The Loyalist College Foundation

Annual Report2012-2013

Presented to the Annual Meet ing

MAy 29, 2013

The Loyalist College FoundationBoard of Directors

2012–2013

Beverley Townsend, ChairBernie Ouellet, Vice-Chair

Stuart Wright, College Board ChairRichard Belanger

Natalie Bohnen-TwiddyKristin CrowePat Dockrill

Donna GowthorpeCatharine HuffMark RashotteMark Rollins

Susan ScarboroughJohn Sherratt

Margaret Werkhoven

Ex-OfficiO

Maureen Piercy, College PresidentAllan Ross, Treasurer

Dianne Spencer, Secretary

HOnOrary DirEctOrs

Kathryn E. BurnsDorothy Davies-Flindall

Hugh P. O’Neil, Former Honorary ChairDr. Nick Quickert

Ian ReillyTed Rutter

June SurgeyRoli Tipper

Wilfrid WilkinsonAudrey Williams

Dr. Evelyn Williamson

2012-2013 Annual Report – Page 1

The Loyalist College Foundation - 2012-2013

Message from the Chair of the Board of Directors

On behalf of the Board of Directors, I am pleased to report another successful year for the Loyalist College Foundation. Overall, $407,507 was added to the Foundation Endowment Fund, bringing the Fund total to $8,345,926 at March 31, 2013. A total of $206,447 from donations and golf tournament revenue was directed to the endowment. This amount includes a bequest from the Estate of the late James E. Marker, which has established an endowed fund totalling $100,000. This fund will provide ongoing support for Loyalist students, and is greatly appreciated. During the past year, 270 awards, with a total value of $135,673, were presented at Convocation and at the November and March Awards Ceremonies. I am also pleased to report the Foundation’s ongoing support for the Loyalist College Campaign to raise funds to complete and equip the Sustainable Skills, Technology and Life Sciences Centre, while we continue to increase the endowment funds and awards for student financial assistance. Donations received in the past year, in addition to donations received since the beginning of the Campaign in 2010-11, have brought the total donations to the endowment fund to over $1 Million during that time. These donations will be recognized as part of the Campaign for Loyalist College, which includes a goal of $1 Million for student financial assistance. The Board has received regular updates from Campaign Co-Chairs Wilf Wilkinson and Bernie Ouellet, and Directors have been pleased to see the donations increase from $3.972 Million at the time of the official launch in June 2012, to close to $5 Million by March 31, 2013. With an additional $1 Million required to meet the $6 Million goal, the Foundation Board will continue to advocate on behalf of the College to meet this target. On behalf of the Directors, I want to express our gratitude to all Loyalist College donors and friends, for your ongoing support. We appreciate this important investment in Loyalist students, and thank you most sincerely. I would also like to take this opportunity to thank my fellow Directors for their sustained dedication to their roles as members of the Foundation Board and for their support of Loyalist students and our Community College. It has been my privilege and pleasure to serve as your Chair during the past year. Thank you to all!

