Old Boy Summit: Report to the Community

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OCTOBER 22, 2016


Table of Contents P R I N C I PA L’ S E X E C U T I V E S U M M A R Y — 3 L O N G -T E R M F I N A N C I A L M O D E L O F T H E C O L L E G E — 5 F I N A N C I A L A S S I STA N C E P R O G R A M — 1 0 O L D B OY E N G A G E M E N T — 1 3 U C C ’ S A S I A A DV I S O R Y C O U N C I L — 1 7 M E S S A G E F R O M T H E O L D B OY S U M M I T C H A I R S — 1 9

U C C O L D B OY S U M M I T : R E P O R T T O T H E C O M M U N I T Y


Principal’s Executive Summary Upper Canada College’s Association Council hosted UCC’s first-ever Old Boy Summit on Saturday, October 22, 2016. This insightgathering event was part of the collaborative and consultative approach we’re taking as we chart our new strategic directions. To those of you who’ve taken the time to voice your ideas and enthusiasm so far, I’m extremely grateful. As we build our preferred future for the school — a future where all boys feel inspired to become their best selves — we want to continue hearing from our Old Boys, who are integral players and influencers. We’ve also been seeking the opinions of a wide range of community members — a crucial step in our thorough planning process. Consultants from Berlineaton have been enlisted to analyze all the valuable input we’re receiving. The Old Boy Summit uncovered great insights. Some of the key findings include: • Old Boys appreciated the concept of the Summit and encouraged continued engagement of this nature. • They recognized the importance of

collaboration and consultation in the strategic planning process. • Participants were keen to have channels of communication and transparency enhanced, specifically relating to financial matters, including the financial assistance (FA) program. • The viability and strength of the College’s FA program is critical, and requires continued fundraising support. • There are misconceptions about the FA program that need to be clarified and resolved. • The College should take the longest possible view on fundraising. • Tuition levels require further study and consideration. • The College could increase the range of engagement opportunities for alumni to leverage their skills and experience. • There should be increased support for Old Boy volunteerism, with a particular focus on class presidents. • We should improve our data on Old Boys, which will help us leverage their collective wisdom and allow us to send targeted communications about specific volunteer opportunities.

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Many of these observations and recommendations are being fed into other strategic planning activities. Here are some noteworthy actions to date as they relate to the Summit’s three breakout topics: UCC’s Financial Assistance Program

• A task force was established last year by the Board of Governors to focus on improvements to the FA program. Input from the Summit was provided to the task force, which will be incorporated into the final report that will go to the Board in spring 2017. • As part of the strategic planning process, we’ve created Discovery Teams comprised of faculty and staff to dig deeper into particular topics, including Inclusiveness and Diversity. These teams will report back to senior leadership and our consultants in late February, 2017. Related feedback from Old Boy Summit participants has been shared with team members.

Long-Term Financial Model of the College

• A Discovery Team has been established to consider the long-term financial model of the College. As noted above, Discovery Teams will report back in late February, 2017, and pertinent feedback from Summit participants has been passed on. Old Boy Engagement with College Life

• The Association Council, host of the Summit, will review this report and work with the Association Office to make further recommendations about improving Old Boy programming. I look forward to working with the entire community as we continue shaping the College’s renewed priorities. You’ve indicated a clear interest in being part of the process going forward, and I’m strongly committed to keeping you engaged and informed in the months ahead.

Sam McKinney Principal

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Long-Term Financial Model of the College

Moderator Jim Garner ’77 Vice-Principal, Office of Strategy and Advancement, UCC.

Panelists Dave Hadden ’71 Former Head of Lakefield College School, and educational consultant and strategic adviser to the Canadian Accredited Independent Schools Association. Patti MacNicol Chief Administrative Officer, UCC. Doug McCutcheon ’83 Chair of the Board of Governors at Sterling Hall School, and President of Longview Asset Management Ltd.

Over the past several years, the financial models of many Canadian independent schools have faced a variety of pressures, forcing them to find ways to evolve in order to survive and prosper. A recent survey of Canadian independent school heads and chairs identified “developing financial plans for long-term sustainability” as their number-one challenge. In this session, participants were asked to identify opportunities to address the key issues associated with UCC’s financial model.

“The discussion was well-guided and no topic was sacred.” Participant

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In discussing this topic, participants felt that it was difficult to narrow down which factors to focus on without a clear understanding of the College’s vision into the future and a clear articulation of UCC’s value proposition. The issues discussed in the session have been grouped into the following five categories: communications, operating plan issues, role of philanthropy, growth opportunities, and non-core assets.


General Participants were supportive of the approach the College is taking in the renewal of its strategic directions, underscoring the importance of collaboration and consultation.

