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, low risk corporate bonds and stocks through Odlum Brown. Disbursements are made from the interest and dividends earned. 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 the Bushwhacker Newsletters and the ACCVI Facebook page.
The application deadline is January 31 with a decision announced before 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 December 31, 2021:
- Donations in memoriam $12,115
- Matching contributions from the Section $10,115
- Total Donations $22,230
- Total Disbursements $9,675 for 12 projects (of which $1,181 was contributed by the Section)
- Current balance $23,603