Thursday 20 May at 4 p.m.
AGENDA
1. Approval of Agenda
2. Minutes of 1998 Annual Meeting
3. Matters Arising
4. Approval of Financial Report
5. Appointment of Auditor
6. Nominations and Election
7. Directors report
8. Proposed contributions to the YUFA Foundation (see Directors' Report)
9. Other business.
YUFA Trust
Minutes of the AGM held May 26th., 1998
1. Call to Order. The meeting was called to order by Paul Evans at 4:40 p.m.
2. Approval of Agenda: Motion 1
"That the agenda be approved as circulated." Proposed by David Wiesenthal, seconded by Stan Jeffers. Carried.
3. Minutes of 1997 AGM: Motion 2
"That the minutes of the 1997 AGM be approved as distributed." Proposed by Kathy Bischoping, seconded by Michael Michie. Carried.
4. Financial Report: Motion 3
Paul Evans reported. The statements have not yet been approved by the auditor. The Trust has equity of $ 380-400,000 after taking into account the $ 600,000 pledged to the Ontario Student Opportunity Trust Fund.
"That the verbal financial report by Paul Evans be accepted." Proposed by Michael Michie, seconded by Jim Benson. Carried.
5. Appointment of Auditor: Motion 4
"That Philip Creighton be reappointed as auditor for 1998-99." Proposed by David Clipsham, seconded by Gary Spraakman. Carried.
6. Nomination and Election of Trustees: Motion 5
"That the present trustees continue, with the exception that Michael Kainer be replaced by Neil Wiener." Proposed by Igor Kusyszyn, seconded by Gary Spraakman. Carried.
7. Trustees' Report: Motion 6
"That the Trustees' Report be accepted." Proposed by David Clipsham seconded by Gail Kellough. Carried.
8. Other Business
A member proposed that there should be publicity when the scholarship money was transferred from the YUFA Foundation and Trust to the university. A meeting with the appropriate vice-president was proposed, along with publicity through the Communications Department.
9. Adjournment: Motion 7
"That the meeting be adjourned." Proposed by Michael Michie at 4:52, seconded by Gary Spraakman. Carried.
NOMINATION AS TRUSTEE - YUFA TRUST
The following is hereby nominated as a trustee of the YUFA Trust:
(please print)
____________________________________________________
Proposer's name (please print)
____________________________________
Signature of proposer: ___________________________
I am willing to stand for this position
Signature of candidate: ____________________________
Please forward to Cathy Lavender, Room 122 Atkinson College so that it arrives by Noon on Monday, 17th May, 1999. Nominations may also be made during the Annual Meeting on Thursday, May 20th.
YUFA Trust
Report of Trustees - 1998-9
During 1998-9 we contributed $600,000 to the Ontario Student Opportunity Trust Fund. This will result in a matching Ontario Government grant for the same amount to enable an increased amount and number of YUFA Foundation scholarships to be awarded in the future.
Our decision to contibute to the OSOTF was made in 1996-7 after full consultation with the membership including a membership information meeting and a joint mail ballot of both YUFA Trust and YUFA Foundation members. Over 90% of the votes (134/147) were in favour of the proposal.
While the Trust is now substantially depleted we did gain substantial additional revenue from interest, capital gains on long term bonds and unemployment insurance rebates so that over $400,000 remains for use in the future. This will be augmented by future Employment Insurance rebates and interest revenue. The Trustees can therefore continue to entertain proposals for further scholarships or other purposes for the benefit of past and present members of YUFA.
The Trustees have unanimously agreed that $5000 per year should be contributed to the Ontario Graduate Scholarships in Science and Technology for the eight year duration of the programme, beginning with the current academic year. The YUFA Foundation will be expected to work out the terms of the transfer, including a proviso that the province’s guidelines be interpreted as broadly as possible so that it will apply to students of as many departments as possible. There is a government match of two times our contribution. Details of the scheme can be found at the following website:
The Trustees also unanimously agreed to allocate $5,000 to the YUFA Foundation for a Summer 2000 graduate bursary to be awarded. Terms for this graduate bursary are to be finalized by the Foundation. It is anticipated that further summer graduate bursaries may be awarded but approval of these would depend on experience in connection with the 2000 bursary and approval of more detail as to terms and conditions.
The Trustees expressed an interest in making other donations to scholarships and bursaries and will continue to explore this possibility and report back to the membership at a future membership meeting.
The Trust is exploring the possibility of establishing a website which will contain up to date and detailed information concerning its activities.
