YUFA Trust
Annual Membership Meeting
Monday November 8, 2004 - immediately after the YUFA Annual General Meeting to be held in XXXXXXXXXXX
AGENDA
1. Approval of Agenda
2. Minutes of 2003 Annual Meeting (attached)
3. Matters Arising
4. Approval of Financial Report
5. Appointment of Auditor
6. Nominations and Election (nomination form is attached)
7. Trustees report
8. Proposal to donate $252,500 to enable annual York/Westview scholarships (attached)
9. Other business.
The financial report and report of trustees may be viewed at the following internet addresses:
and
or by going to www.atkinson.yorku.ca/pevans and selecting the YUFA Trust and Foundation menu items (to view the complete menu it may be necessary to click <next> at the bottom) (this site contains other documents in connection with the YUFA Trust).
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 Gary Spraakman, Room 282 Atkinson Faculty, so that it arrives by
Noon on Friday November 5, 2004. Nominations may also be made during the
Annual Meeting which will be immediately after the YUFA Annual General Meeting on
November 8.
YUFA Trust
Annual Membership Meeting Minutes
2003 October 8 – The Faculty Club
1. The meeting was called to order by Paul Evans at 2:40 p.m. On a motion by Susan Dimock, seconded by Nick Lary, the agenda as circulated was approved.
2. Acceptence of the minutes of the 2003 February 25 annual meeting moved by Ruth Dyer, seconded by Nick Lary, carried.
3. There were no matters arising.
4. Approval of the Financial Report. Moved by Jennifer Mills, seconded by Scott McLaren, carried.
5. Appointment of Auditor. Moved by Walter Whiteley, seconded by Susan Dimock, that Philip Creighton be reappointed. Carried.
6. Nominations and elections. Nominations from the floor: Nick Lary put forward his name. As the incumbent five trustees have agreed to stand and there is one other nominee (Don Dippo), there will be a mail ballot. Moved by Joan Allen, seconded by Jennifer Mills, carried, that nominations be closed.
7. Report of Trustees - 2002-3
The YUFA Trust has provided most of the funding of the YUFA Foundation which provides for scholarships and bursaries to York students. Including matching funds, the YUFA Foundation has been responsible for establishing a scholarship and bursary fund amounting to $2,100,000. The annual value of the distributions reached $105,000 in 2001-2002 and we expect that distributions will remain at this level.
The Trust has also provided significant funding to towards the Faculty Club and Glendon Senior Common Room facilities. We recently agreed to contribute up to $15,000 to renovate the Fireside Room of the Glendon Senior Common Room. These are in process of being completed.
We have collaborated Executive of the Association of Retired Faculty and the trustees of the Retirement Benefits Trust Fund to support efforts to improve the level of medical benefits for retired faculty. $100,000 was allocated to this purpose in 2002-3.
We are also providing $5,000 each year from 2000 through to 2007 to provide Ontario Graduate Scholarships in Science and Technology.
The Board of Trustees approved a proposal for funding of the Westview Advanced Placement Initiative for $5,000 for 2003-2004, with the possibility of renewal for up to four additional years. The membership was consulted on this matter and a resolution passed at the last annual meeting. The project will support enrolment of up to 20 students from Westview Centennial Secondary School, and Cardinal McGuigan High School to take one half course for credit at York University. They will receive additional support from a variety of structures as preparation for this course, and while taking this course. The Advanced Placement experience is designed to support an effective choice by local high school students to attend University and be well prepared for this transition. The Proposal has also been presented to the Administration for matching funding. The first year of funding is not conditional on this matching funding, but renewal will be decided after review of the program in February 2004, including the request for matching funds and other requests for support. The funds would be transmitted to the YUFA Foundation.
The Trustees have recently received and are starting to consider proposals for additional involvement in various proposed initiatives in the local community.
2002-2003 Trustees were as follows:
Michael Copeland - 33626 - copeland@yorku.ca
Paul Evans – 416-209-5801 - pevans@yorku.ca
Tiit Kõdar - 33527 - tkodar@yorku.ca
Walter Whiteley – 22598 – whiteley@yorku.ca
John Blazina - 416-736-5134 - jblazina@yorku.ca
Motion #1: that the YUFA Trust approves a contribution of $3,000 to support the Summer Literacy Camp operated by the York-Westview Partnership in the summer of 2003).
The motion was moved by Walter Whiteley, and seconded by Lorna Erwin. Carried.
Motion #2: that the YUFA Trust approve an annual contribution of $5,000 to support the Summer Literacy Camp operated by the York-Westview Partnership for a period of four years, followed by a review in the Fall of 2004.
After some discussion, moved by Scott McLaren, seconded by Susan Dimock, that the Trustees report back on the financial implications of such an ongoing commitment. Carried.
