On Jan. 12, an article was published in the Charlatan titled “‘Kind of strange how it all intertwines’: CUSA’s relationship with FundQi.”
This article warrants a defense of both FundQi and Zuberi Attard, FundQi’s founder. I’d like to respectfully submit, for the reader’s consideration, the idea that FundQi is an exemplary model of student achievement at Carleton.
Over the last five years, Zuberi and his team have worked tirelessly to build a service that will benefit the student body at Carleton. Through ongoing learning and entrepreneurial exuberance, the FundQi team has generated half a million dollars for students.
Zuberi is one of my personal role models. He grew up in a broken family in Peterborough. He was estranged from his father and homeschooled by his mother (who lacked adequate resources for such a task). As a child, he struggled with things most of us can scarcely imagine: clean clothes, food for lunch, a steady sleep wake cycle, supervision, and role models.
When Zuberi was 17, he left home. Amazingly, by age 19 he was named Top 20 under 20 by Plan International, a U.K. based NGO that operates in 71 countries. For the last five years, I have watched him work tirelessly to help students find opportunities, turning their lives around as well.
For clarity and transparency, I spent four months working for FundQi in 2018. I did not request a salary. I participated in various meetings and took on a few small projects for the company.
FundQi has operated for the last five years. Using a combination of their software and face-to-face meetings, they help students access scholarships, bursaries, grants, conference tickets, and paid internships. They have helped 1,700 students earn over $500,000. FundQi has collected around $19,000 (or about 3.8 per cent) as a fee for this service.
I’d say that’s a pretty fantastic track record for a student-run organization! They have provided their clients with an average return in excess of 2,600 percent. FundQi is a rock solid organization. If Carleton students vote yes in the upcoming referendum, they can be sure that they are making one of the single best investments they will ever make.
Critique of the Charlatan article
This section offers some thoughts and rebuttals to points which are hinted at in the article.
Multiple name changes
FundQi has pivoted multiple times over the last five years, attempting to find a sustainable business model that will allow them to offer their services. This is not surprising. All start-up organizations are unlikely to ‘get it right’ on their first try.
This challenge becomes much harder for organizations like FundQi which are entering a sector where no proven business model has been established, while making corporate social responsibility their key value.
Although Zuberi is a social entrepreneur, FundQi cannot be expected to earn zero dollars. Cataloguing every student opportunity in Canada and maintaining software is expensive. One should not be surprised that FundQi has had to pivot along the way to figure this out.
Connection to CUSA
It is totally unsurprising that CUSA and FundQi have worked together in the past. Their values align nearly perfectly. Year after year, one of CUSA’s biggest focuses is reducing university costs and simultaneously increasing marginalized people’s access to university. This is the function of FundQi’s service.
One does not have to draw up some spooky conspiracy theory here. Of course, these organizations are closely connected. Frankly, it would be strange to imagine a universe in which these organizations were distant. CUSA’s proximity to FundQi is an endorsement of the program’s usefulness and value. This is not a problem.
Taxation
FundQi has not had to pay taxes as they have generated top-line profits of $19,000 over five years. This is an average of less than $4,000 per year before deducting expenses. Small businesses which make less than $30,000 per year are HST exempt, and an entity making less than $12,000 per year will generally pay no income taxes. It is not clear to me why taxation is a part of this conversation at all.
As one of Carleton’s leading social entrepreneurs, Zuberi and his team at FundQi continue to make great strides with a single focus: helping students build exciting lives through access to education.
Given that FundQi generated $500,000 for the student body with little to no prior investment, one can scarcely imagine the results Zuberi and his team will be able to provide after this referendum is passed.
I humbly, proudly and confidently encourage the reader of this article to vote yes to the proposed referendum on Jan. 29 and 30.
File photo.