Financial Information Participants expressed appreciation for the transparency of the College’s financial situation included in the pre-session document that was circulated, and supported general disclosure policies and practices to enhance communication and transparency of financial matters going forward.

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Operating Plan Issues

Size of School It was observed that the incremental cost associated with increasing enrollment at the margin was relatively low, and that accordingly, consideration should be given to the ideal size of school and whether an opportunity exists to alter the size of the student body. Tuition There was an engaging conversation among participants about the trade-offs associated with continuing the College’s target of maintaining modest increases in tuition (i.e. below the rate of cost escalation). Discussion touched on the long-term sustainability of an independent school model that could result in pricing independent schools out of the market, and the potential for cost-containment initiatives to threaten the quality of the UCC experience offered to families over time. Independent school studies from the U.S. were cited demonstrating that demand

89% of participants felt the Summit was a useful way to contribute input about the future of the College.

for independent school education was not particularly sensitive to tuition. Participants did not have a clear recommendation on this issue, other than that the matter needed further careful study and consideration. Financial Assistance Participants questioned the extent to which operating funds are currently being directed towards the financial assistance program. Many suggested that further growth of the program should be constrained until additional donor funding can be secured to close the gap. The College was encouraged to continue aggressively fundraising to support the current level of financial assistance, particularly through growth in the endowment. Boarding Participants were generally surprised to learn about the extent of financial support needed to sustain the boarding program. This issue stimulated significant discussion, with many participants questioning the rationale for the size of the subsidy and why boarding couldn’t be self-supporting to a greater degree. Participants recommended

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that the College explore options to close the financing gap, including: boarding tuition, the size of the boarding program, the split between domestic and foreign students, and the amount of financial assistance directed towards boarders. Operating Costs The primary cost factor discussed by the group was faculty compensation. Considerable discussion was focused on whether the College was obliged to follow public sector models for teacher compensation, and whether UCC’s policy of paying a premium to the TDSB grid was sustainable in the longer term. Other cost factors discussed included administrative costs, program rationalization, and costs associated with the Norval Outdoor Education Centre. Role of Philanthropy

General There was widespread understanding and appreciation of the role of philanthropy to support the College’s long-term financial model. The group encouraged the College to take the longest possible view of fundraising (50-plus years) to maximize the long-term impact, and not to allow short-term thinking to influence long-term strategies. Specific ideas mentioned included Old Boy legacy gifts, life insurance, and land endowments.

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General Endowments Some participants suggested that a partial, long-term solution to financial pressures could be to grow the size of the general endowment to provide permanent longterm core funding to the College, even if this required reserving a portion of current operating revenues. Growth Opportunities

Participants were curious about whether there were unrealized growth opportunities for the College, including options for leveraging the UCC brand to earn incremental revenues. Growth options mentioned included international partnerships, online learning, and enhanced summer programs.

Partnering Opportunities

Participants praised the College’s leadership in leading multi-school joint procurement initiatives, and encouraged the exploration of any other opportunities of this kind. Some participants went further, with speculation as to whether there were more comprehensive combination/merger opportunities that could be explored. Non-Core Assets

Some participants commented that the College should conduct a review to determine if there are major assets that could be considered non-core to the College’s central vision that could be monetized and endowed to provide longterm financial support.

“I’m profoundly pleased that UCC is capable of operating events at this level… the message of transparency and collaboration was very welcome.” Participant

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Financial Assistance Program

Moderator Richard Willoughby ’80 Chair, UCC Foundation and Corporate Partner, Torys LLP.

Panelists Anne-Marie Kee Executive Director, Canadian Accredited Independent Schools Association. J.P. Mackay ’02 Trustee, Barbara Barrow Foundation at UCC; member of UCC’s Association Council; and Director, Asset Management, Timbercreek Asset Management. David McBride Vice-Principal, Enrolment Management, UCC.

“Do it again — perhaps annually — with more topics.” Participant

The College’s commitment to financial assistance (FA) enhances accessibility and ensures that all students have the opportunity to thrive, regardless of their financial circumstances. A strong FA program broadens the pool of potential students and attracts the very best possible boys. Over the last decade, UCC’s FA program has increased significantly, due in large part to the extraordinary success of the school’s groundbreaking Think Ahead Campaign, which had FA as a key funding priority ($49.7 million of a $50 million goal was raised). A critical success factor of the program is the ability to deliver a consistent experience to both FA and non-FA students. The College has tracked well against this measure over the last five years, with no discernable differences observed.

