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Patience Pays Off
After years of financial cultivation, two SAC funds bear fruit
T
he St. Andrew’s College Foundation has more than 100 individual funds, 45 of which support the School’s Financial Aid program. While these funds will impact generations of Andreans, they can take decades to grow large enough to produce a significant disbursement. SAC’s threshold for a fund to go live—i.e, able to generate $10,000 in annual interest—is $250,000, though on occasion benefactors have asked that their funds be released earlier or stay invested longer. This year, the School will award $2.4 million in scholarships and bursaries. About 166 deserving students receive tuition support based on need, as determined by a careful process that includes evaluation by a third-party agency and assessment and approval by the School’s Financial Aid Committee. Named funds are typically established by friends or families in memory of a loved one or to honour a faculty or staff member upon their retirement. Such is the case with the two endowed funds that became active in June.
Charlie B. Edwards & Class of 1970 Bursary Charlie Edwards ’70 was in the prime of his life in 1998, so his sudden death at the age of 47 left his family and friends reeling. Since Charlie was such a proud Andrean, they felt it fitting to establish a named bursary as a way to help others Charlie Edwards (right) with former attend the School he Headmaster Bob Bedard loved so much. The fund expanded over the last 18 years with contributions from Andreans playing in the Annual Manhattan Golf Tournament, hosted by Don MacKay ’70 at his course in Bracebridge, Ont. The tournament is attended mainly by members of Charlie’s Class of 1970, as well as his brother Mike Edward’s Class of 1979. In addition, Mike has taken out a life insurance policy to
ensure the fund will receive additional funding upon his death. Also giving it a boost are contributions from Sandy Munro ’70, who rolled over a small family bursary, splitting it between the C. B. Edwards Fund and the School’s Hockey Booster Fund. “Mike has been very excited about this fund going live and made an additional donation this year to push it over the threshold,” says Edna Collins, Associate Director of Advancement.
The Jim Herder Scholarship Jim Herder ’64 is the quintessential Andrean, and like Charlie, his love for St. Andrew’s is boundless. When he retired in 2008 as Director of Advancement and President of the Foundation, faculty, staff, friends, Jim and Gail Herder and family started a fund to honour his 23-year career and 50-year commitment to the College. Only eight years after it was instituted, the Jim Herder Scholarship Fund had grown from zero to $285,000. In the 2016-17 school year, it will contribute about $12,000 to financial aid. An added bonus is that Jim and his wife, Gail, have also provided a planned gift of life insurance through the Andrean Legacy Society, so this fund and the amount it generates will grow even further. “Building endowment is so important as it helps to make our school affordable to as many boys’ families as possible,” says Jim, who himself attended the School for six years. “I am pleased and proud to have my name attached to the scholarship program, not only for my lifetime, but forever.” If you are thinking of starting a family endowment fund, come talk to us, says Mrs. Collins. “Time and patience is what it takes to create a lasting endowment to your school.” CINDY VEITCH
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Endowment by the Numbers
$30 M
40
funds support Prize Day and its many awards in recognition of excellence in academics
funds support financial aid and scholarships
8
gifts received
Survey Says
funds growing to fund financial aid and scholarships in the future
8
funds support academic and extra-curricular programs
7
funds support athletic programs
2015-2016 Giving
1,712
19
45
127 individual funds with a current market value of
funds support Cadet programs
Old Boys Giving
958
70%
10%
donors
of Old Boys list scholarships and bursaries as the top priority for giving
of Old Boys support SAC
Endowment Growth over the Years
11.5%
$35,000,000
likely to include SAC in their will
$30,000,000 $25,000,000
2 highest priorities
$20,000,000
if they were to make a financial contribution to SAC:
$15,000,000
41% Building and facilities development
$10,000,000
40%
$5,000,000
Athletic programs 1990
1995
2000
2005
2010
2011
2012
2013
2014
2015
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SAC Foundation Statement of Operations 2015-2016 Year Ended June 30
2016
REVENUE Donations
2015
5,877,898
6,683,631
899,919
890,269
1,469,951
1,527,460
$8,247,768
$9,101,360
889,810
838,545
Unrestricted Donations
653,562
615,049
Other Designated Gifts
381,676
446,781
23,535
11,420
Capital Projects (CMP & Major Renovations)
4,481,201
5,413,266
Total Distributed to St. Andrew’s College
$6,429,784
$7,325,061
Interest & Dividends Realized Gain/(Loss) on Sale of Investment Total Revenue
DONATIONS
Endowment: 8.2%
Capital: 82.3%
Annual Giving: 9.5%
DISTRIBUTIONS Scholarships & Bursaries School’s Priority Needs & Designated Gifts
Gifts in Kind
DONATIONS BY CONSTITUENCY
Old Boys: 45% Other: 14% Current Parents: 41%
OTHER DISTRIBUTIONS Investment & Custody Fee & Credit Card Charges
156,120
129,272
Planned Giving Expense
126,706
125,165
Total Other
282,826
254,437
$6,712,610
$7,579,498
1,535,159
1,521,863
Fund Balances Beginning of Year
30,013,646
28,598,588
Unrealized Gain (Loss) on Investments
-1,082,061
-106,805
$30,466,744
$30,013,646
Total Distributions
Excess (Deficit) of Revenue over Expenses for the Year
Fund Balance End of Year
Governors & Trustees: 46% This % is counted in the above totals, as all Governors and Trustees are in another category.
DISTRIBUTIONS Investment & Planned Giving, Expenses & Fees: 4%
Scholarships, Bursaries & Awards: 13%
Capital Projects: 67%
School’s Priority Needs & Designated Operating Items: 16%
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New Appointment F. MARK FELL ’87 has been elected as a new Trustee of the SAC Foundation. Mr. Fell attended St. Andrew’s College from 1982 to 1987, after which he obtained a bachelor’s degree with honours from Queen’s University and a law degree from Oxford University. He began his career in London working for British Gas and the London International Financial Futures and Options Exchange (LIFFE). His is currently Head of Royal Bank of Canada’s Global Ultra High New Worth Services Group. Previous to this, he was Head of RBC Wealth Management’s Strategy, Brand and Marketing; and Director, RBC Enterprise Strategy. Mr. Fell lives in Toronto, with his wife, Dawn, and their three children: sons Adam, 16, James, 14, and daughter Morgan, 12.
UPCOMING OLD BOY EVENTS December 2016 Old Boys Pub Night, Toronto – December 14 Old Boys Pub Night, Boston – December 16 January 2017 Old Boys Reception, Bahamas – January 18 Old Boys Reception, Cayman Islands – January 20 Old Boys Receptions at MacPherson Tournament, Yuill Andrean Room – January 27 & 28 February 2017 Old Boys Dinner, New York City – February 2 Old Boys Pub Night, Mexico – February 2 Old Boys Pub Night, Montreal – February 9 Old Boys Ski Day, Craigleith Ski Club – February 23
March 2017 Old Boys Pub Night, Waterloo – March 9 Old Boys Pub Night, London – March 10 Old Boys Pub Night, Kingston – March 16 April 2017 Old Boys Pub Night, Hong Kong – April 6 May 2017 (dates not yet confirmed) Old Boys Reception, Calgary Old Boys Reception, Vancouver Note: Some dates may change; check SAC website for confirmation
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