Beverley Townsend, Chair May 29, 2013

2012-2013 Annual Report – Page 2

The Year in Review 2012-2013

At the Annual Meeting of The Loyalist College Foundation held June 1, 2012, Beverley Townsend was re-elected as Chair, and Bernie Ouellet was re-elected as Vice-Chair for 2012-13. Executive Committee Directors for 2012-13 include: Chair Beverley Townsend, Vice-Chair Bernie Ouellet, College Board of Governors Chair Stuart Wright, Director Susan Scarborough and Director Kristin Crowe. Ex-officio members of the executive include: College President Maureen Piercy, Treasurer Allan Ross, and Secretary Dianne Spencer. Mr. Hugh O’Neil’s retirement from the Honorary Chair position was received by the Foundation members with regret. However, the Foundation looks forward to his continuing involvement with the Board and College activities, as an Honorary Director. Two hundred and seventy (270) awards were presented through the Foundation endowment during the year, with a total value of $135,673. During the year, $407,507 was added to the endowment fund, including donations and fundraising revenue totaling $206,447. Many individual donors are identified in the recognition list in this report. A bequest of $100,000 was received from the James E. Marker Estate. This bequest will establish an endowed fund to provide student financial assistance to students in the Nursing, Personal Support Worker or Automotive programs, and will benefit countless individuals throughout the future. The following summary reports are provided as an overview of the work of the Foundation during the year. Minutes of committee meetings are available from the Foundation Office. Audit Committee: Members: Rick Belanger (Chair), Kristin Crowe, Allan Ross Ex-Officio: Beverley Townsend, Maureen Piercy, Dianne Spencer College Board Chair: Stuart Wright College Staff: Mike Seeger (Director, Financial Services) The Audit Committee met to receive the Annual Audit Plan provided by Wilkinson & Co. LLP, and recommend the Audit Plan to the Board for approval. The auditors reviewed the new accounting framework, noting that the year ended March 31, 2013 would be in accordance with Canadian Accounting Standards for Not-for-Profit Organizations. Three areas of risk were reviewed: • Transitioning to Accounting Standards for Not-for-Profit Organizations. The new accounting

standards are applied retrospectively; accordingly, the transition will impact presentation of the financial statements and disclosures.

• Financial Instruments classification and measurement has changed under the new accounting framework.

• Investments are purchased in accordance with Investment Policy of the Board and the MTCU Banking, Investments and Borrowing Policy.

2012-2013 Annual Report – Page 3

Prior to the AGM, a meeting was held to review the audited financial statements, and recommend their approval to the Foundation Board. The Committee members reviewed the Audit Findings Report, and the motion to be considered by the Board regarding the appointment of External Auditors. Grants Committee: Members: Donna Gowthorpe (Chair), Natalie Bohnen-Twiddy, Mark Rashotte Ex-Officio: Beverley Townsend, Maureen Piercy, Allan Ross, Dianne Spencer College Board Chair: Stuart Wright College Staff: Joanne Farrell (Awards Officer) Members of the Grants Committee met to review and approve the awards presented through the year. In total, 270 awards with a total value of $135,673 were presented at Convocation and at Awards Ceremonies in November and in March. An additional 93 students received expendable awards totalling $39,703 through the Awards office. A new endowment was established with a generous bequest from the James E. Marker Estate to establish ongoing support for students in the Nursing, Personal Support Worker or Automotive programs. A generous donation of $25,000 was received from the John M. & Bernice Parrott Foundation, adding to the John M. & Bernice Parrott endowment fund, which provides financial assistance for new and returning students. This brings the total in the endowment fund to over $642,000, with 95 students receiving awards since Mr. and Mrs. Parrott established the fund in the early 1990s. During the year, a new program in partnership with The W. Garfield Weston Foundation was announced, establishing The W. Garfield Weston Foundation Fellowship Program. The program is designed to attract potential students to Skilled Trades, and is connected to the Campaign for the Skills Centre, focusing on Apprenticeship as well as Post-Secondary streams. Up to $4,000 per student will be available to successful applicants and 60 students over the three-year period will be assisted. This represents a $240,000 commitment over a three-year period. Each year, the Donor Annual Reports provide individuals with the opportunity to review and discuss the status of their endowments. Awards Officer Joanne Farrell, who works closely with a College-wide committee and the College community in the selection process, is thanked for her important work with donors throughout the year. Planned Giving Committee: Members: Kristin Crowe (Chair), Pat Dockrill, Catharine Huff, Margaret

Werkhoven, Ian Sullivan College Board Chair: Stuart Wright Ex-Officio: Beverley Townsend, Maureen Piercy, Dianne Spencer The Planned Giving Committee did not meet during the year, as plans to launch a Planned Giving program are on hold until the successful completion of the Capital Campaign.

