Annual Report
2002 - 2003

The fiscal year 2002-2003 was one of sustained growth for the NSAC Foundation.

The Development and Alumni Relations Office had a very busy year in 2002-2003. Fund raising activities increased and both the number of donations and the amounts contributed were up sharply. The Development and Alumni Relations office assumed responsibilities for handling annual donations for all scholarships. These funds had previously been handled through the Department of Finance and are now held by the Foundation before being credited to student accounts.

Revenues from the barbeque at the NSAC Openhouse in July 2002 were credited to the general student scholarship fund. While the amount was only $398 it is an important start to make the community aware that NSAC needs to do fundraising on a continuous basis.

The first comprehensive mail out appeal was held in the fall of 2002. Although NSAC had done a general mail appeal before, this was the first with a professional developed package and self addressed reply envelope. We sent out a total of 5500 requests to Alumni and friends and had 137 returns for a response rate of 2.5%. A total of $14,595 was received for the various funds giving a rate of return of $3.40 for every dollar spent on the appeal. The mail appeal will be an important component of the donor cultivation process in the future and we hope to significantly improve the response rate.

There was significant intake of research funds during the year. A total of $78,950 was deposited in support of the Poultry Research Facility. These funds will be expended as the project moves forward.

A set of policies and processes regarding fundraising at NSAC was developed in 2002 and adopted by the Principal and Executive. The Foundation is acknowledged as the fundraising vehicle of choice for NSAC. The full text of the policy is available on the NSAC website at http://www.nsac.ns.ca/development/giving_policy.asp or a hard copy can be provided for anyone who wishes it by contacting the Development office.

The Financial Report of the NSAC Foundation shows that the total Foundation accounts had moved ahead by $95,110 income over expenses compared to $30,775 in the previous year. The total amount expended on scholarships and for other purposes was $158,425 up sharply from the $67,649 expended last year. The total investment income earned was $71,264, while contributions to funds amounted to $182,271 compared to $37,962 in the 2001-2002. The total fund balance stood at $1,457,315 at year end 2002-2003.

The complete audited statement of the Foundation is available. For the first time this year, a table showing the status of all the various funds held within the Foundation is attached. This table will allow donors and managers to have a clear picture of performance of the funds and adjust accordingly.

There were two additions to the board of directors in 2002-2003. Len Ells and Laurie Hennigar were appointed, filling existing vacancies.

The Foundation looks forward to the 2003-2004 year.