We will be voting on scholarship funding at the Christmas Luncheon – please read the information below.
Those of you who were able to attend the AGM in June heard that we have been given the opportunity to purchase endowments from Douglas College for our scholarship and bursary. These endowments will be invested through the Vancouver Foundation and will ensure that our scholarships will be presented in our name in perpetuity. Managing the scholarship portfolio now involves a great deal of time and expertise and we have been very fortunate to have Marilyn Kendall do this for us for the past few years. She has now indicated that she is no longer able to do this and we have no volunteers stepping up to perform this task.
Our dissolution clause in the Constitution confirms that Douglas College is to be the beneficiary of funds once we are dissolved. If we continue to administer our scholarship funds they will be ever depleting and may or may not be able to sustain a scholarship at the time of dissolution. By purchasing the endowment(s) now, they would grow at a much more substantial rate than we can achieve on our own and will guarantee that they are there forever.
The money that we have in our term deposit(s) is dedicated to this purpose. One of the terms is up in April and your executive would like to purchase one endowment for $30,000 from Douglas College. That is the minimum amount we would have to invest. The remainder of the money would be approximately $78,000 and we could decide that the AGM whether to purchase a second one.
The membership fees that you pay go into a separate Operating Fund which allows us to print and mail newsletters and notices and to subsidize the Christmas Luncheon as well as financing the AGM and 50th year celebrations
This topic needs to be discussed and will be discussed further at the Christmas Luncheon. Please give some thought to this, bring your questions and support your Executive in this matter.