Annual Report for 2001-2

Report of the YUFA Foundation - 2001-2

The terms of reference of the YUFA Foundation are extremely broad "to receive and maintain a fund or funds and apply from time to time all or part thereof and/or the income therefrom for charitable purposes". The directors and membership of the foundation have chosen to make contributions to York University for the purpose of granting scholarships and bursaries. The Foundation has only some $40,000 currently under its direct administration and these funds are mainly pledged to scholarships.

The Foundation continues to have a role in connection with funds already contributed. The "Scholarship Criteria" and "Bursary Criteria" in the following paragraphs apply to the $2.1 million in scholarship funds that YUFA Trust and Foundation contributions have generated.

Scholarship Criteria

Prior to 2000-1 a scholarship of a fixed amount (most recently $3,000) was provided to the top student(s) in each undergraduate faculty who completed between 10 and 15 courses at York University, achieved the best grade point average and agreed to subsequently re-register at York to complete his/her(their) undergraduate degree programme(s). A scholarship could be held only once and was payable at the time of re-registration. SCARSA served as the selection committee. Qualifying faculty were Arts, Fine Arts, Glendon, Osgoode (Osgoode faculty have their own collective agreement but contribute to the YUFA Foundation on the same basis as YUFA faculty contribute to the YUFA Trust) and Atkinson. Two scholarships were awarded to each of Atkinson and Arts. A further scholarship was shared between Science and Environmental Studies.

Commencing in 2000-1, following contributions totaling $1.05 million (which were matched by the Ontario government), half the annual funds generated by our contribution are distributed for scholarships as previously except that each faculty is guaranteed at least one scholarship. The remainder of this half of the funds is then allocated for scholarships in accordance with the number of students enrolled in each faculty. These criteria will be reviewed every five years by the YUFA Foundation, which may recommend changes.

Bursary Criteria

For the remaining half of the annual funds, bursaries are currently awarded with the available funds being divided between faculties according to enrolments. The sole criteria for these bursaries is need. The use of this portion of the funds can be changed at any time on the recommendation of the Foundation.

As mentioned above, it is possible for the Foundation to recommend adjusting the bursary allocation at any time. Also, commencing with 2005-6 it would be possible for the Foundation to recommend changes to the scholarship allocation once every five years. Recommendations of the YUFA Foundation in respect of YUFA bursaries and scholarships are forwarded to SCARSA which has the ultimate power to accept or reject all proposed changes.