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.
