Endowment for Student Financial Assistance Tops $5 Million
At the Annual Meeting of The Loyalist College Foundation held May 29th, June Surgey was re-elected as Chair, and Beverley Townsend was re-elected as Vice-Chair for the coming year.
Bernie Ouellet was elected as a community representative on the Board and joins Directors Rick Belanger, Dorothy Davies-Flindall, Mark Hanley, Ross McDougall, Kay Manderville, Mark Rashotte, Ted Rutter, Susan Scarborough, Steve Stumpacher, and College Board Chair Bob Cottrell. Retiring Director Shirley Thomas was thanked for her contributions to the Foundation over the past number of years.
Ex-officio Directors include College President, Maureen Piercy; Vice-President Corporate Services & Chief Financial Officer, Allan Ross; and Executive Director of College Advancement & External Relations, Dianne Spencer.
Foundation members learned that the endowment fund for bursaries for Loyalist College students totaled $5.077 million at March 31, 2008. In 2007-08, 259 awards with a total value of $150,702 were presented from endowed funds. This represents a 10 percent increase in the number of awards provided from the investment income over last year.
During the year, $286,716 was received through donations to the College and matching funds from the provincial government’s Ontario Trust for Student Support (OTSS) program. These funds were presented to the Foundation from the College as part of the endowment fund to provide student bursaries.
“These results are excellent,” said College President Maureen Piercy. “The College is very appreciative of the government’s matching opportunity, and very proud that our community has helped us so generously to maximize this funding for our students. Of course, these funds are designated solely for financial assistance, and will help many students access their post-secondary education at Loyalist College.”
“Achieving the $5 million level in the endowment fund is outstanding,” said College Foundation Chair, June Surgey. “I want to thank everyone who has supported the endowment fund and Loyalist students during the past year. This generosity will have a lasting impact on many individuals throughout the future.”
Media Contact: Dianne Spencer, College Advancement & External Relations, Loyalist College (613) 969-1913, ext. 2235; Fax: (613) 969-7902; e-mail: firstname.lastname@example.org