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“It was a good format for open discussion. Breaking into smaller groups allowed for a more focused conversation. This was a good chance to reconnect with fellow Old Boys, and the College in general, to exchange views.” Participant

All of the session’s participants were extraordinarily supportive and proud of UCC’s FA program, and the conversation centred on strengthening it further. The main issues discussed were as follows: Ongoing Funding

More than $5 million in funding is needed to fulfill the College’s current annual financial assistance commitment (20 per cent of students). At present, the College provides $2.5 million from investment income, with the balance coming from the operations budget. This practice isn’t sustainable, and attendees expressed concerns that these funds are already spread far too thinly and aren’t fully meeting the needs of qualifying

families. Additionally, some costs, such as sports team travel and international trips, aren’t covered by the FA program, making it difficult for some families to participate fully in school activities. Defining the FA Program

The viability and strength of the FA program is dependent on continued fundraising. In order to attract donors and supporters, participants felt the College needs to

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further refine its FA vision, the program’s goals and guiding principles, and the benchmarks for tracking its success. Awareness Building

Participants believe there’s a lack of awareness among UCC families and the overall community about the FA program and its benefits. One misconception cited is that the Think Ahead Campaign “took care” of the College’s FA financial assistance obligations. A second is that the FA program is used as an athletic recruitment tool. And a third is that knowledge about partial FA funding isn’t widespread, with middle income families believing they don’t qualify. Participants maintained that creating a

UCC FA Charter would serve as a guiding document for the FA program, helping to resolve misconceptions and building a profile for the program. Participants also supported the idea of increasing transparency in communicating how FA is administered. Financial Assistance Champions

It was suggested that past FA recipients should be engaged to act as FA champions to increase awareness of the program and its mutually beneficial impact on recipients and the College community. This would have the potential to expand the pool of donors supporting the program, as well as the students applying for support.

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Old Boy Engagement

Moderator Alison Holt Senior Counsel and Managing Director, Communications, The Offord Group; former VicePrincipal, External Relations, Greenwood College School; and alumni relations professional with both Queen’s University and the University of Toronto.

Panelists Ben Gilbank ’04 President of UCC’s Young Alumni Network, and Senior Associate, Forgestone Capital.

Old Boy engagement is a vital part of the College’s activities. Alumni are among UCC’s most loyal supporters and donors, and serve as role models for current students. Session attendees discussed ways to harness Old Boys’ enthusiasm, expertise and networks to maximize their impact on the College.

Tom Lace ’06 Spearheaded the Old Boy volunteer program with Horizons, and Portfolio Manager, Longview Asset Management Ltd.

Rodger Wright ’70 Special Adviser, Office of Strategy and Advancement, UCC, and former Head of Trinity College School and Collingwood School.

“I felt like my opinion was valued.” Participant

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“It was a good way to reconnect, not just with other Old Boys, but with the purpose of the school.” Participant

The discussion explored the following topics: Old Boys and Current Students

There is extraordinary expertise within the UCC alumni community that can be brought into classrooms to provide realworld learning opportunities. Participants recommended the College develop a list of engagement opportunities to share with interested alumni. Opportunities could include: • Take a UCC student to work days • Facilitating industry-specific field trips • Coaching sports, theatre, debate, and other extracurricular activities • Presenting to UCC classes and/or student groups on areas of expertise Early Engagement: Old Boys Post-Graduation

The College recognizes the importance of staying in touch with young Old Boys who are within fifteen years of graduation, and has created several social and networking events, including Holiday Wing Night (December) and Young Old Boys Night Out (June). The Common Ties mentoring program provides a platform for young Old Boys (and in the future, current senior students) to network with UCC alumni.

These engagement opportunities are designed to keep Old Boys connected with a goal of future support and involvement. Panelist Tom Lace ’06 talked about Horizons, a successful early engagement initiative that he spearheaded. This is a mentoring and tutoring program between UCC and the TDSB that has UCC alumni volunteers and senior students providing educational opportunities to less advantaged school communities. This ongoing and important program has been welcomed and championed by the College. Communications

Participants are interested in receiving more information from and about the College. In particular, they’d like to receive requests about what the school needs, wants, and how they can support the advancement of the College’s mission. Suggestions in this area included devoting more resources to database management, offering greater support to class presidents and volunteers to keep data records current, and increased transparency in the College’s communications. It was also suggested that the College share testimonials and updates on the new look and feel of the school.

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Class Presidents

“I appreciate the value placed on Old Boys’ input. The event was very informative and a good way to get reconnected with the College.” Participant

The role of the class president was discussed as an opportunity to foster contact and relationships with alumni. Specific ideas for strengthening the role included having the presidents be responsible for adding to class data profiles, establishing terms of service for the role (five-year renewable terms), having an annual review of the role description, and the creation of co-presidents and succession planning to ensure continuity.