2012-2013 Annual Report – Page 4

Finance and Investment Committee: Members: Susan Scarborough (Chair), Donna Gowthorpe, Bernie Ouellet, Mark

Rollins, John Sherratt Ex-Officio: Beverley Townsend, Maureen Piercy, Allan Ross, Dianne Spencer College Board Chair: Stuart Wright College Staff: Mike Seeger (Director, Financial Services), Lorraine Courtland

(Financial Reporting Officer) The Finance and Investment Committee met to review quarterly results, with detailed Investment Portfolio updates from Investment Managers. During the year, the Private Wealth activity of MFS McLean Budden was taken over by CIBC Private Investment Counsel, effective September 7, 2012. A decision was taken to initiate a change in investment management, to be completed in the first Quarter of the next fiscal year. This was accomplished, with Beutel Goodman taking over the management of the portfolio. Representatives of the firm attended the May 22nd meeting of the Finance and Investment Committee. The Investment Policy was amended to revise the asset allocation for the MTCU Mandated portfolio for the cash component from a minimum of 5% and target of 10%, to a minimum of 0% and target of 2%. A review of the Disbursement Policy was undertaken, and the Committee approved a proposed budget for 2013-14 which includes $150K in contributions from Loyalist College as donations to the endowment fund, as well as $400K in non-endowed financial support from the College (tuition fee set-aside) to flow through the Foundation, to be disbursed as student aid. This will result in an estimated $550K, which will meet the CRA disbursement requirement. Golf Tournament: The 14th annual golf tournament was held on September 14, 2012, with 126 golfers and net proceeds of $31,782. Trenval Business Development Corporation supported the 2012 event as Lead Sponsor, as part of the organization’s 25th Anniversary. Thank you to the participants, sponsors and to the organizers for helping achieve the highest level of support in the 14 years of the event. A complete list of sponsors is found on page seven. Committee members include Co-Chairs Bernie Ouellet and Bruce Davis, Dan Holland, Grant Brummell, Phillip Howlett, Mike Meehan, Bill MacKay (Alumni representative), and Fran Nobes who is commended for her outstanding work in coordinating this annual event. Plans are underway for the 2013 tournament on September 20th at the Bay of Quinte Golf & Country Club. The Year in Review: The Loyalist College Foundation has witnessed many highlights during the 2012-13 year, in providing support for Loyalist College students and programs. Increases in endowment fund levels to sustain student financial assistance in the future, coupled with strong advocacy and support through the Capital Campaign, reflect important support for the College. The results are impressive, and represent the cumulative efforts of many individuals who have volunteered and worked together over the years.

2012-2013 Annual Report – Page 5

In this particular year, we acknowledge and thank each of our volunteers - our Directors, Honorary Directors and Campaign Leadership team including Co-Chairs Bernie Ouellet and Wilf Wilkinson, as well as Board of Governors Chair Stuart Wright. We also pay tribute to Beverley Townsend, who is completing her third term as a Foundation Director, and her fourth year as Board Chair. Thank you, Chair Beverley, and each and every member of the Foundation, for your commitment to Loyalist. Your investment of time and talent will make a decided difference to our students and graduates, and our programs, throughout the future. Thank you! Respectfully submitted,

Dianne Spencer, Secretary May 29, 2013

2012-2013 Annual Report – Page 6

TREASURER’S REPORT, 2012-13 To the Board of Directors of The Loyalist College Foundation I am pleased to review the financial results of The Loyalist College Foundation for the year ended March 31, 2013. The Endowed Fund has a balance of $8,345,926, an increase of $407,507 or 5.1% on a market value

basis from the prior year’s balance of $7,938,419.

Net investment income for the year, measured on an accrual basis, was $255,492, up by $30,053 from last year’s level. Commencing with fiscal year 2007/08, accounting requirements included reporting of investment portfolios on a market value basis. On that basis, investment yield for the year would be increased by a $131,241 unrealized capital gain (2012 unrealized capital gain $7,853) resulting in a net investment yield of $386,733.

Fixed income securities and cash held at March 31, 2013 represent 67.6% of the total investment

portfolio, while the balance is invested in Canadian and international equities. The overall cash return before fees on the investment portfolio, based on the quarterly average cost, was 3.9% for the 2012-2013 fiscal year.

