Report of Trustees - 2000-2001
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.
We have been in discussions with the Executive of the Association of Retired Faculty and the trustees of the Retirement Benefits Trust Fund. It is clear that YUFA retirees are receiving very poor medical insurance coverage. This has become a major issue in the current contractual negotiations between YUFA and the administration. In order to support efforts to improve the level of medical benefits for retired faculty, the Trustees recommend that they they be authorized to allocate $100,000 to increase the capital of the Retirement Benefits Trust Fund. The Trustees recommend that this be conditional on:a matching contribution of $100,000 from the York Administration on the basis that it will help bring the medical benefits for retired YUFA members closer to those of administrative staff (YUSA and CPM) whose benefits do not fall on retirement.
The Trustees have been advised by its legal counsel to investigate its status under the Ontario Perpetuities Act as there is a legal question concerning its status after March 15, 2003. This will entail some legal costs, probably in the $1,000 to $2,000 range.
In 2000-2001 $20,000 was contributed to the renovation of the Glendon Senior Common Room as authorized at the May 2000 Annual General Meeting.
We are also providing $5,000 each year from 2000 through to 2007 to provide Ontario Graduate Scholarships in Science and Technology.
2000-2001 Trustees were as follows:
Michael Copeland - 33626 - copeland@yorku.ca
Paul Evans - 209-5801 - pevans@yorku.ca
Tiit Kodar - 33527 - tkodar@yorku.ca
Mary Sue McCarthy - 88808 - msmccarthy@edu.yorku.ca
Neil Wiener - 66135 - nwiener@yorku.ca
