Message from the UTS Foundation

The UTS Foundation was created in 2006 to take over stewardship of funds donated to UTS over the years that were previously managed by U of T. The Foundation’s mandate is to earn investment returns and protect the capital of the Foundation’s assets, which include:

▶ Bursary and award funds

▶ Building funds intended for capital investment

▶ Discretionary funds for various other purposes

The Board of Directors of the Foundation are Karin Bergeron ’97 (vice chair), Caroline Cathcart ’87, Tony Lundy ’79 and Vanessa Grant ’80. Fiscal 2023 was a transition year for the UTS Foundation as the construction of the new building for UTS came to completion. The value of the Foundation’s assets at June 30, 2023 was $49,970,930, up from $46,827,245 at June

30, 2022. During the year, the Foundation transferred an additional $2,343,855 from the Building Fund to UTS to fund ongoing construction costs, as well as $1,589,758 (an increase of 11 per cent from the prior year) for bursaries, scholarships and awards. This was partially offset by $3,658,186 in donations and bequests collected during the year.

Much of the Foundation’s assets are invested in a $29 million principal amount debenture extended to UTS that was used by UTS to fund some of the construction costs for the new building.

As of June 30, 2023, UTS repaid down the debenture by $5 million, reducing the amount that is due from UTS to $24 million.

The Foundation’s assets, other than the debenture, are invested by its investment manager, primarily in Canadian, U.S. and global equities.

As part of its investment policy, the Foundation has adopted the following principles in connection with its commitment to environmental, social and (corporate) governance (ESG).

Principle 1

The Foundation will incorporate ESG issues into its investment analysis and decisionmaking processes.

Principle 2