Net income from fundraising activities after direct expenses, was $31,782 compared to $28,171 in

2012;

Scholarships and bursaries provided to students this year amounted to $135,673 compared to $134,415 in 2012; the number of awards in 2013 was 270, up 9% from the prior year (248); the average amount per student was $502 ($541 in 2012).

2012-13 was a rewarding year for the Foundation, with a positive investment yield despite a challenging world economy, and a successful year of fundraising. Important financial assistance to students, which is the essence of the Foundation’s activities, was maintained throughout. In closing, I confirm that the banking and investment activities of the Foundation were in compliance with legislative requirements in force during the year. Respectfully submitted,

Allan Ross Treasurer May 2013

2012-2013 Annual Report – Page 7

Loyalist College Foundation Golf Tournament 2012

The 14th annual Loyalist College golf tournament – Celebrating Student Success – was a

tremendous success thanks to the generosity of our sponsors, donors, and participants. The September 14, 2012 event was proudly sponsored by Trenval Business Development

Corporation, growing jobs in the Quinte community for 25 years. Together, we raised $31,782 for the Loyalist College endowment fund for student financial assistance.

Thanks to our Sponsors:

Lead Sponsor Trenval Business Development Corporation

Gold

Aramark Campus Living Centres Inc.

Hanley Corporation Interprovincial Insulation

LaPalm Moving Systems / Rentx Warehousing Manulife Financial

Starboard Communications TD Insurance Meloche Monnex

Wilkinson & Company LLP Xerox Canada

Silver

AECOM Follett of Canada Inc.

RBC Foundation Templeman Menninga LLP

Bronze

All Star Fire Protection Services Inc. Dafoe Roofing Ltd. Electro Systems Co.

John M. and Bernice Parrott Foundation Inc. Mac & Co. Environmental Solutions

Stradwicks My Flooring Store TSS Building Science Inc.

Hole-in-One

Loyalist College Alumni Association RBC Royal Bank

Lunch

Bay of Quinte Golf & Country Club

Total Endowment Growth1991 – March 31, 2013 (Includes Matching Funds From Provincial Government 1998 – 2012)

20001991 20010

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

in m

illi

on

s

2002

Value of AwardsFroM EndowEd Funds

Number of AwardsFroM EndowEd Funds

2001-02

20

0

40

60

80

100

120

140

160

180

tho

usa

nd

s

2002-03 2003-04 2004-05

2003 2004

2001-02

200

250

300

0

50

100

150

2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13

$103,352 $93,863$85,234

$133,449

2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13

$142,654 $133,316

$150,702$166,949

$149,487

$80,753

$134,415 $135,673

2005 2006 2007 2008 2009 2010 2011 2012 2013

$2.158

$.0954

$2.460 $2.521 $2.562$2.774

$3.358

$4.527$4.804 $5.077 $5.002

$6,103,521

$7,227,278$7,938,419

$8,345,926

209

165 168192 205

236 259 275 278

212

248270

A.O.L.S. Sub-Group 6AJanice AlexanderChristopher AlloreLoyalist College Alumni AssociationJose AlvesMonty AlyeaAnatec Inc.Aramark Canada Ltd.Tania L. ArdleyBarry E. AshleyGeorge AsimisBrian D. AskettAssociation of Architectural Technologists of OntarioAssociation of Ontario Land SurveyorsDouglas AuldBack 40 EnterprisesLori BakerRobin BarkerSonja I. BataLiza BateVicki A. BatemanBayfield Treatment CentreKathleen BazkurRhonda L. BeareBrenda L. BeauchampBernard L. BelangerBell CanadaBell Media Inc.City of BellevillePamela A. BelliDouglas BellwoodMark BinchJennifer BlairBMO Financial GroupNatalie Bohnen-TwiddySteve BoltonDavid A. BoyceRon BoyceDoug BoydJeremy J. BraithwaiteDustin BrantWilma BrethourDebra L. BrinklowMary E. BrodieKaren Y. BrooksKathleen BrooksJ. G. Terrance BrownJulie BrownLaura BrownBarry BrummelGrant BrummellElinor BrunetJim BuckCarrie J. BulgajewskiBrenda BushDavid ButlerLorie CaldwellJoe CallahanPeter CampbellCanadian Corps of CommissionairesCanadian Power & Sail - Bay of Quinte SquadronCanadian Society for Industrial Security Inc.Edina CappuccittiWilliam J. CassanPatricia CastellarinRoger F. Cauley

