Message from the Executive Director
Economic Update
September 2009
Founded in 1981, the Camosun College Foundation exists to support Camosun College and its students. With the help of over 4,000 generous donors like you, we generate approximately $1.5 million each year to support students through financial aid programs, enhance learning environments and enable important capital projects.
Given the current economic situation, I wanted to provide some background on how the Foundation manages its investments and an update on our results to date.
Our investments are managed by RBC Dominion Securities according to an investment policy and asset allocation model set and regularly reviewed by our Board of Directors. We have always taken a conservative approach to investing, seeking a balanced portfolio, limited exposure to equities, and a target amount from interest and dividend income rather than portfolio growth to support our financial aid programs.
For the 2008 fiscal year, we saw our portfolio decline in value by 2.6%. For the first quarter of 2009, our portfolio valuation has risen by .8%. While these results are obviously of concern, we believe our investment approach served us well in these tough economic times.
With the economic outlook still uncertain and lower interest rates on our endowments, we expect a decrease in the number and dollar value of awards, bursaries and scholarships we will have available for students in need this year.
And yet it is in times like these when those in need, need it most. Approximately 15 per cent of our students benefit from our annual bursary program – but more than 50 per cent of our students apply for some kind of financial assistance.
The Camosun College Foundation remains committed to working with you, our long-time and new donors, to do the best we can together for Camosun College and its students.
Thank you for giving generously.
Susan Haddon
Executive Director
Camosun College Foundation
The Camosun College Foundation operates within the Canada Revenue Agency (CRA) and Societies Act. It is guided by the Code of Ethical Principals and Standards of Professional Practice of the Association of Fundraising Professionals (AFP). Charitable business # 11882 6502 RR0001.