the state, which this year amounts to approximately 1.1–1.2 million tenge. However, the difference between the cost of education and state support creates a deficit, which the school covers through commercial places.
As the director of the educational foundation explained, this deficit is not related to the work of the endowment fund; it pertains to the school’s operational activities.