Central Canada Broadcast Engineers, Technologists & Technicians

Florence ChanReal P. CharleboisRick ChesworthCI InvestmentsCIBCCIBC Private Investment CounselAndy ClarkCommunity Living Belleville and AreaCommunity Living Prince EdwardLarry CookShelley L. CookJulie B. CooperCorporation of the County of HastingsCorus Entertainment Inc.Lorraine CourtlandAmanda M. CoxCrime Stoppers Quinte Inc.Dr. Bruce CronkMichael A. CrozierKaren CullenMark DafoeBarbara DavidsonDorothy Davies-FlindallDominique E. DawesTom DeakinDeltech Communications Group Inc.Bev DenyesDistrict 8 Road Supervisors AssociationPat DockrillDome ProductionsMarie DonaldsonKaren DonovanBarbara A. DownLoretta DoyleShawn DoyleDrossbachKean DurantChad DureposDurham Radio Inc.Andre DutrisacDuvanco Homes Inc.Christopher EmeryDanielle EmonNorma EsfordJoanne E. FarrellMichael FerreiraSean E. FitzgibbonCherylene M. FitzsimonsKirk FlemingFollett of Canada, Inc.Marc A. FortinPhilip W. FournierKevin FrayerAssociation of Friends of Loyalist CollegeJennifer L. FryG.D. Jewell Engineering Inc.Mark GallupeClaude GariepyWarren GeeGeneral Arts & Science ExecutiveGail GenereauxJanet L. GloverCatherine A. GoddardAdam Gosney

John GrieveMichelle GrimesGuard.me (Student Guard/ Global Guard)Donna HainesCatherine L. HallMarilyn Anne M. HaskellHastings County Plowmens AssociationKevin HazellSherry HedgerJohn HendersonLinda HendersonGary HershornJohanne HodgsonKaren Holder RendellSarah HopperHotch’s Auto PartsJoseph D. HottsPhillip HowlettKrista HowsonBill HubbleCatharine P. HuffFrank O. HuffHydro One Employee’s and Pensioner’s Charity Trust FundHydro One Networks Inc.Indsale Ltd.Lesley A. IngrahamJohn InrigInspec-Sol Inc.International Association of Business CommunicationsHeather Inwood-MontroseAllan IrelandJohn M. & Bernice Parrott Foundation Inc.Mary JollimorePeter JonesEllie Jones-CleavePercy and Laura KearseKathryn KennedyNeil J. KerbyLyndsay M. KerikMichael S. KerrCathy KesterKing-Reed & AssociatesMark KirkpatrickCathy KiserJohn KiserCeleste M. KrochakTim M. KrochakZachary LabelleRick F. LabrashTrudie LakeNic LambooyPaul F. LatchfordLori LaughlanRebecca L. LazarJoanne F. LeithLivingston InternationalHazel M. LloystKerry A. LorimerLoyalist College FoundationLoyalist College PR Student GroupLoyalist Student GovernmentCathy MacFarlaneJanis Mackey FrayerTom MalloyKay MandervilleDouglas E. Maracle

