The fund received its first donation in July 2008 and was officially launched at the Section AGM on January 15, 2009. The fund invests in high quality corporate bonds through Odlum Brown. Disbursements are made from the interest and dividends earned on the bonds. Any unused amount remaining after the annual disbursement may be reinvested in the fund or applied to the next annual disbursement. If the cash balance in the fund is insufficient, then the ACCVI Section will make up the difference. Administration costs are anticipated to be minimal. If any, they will be deducted from the current year’s income.
An invitation to apply for grants is announced in one or more of the following:
- the Bushwhacker Annual and Newsletters, the website home page and the ACC NewsNet
- the Victoria screening of the Banff Mountain Film Festival
- selected notice boards such as MEC and other stores on Vancouver Island
- meetings of university, college and high school clubs
The application deadline is January 31 with a decision announced on March 1. This is ahead of the summer season and allows sufficient time to calculate the amount available for disbursement and to discuss the merits of the applications. The decision is made by the executive with careful attention to the opinions of family representatives of the deceased. It may be possible for more than one applicant to receive funding.
The matching donations from the Section are a long-term interest-free loan to the Memorial Fund. If at some future date the Section is in need of funds (in addition to those set aside in the Contingency Fund), then all or a portion of these matching donations may be transferred to the Section chequing account. Approval by a majority of the executive is required to effect the transfer.
Amendments to objectives require unanimous approval of the executive and family representatives. This includes the opening two paragraphs and the first paragraph under Grant Applications. Amendments to operational details can be approved by a majority vote of the executive with input from the representatives.
Applicants are covered by normal ACC waivers and insurance by virtue of joining the Section.
If you would like to understand better the distinction between the Memorial Fund and the Section Course Subsidies, as well as the Contingency Fund and charitable giving, please view the Finances page.
From inception in 2009 to February 19, 2019:
- Donations in memoriam $10,115
- Matching contributions from the Section $10,115
- Total Donations $20,230
- Total Disbursements $8,875 for 11 projects (of which $1,181 was contributed by the Section)
- Current balance $20,642