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Foundation Annual Meeting
C.A. Douglas Room
June 14th, 2005
Present: Jim Goit, Philip Hicks, Sherry Porter,
Laurie Hennigar, Bernie MacDonald, Len Ells, Dick Huggard
Special Guest: Nancy Frame of Price Waterhouse
Coopers
Meeting was called to order at 10:30
1. Approval of Agenda - Motion: Len Ells,
Seconded, Sherry Porter. Agenda approved
2. Approval of Minutes - J. Goit reviewed
Minutes from the meeting of January 8th, 2005. SP moved, LE
seconded. Minutes approved.
3. Business Arising from the Minutes
Membership - Sherry Porter and Dick Huggard
have submitted applications to sit as members on the Foundation
Board. A third candidate has also applied. Applications have
been accepted and approval should be forthcoming during the
month of July or August
Transfer of Funds held by Alumni Association -
Worked closely with lawyers and Association . Final draft is
in front of the Alumni executive and will be running it past
their board. Hope to have this completed by the end of June.
(Approx. $620,000)
4. New Business
Investment Committee Report - The Investment
Committee Report was given by Chairman Dick Huggard. Ted Jordan,
Foundation Portfolio Investment Manager from ScotiaMacleod congratulated
the Foundation on a successful year and gave an over view of
the portfolio during the past year. Account value stood at $4,366,608
at the end of the quarter with Net inflows of $2,403,500 and
outflows were $173,865. Large inflows resulted from successful
fundraising efforts and a large temporary deposit of $1,704,000
May 27, 2005.
Returns since inception December 2000, past 12 months and last
quarter were 4.84%, 6.02% and 0.21% respectively. Portfolio
allocation stood at 40.2% cash and equivalents, 39.5% fixed
income, 9.3% Canadian equity, 4.9% U.S. equity and 6.0% Foreign
equity at the end of May.
Committee members agreed that the current policy has served
us well to this point and that at some time in the next year,
when the portfolio had been merged with the Alumni Association
funds and it was more clear where the values of the various
funds were headed, we might reevaluate the mix and recommend
changes.
RFP for Financial Manager - A Request for Proposal
has been issued for the services of a local financial management
company for integrated services of banking, financial management
and so on. The RFP was sent to four companies in the local area
with a request for a five year service contract.
Review of Financial Statements for fiscal year ending
March 31, 2005. - Nancy Frame of Price Waterhouse Coopers
reviewed the Financial statements for the year ending March
31. The NSAC Foundation received a clean report without any
reservations. Fund balances for 2005 were $2,212,894 up from
$1,672,116 in 2004. Motion to accept Financial Statements by
LE and seconded by LH . Motion carried
Annual Report for 2004-2005 - Jim Goit presented
an annual report to
the Foundation.
Highlights:
Number of donors has ballooned from less than 100 in 2001-2002
to 808 donors in 04-05;
Completed our first phone appeal - very successful with 11
per cent return rate;
Annual appeal raised nearly $90,000 or 12 per cent of total
campaign;
Scholarships and bursaries remain the largest disbursement
of the Foundation (53 per cent);
Cost of fund raising (3 per cent) recovered from investment
income. This covers only a portion of the total cost most
of which are covered by the University.
Future Activities: Consolidation with alumni
funds, further automation of donor management system, second
century follow-up, mail appeal
Current Year donation Update - Jim reported
that between April 1 and June 9th of 2005 donations received
totaled $2,226,559
Campaign Updates - Beginning work on Major
Gifts campaign. Foundation Board would like to convene when
our new member joins the Board to have a brainstorming session
on major gift prospecting.
Centennial Activities - Stephanie reported
on centennial activities to date including Convocation, Grand
opening of the Centennial Amphitheatre - June 29th, Agri-Golf
Classic- July 22 and NSAC Open House - July 28th. In September,
the Antique Farm Museum is hosting a display celebrating our
Centennial and Homecoming weekend, October 14th and 15th will
also be incorporating special events to honour our centennial
homecoming weekend.
5. Next Meeting - Meeting adjourned at
1:00 p.m. Board has agreed to meet again in October after
Thanksgiving.
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