Thank You to all Loyalist College Donors April 1, 2012 – March 31, 2013

The Estate of James E. MarkerSandra H. MarrowStella MaschasJanet MathanyJames F. MatthewsRaymond McCoyJennifer L. McCrackenJohn and Elizabeth McDonaldLinda M. McDonaldMcDougall Insurance Brokers Ltd.Joyce A. McFarlaneKelly McGuire-SmithAngela McKeeDaniel D. McKeownMcKeown Motor SalesMcLean BuddenKevin M. McNeillMichael MeehanPauline M. MelocheCharles D. MercierVince A. MiddletonPaul A. MillerMary MilneLisa A. MonsmaDebra J. MorrisonTed MorrisonKaren MorrowKenneth B. MurphyMystical DistributingThe Napanee BeaverJens NaumannLaura and Stuart NaumannThomas R. NewLaurie NicholsLucy NicholsonGary R. NobesMichelle F. NormingtonNorthumberland and Durham Societies of ArchitectsSandra NovroskiGeorge W. NuskaFrank O’ConnorCatherine O’RourkeJohn O’RourkeDebra A. O’ShaughnessyOACETT Quinte ChapterHelen OliverOntario Building Officials AssociationOPSEU - Local 420Bernie OuelletCynthia A. PaquetAna PardellCamille ParentAmy ParkerBrian C. PaulGarth J. PennMichelle PerkJanice PetersonWayne PhillipsMaureen P. Piercy

Pineridge Broadcasting Inc.Fred PollittJohn PosteProcter & Gamble Inc.Prosecutors’ Association of OntarioDonald PysklywecQuinte Broadcasting Company LimitedQuinte Health Care CorporationQuinte Vocational Support ServicesThe Corporation of the City of Quinte WestQuintEssential Credit UnionQuinwelch Management Inc.Nancy RabbKerry D. RamsaySandra A. RamsayKathleen K. RankineRBCElizabeth J. ReidCecilia ReillyIan ReillyLeona M. Reilly-DenisRetired Teachers of Ontario District 19Christine K. RiedelJohn RigsbyColleen M. RinghamChristopher A. RipleyRoad Angels of BellevilleNeil RobinsonRose RobsonKim RorabeckJennifer L. RosboroughAllan C. RossRotary Club of Quinte SunriseKevin RowcliffeGraeme RoyValerie J. RunningLaura RussellJodie RussettEdward RutterVicki RyckmanS & A (Belleville) Investment LimitedJake SandisonDavid R. SaundersBrian ScharfScott Reid Foundation Scholarship FundMike SeegerMichael C. SegarFrank B. ShorttBrian SmithDebra SmithJennifer SmithKeith and Nancy SmithRuth S. SmithPhil SnelMark J. SorgeDianne and Murray SpencerDonna and Gord L. SpencerSt. Lawrence Valley Society of ArchitectsStarboard Communications Ltd.

Jackie StephensStevenson, Waplak & AssociatesJudy M. StewartLulabelle A. StockerChuck StoodyAndre W. SubektiSun MediaJune SurgeyKim SutherlandDawn L. SzolopiakMelissa A. TaitSonia TanneyHeidi TawseEugene TayCasey TelfordDavid ThackrayThey Integrated Inc.Shirley ThomasGeorgina ThompsonShelley ThurstonJeff C. TimmonsBeverley TownsendTrent Valley Lodge LimitedMaureen G. TrippDaniel G. TrumanValerie J. TuffordUnited Food & Commercial Workers Local 175 -

Education FundUnited Way of Quinte Inc.UPS Supply Chain Solutions, Inc.Vance MotorsJennifer VincentWilliam WalshJennifer WarrMarilyn WarrenRob WashburnWaste ManagementTracey WatsonDeirdre WayMargaret WerkhovenThe W. Garfield Weston FoundationJim WhitewayElaine WilkinsonWilfrid J. WilkinsonWilkinson & Company LLPAudrey I. WilliamsScott WilliamsKittie E. WongLisa WoodcockNancy H. WoodsT. Stuart WrightJennifer YascheshynJames YoungRobert YoungRuth YoungYouth Habilitation (Quinte) Ltd.Jing YuanPlus anonymous donors

The donors listed have made contributions to support students through financial awards or to complete or equip the Sustainable Skills, Technology and Life Sciences Centre. All donations are recognized as support for the Campaign for Loyalist College. Thank you!

Visit loyalistcollege.com to donate.