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Old Boys’ Profiles

Participants expressed the need to improve Old Boy profiles, citing that updated data on alumni would enhance the College’s ability to leverage the collective wisdom and expertise of Old Boys from all generations, for the benefit of current students. They suggested expanding data capture to family members, to broaden the scope of the College’s network and create ways for family members to get involved with the College and the Foundation.

“These kinds of events run the risk of becoming wild, counterproductive brainstorming sessions. Their success depends on setting precise expectations of participants beforehand and having skillful moderators guiding breakout sessions. UCC’s first Old Boy Summit flawlessly hit those marks.” Participant

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UCC’s Asia Advisory Council On November 7, 2016, a group of Hong Kong-based members of UCC’s Asia Advisory Council gathered at the Hong Kong Bankers Club for a meeting and reception with Chair of the Board of Governors Russell Higgins ’81 and Executive Director of Development and Stewardship Sarah Robertson.

Prominent on the agenda was a satellite version of the Old Boy Summit, where council members were given the opportunity to weigh in on the breakout session topics (Long-Term Financial Model of the College, Financial Assistance Program and Old Boy Engagement).

Attendees were updated on newly-appointed Principal Sam McKinney’s first 90 days in his role, and the status of the College’s strategic planning process.

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There were many congruencies with the feedback received in Toronto. The discussion was lively and productive, with selected insights as follows: Growth Opportunities and Revenue Expansion

There was unanimous support for growing UCC’s summer programming to admit and accommodate international participants. Everyone agreed that this would be a win-win for the College and the students. Specialized areas of study recommended were IB Programme preparation courses, and using the Norval Outdoor Education Centre for environmental and Outward Bound-style activities (as outdoor camps are a welcome novelty for many international students). UCC Community Events

There was a discussion about developing a more formalized events program, with greater global reach and visibility, and the possible staffing of an International Coordinator role. Attendees also explored the idea of holding events in partnership with, for example, independent girls’ schools, and expanding event guest lists to include prospective UCC parents and students. Boarding Program

Participants expressed their understanding of the need to reserve specific spaces in

boarding for Canadians, but suggested leaning more heavily on pursuing a full-feepaying and diverse international student population, citing cost-effectiveness and the importance of having a range of global perspectives represented to enhance the fabric of the school. Asia Advisory Council Members: Anthony Chan ’97 Michael Cheuk ’90 Doug Chow ’91 Ken Chu ’93 Tenniel Chu ’95 David Fung ’92 Carlos Ho ’91 Hans Jebsen Loewe Lee ’99

Alfred Leung ’91 Howard Lo ’97 Jeremy Lui ’97 Jerome Lui ’90 Jervis Lui ’92 Kenneth Tan ’88 Leo Tan ’90 William Wong ’82

“The Summit was a very well-run and worthwhile exercise. It’s important to have diversity of opinion when it comes to addressing Old Boy concerns.” Participant

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Message from the Old Boy Summit Chairs We want to acknowledge those Old Boys who couldn’t attend the Summit but have provided great input through our online channels, as well as the Asia Advisory Council members who participated in the satellite version of the Summit in Hong Kong — thank you for your contributions.

Matt Flynn ’96

Chair, Old Boy Summit Vice-President, Association Council

Matt Johnson ’95

President, Association Council

On behalf of the Association Council, we want to thank everyone who took time on their Saturday morning to attend the Old Boy Summit. This was an important initiative that allowed Principal Sam McKinney, along with senior leadership from the College and members of the Board of Governors, to gain insight from alumni as UCC begins to define its future strategic directions.

A special thank you goes to the Old Boy Summit Steering Committee members Colin Deeks ’02, Loyan Issa ’12, Ben Kizemchuk ’01, Max Krangle ’93, Doug McCutcheon ’83, Bob Medland ’65, Andrew Reburn ’06, David Reisman ’04, Zach Schwartz ’05, Cary Solomon ’75, Chris Taylor ’71, Paul Winnell ’67 and Alexander Younger ’89, and to the Advisory Committee members Stu Lazier ’70, Phil Lind ’61, Edward Rogers ’88 and Michael Wilson ’55.

We were impressed by the enthusiasm and commitment of Summit participants, who were generous with their ideas and feedback. We hope that this high level of engagement will encourage similar events, and inspire even more Old Boys to take part. As Sam McKinney noted in his opening remarks at the Summit, the College greatly values the unique experiences and perspectives that Old Boys can offer. U C C O L D B OY S U M M I T : R E P O R T T O T H E C O M M U N I T Y



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