Motion #3: that the YUFA Trust approve an annual contribution of $20,000 to a scholarship fund through the YUFA Foundation, to be used to pay the first-year tuition of students who have successfully completed the ACE Programme between three area high schools and York University/YUFA. The selection of scholarship holders to be approved by the YUFA Foundation in consultation with area high schools.
This too received general support. With the understanding that any motion passed at this meeting is advisory only, the Trustees were asked to consider the proposal, and come up with a decision by early December of this year. It was so moved by Susan Dimock, seconded by Jay Rahn. Carried.
8. There being no other business, Susan Dimock moved to adjourn, seconded by Nick Lary. Carried.
Proposal for a Scholarship Donation of $252,500 to Enable Annual York/Westview Scholarships of $20,000
The YUFA Trust proposes to donate $252,500. This donation is intended to establish an endowed fund with $242,500 of the gift The remaining $10,000 is to provide expendable funding to grant two $5,000 awards, which will be presented in fall 2004.
This recommendation follows extensive discussion by the trustees and consultation with interested parties. The last Annual General Meeting of the Trust passed the following resolution:
Motion #3: that the YUFA Trust approve an annual contribution of $20,000 to a scholarship fund through the YUFA Foundation, to be used to pay the first-year tuition of students who have successfully completed the ACE (Advanced Credit Experience) Programme between three area high schools and York University/YUFA. The selection of scholarship holders to be approved by the YUFA Foundation in consultation with area high schools.
The creation of the awards is subject to the approval of the York University Senate Committee on Admissions, Recruitment and Student Assistance. When established, the awards will then be administered in accordance with the University’s policies, as they exist from time to time.
With the exception of this year (when only two awards will be granted), the award will be given annually to four incoming undergraduate students who have completed the Advance Credit Experience. To be eligible for the awards, students must also be Canadian citizens or permanent residents, and residents of Ontario, who demonstrate financial need. Academic performance will also be considered in selecting the recipients.
The University will report the YUFA Trust’s donation to the Government of Ontario and request their matching contribution. The terms and conditions of the award as described above will be in compliance with the terms and conditions of the OSOTF program.
The awards will be known as the YUFA Trust, York/Westview Partnership Awards. The gift will be acknowledged publicly and in the York University Foundation’s annual Report to Donors, as a gift from the YUFA Trust.
The York University Foundation will invest and manage the funds placed in the endowment in accordance with the terms contained in this document and the investment and endowment management policies of the York University Foundation, as they exist, from time to time, with the intent that their real capital value be maintained. The York University Foundation may co-mingle these funds with other funds under its administration, solely for investment purposes.
The York University Foundation may engage the services of one or more investment counsel, mutual fund managers or investment advisors (“investment counsel”) to advise the York University Foundation in respect of the investment and reinvestment of the endowed fund established with this gift. If it is placed under the management of any investment counsel, the York University Foundation is authorized to pay from and apportion reasonably between the income and/or capital of the endowed fund established with this gift, the reasonable remuneration of such investment counsel as the York University Foundation determines to be appropriate. For the purposes of this agreement “income” includes, but not exclusively, dividends, interest, realized and unrealized capital gains and losses.
An annual payment from the York University Foundation, calculated in accordance with a formula determined from time to time by the York University Foundation will be made by the York University Foundation to the University. This annual payment will provide funding in support of the awards. Any income over and above this amount will be managed in accordance with the York University Foundation policies as determined from time to time.
The York University Foundation agrees to waive its policy requiring funds to be invested for one full fiscal year prior to disbursement of the annual payment, allowing the first payment to be made after May 1, 2005, as a Special Payment. This Special Payment will only be made if there is sufficient income available to do so subsequent to the reinvestment of a portion of the income earned on the endowment for capital preservation purposes, in accordance with the investment and endowment management policies of the York University Foundation, as they exist, from time to time. The Special Payment will not exceed 4.5% of the sum of the Gift directed to the endowment plus the related OSOTF matching funds.
To provide sufficient funds to grant four awards at $5,000 in the fall of 2005, the YUFA Trust agrees to contribute an amount equal to the difference between $20,000 and the Special Payment, if any, as described above. This amount will be expended fully in support of the awards.
The focus of the academic priorities of the University may change over time, and it may become impossible, inadvisable or impractical to apply the amount transferred for the purposes set out above. Upon the request of the University through the Vice President Students, the Directors of the York University Foundation shall, in consultation with the YUFA Foundation, where possible, pay the amount to the University to be applied for other student financial aid purposes consistent with the spirit and intent of the Trust’s original gift, the rules and regulations of the OSOTF program, and the priorities of the University.
The York University Foundation will provide regular reports to the YUFA Foundation on the status of the endowment supporting the awards and their administration.
