QUAKER TRUST FUNDS IN CANADA
Trusts for the use of Canadian Friends (Quakers) have been in existence
since the early 1920s. There are three classes of trust funds under the
care of Friends in Canada:
Class A
TRUST FUNDS OR BEQUESTS, INCOME FROM WHICH IS USED FOR THE WORK OF MONTHLY
MEETINGS
Such funds are under the care of Monthly Meetings and income is used
at the discretion of the Monthly Meeting or for the purpose designated
by the various testators or donors. Contact: Monthly Meetings.
Class B
TRUSTS WHOSE BOARDS MUST BE COMPRISED OF FRIENDS BUT WHICH ARE NOT UNDER
THE JURISDICTION OF CANADIAN YEARLY MEETING OR ANY OF ITS CONSTITUENT
MEETINGS
Samuel Rogers Memorial Trust is the only such Trust at this time.
• SAMUEL ROGERS MEMORIAL TRUST
This is a public trust; while all Trustees must be members of the Society
of Friends in Ontario, it is solely responsible to the Public Trustee
of Ontario. Numerous Friends' activities have benefited from grants
from this Trust over the years. Disbursement of income from capital
is at the discretion of the Trustees, and the provisions of the Trust
are to support Toronto Monthly Meeting, to assist the work of Monthly
Meetings in Ontario on advice from Home Mission and Advancement Committee
and to support social service and education projects in Ontario. Contact:
Samuel Rogers Memorial Trust, 60 Lowther Avenue, Toronto ON M5R 1C7
Class C
TRUST FUNDS OR BEQUESTS, INCOME FROM WHICH IS USED FOR THE WORK OF CANADIAN
YEARLY MEETING OR ITS COMMITTEES
Such funds are held under the care of the Trustees of Canadian Yearly
Meeting, who are responsible for the investment of all these funds or
bequests (Organization and Procedure, 2.17& 6.6). Most of the trust
funds under the care of the Canadian Yearly Meeting Trustees are held
in one consolidated account managed by the Trustees with advice being
provided by a professional broker.
The ethical investment of the funds and protection of their capital value
is guided by the investment policy approved by Canadian Yearly Meeting
(CYM minute 1996 §58). Funds are currently invested in provincial
government bonds, the interest from which is disbursed twice annually.
Canadian Friends Service Committee is incorporated in its own right
and therefore manages its own funds. However, it still reports annually
the contents of its investment portfolio to the CYM Trustees.
FUNDS UNDER THE CARE OF THE TRUSTEES OF CANADIAN YEARLY MEETING (described
in Class C)
Amounts shown are investments which include realized capital gains as
of April 2006. Refer to the most current Canadian Yearly Meeting financial
statements for annual and accumulated interest which is available for
disbursement. † Reserved for investment by CYM minute ¶ Legally
restricted for investment
I INTEREST FROM FUNDS DISBURSED ON BEHALF OF CANADIAN YEARLY MEETING
• CANADIAN YEARLY MEETING MEETINGHOUSE FUND $310,687†
This fund enables Meetings to purchase, expand or repair Meetinghouses.
The capital investment is composed partly of the proceeds of the sale
of Botsford Street and Montreal Meetinghouses. Finance Committee makes
a recommendation for approval by Yearly Meeting or Representative Meeting,
after which the approved money is disbursed by the Yearly Meeting Office.
This is usually as an interest free loan, but some grants have been made.
Ontario Meetings are encouraged to apply to the Samuel Rogers Memorial
Trust for support before accessing this fund. Contact: Clerk, Finance
Committee.
• CANADIAN YEARLY MEETING TRAVEL FUND $259,215†
The income from this fund is used to defray costs of travel to committee
meetings. At present, the capital limit of this fund is $250,000. Interest
income contributes to the funds available for committee travel as budgeted
annually and is disbursed by the Yearly Meeting Office under the direction
of Finance Committee.
• SUNDERLAND P. GARDNER LECTURE FUND $26,034†
The Sunderland P. Gardner Lecture is an annual lecture presented during
the sessions of Canadian Yearly Meeting. Interest from this fund, established
in the mid 1990s, defrays costs such as travel and accommodation for
the lecturer and the cost of publication. Donations to the capital fund
are encouraged at the time of the lecture. Interest is disbursed by the
Yearly Meeting Office on recommendation of Home Mission and Advancement
and Programme Committees.
II INTEREST FROM FUNDS DISBURSED ON BEHALF OF YEARLY MEETING COMMITTEES
• ARCHIVES TRUST FUND $8,750†
This fund, established in 2004, covers capital expenses, special projects,
special acquisitions, out-of-the ordinary expenses and emergencies of
the CYM Archives. It is not available for yearly operating expenses.
Payments are disbursed by the Treasurer of the Trustees on a minute of
Records Committee. Donations may be made to this fund (cheque made out
to CYM Trustees, directed to the Archives Trust Fund). Contact: Clerk,
Records Committee.
• CAMP NEEKAUNIS--IRMGARD KING FUND $16,086¶
A bequest from Irmgard King supports Camp and its activities. Interest
is disbursed by the Camp Treasurer on recommendation of Camp NeeKauNis
Committee. Contact: Clerk, Camp NeeKauNis Committee.
• CAMP NEEKAUNIS--BURSARY FUND $15,304†
Interest from this fund enables individual Friends or families to attend
Camp who otherwise could not afford to do so. Established in the mid
1990s, it is disbursed by the Camp Treasurer on the recommendation of
Camp Directors through Camp NeeKauNis Committee. Contact: Clerk, Camp
NeeKauNis Committee.
• CANADIAN FRIENDS FOREIGN MISSIONS FUND $81,479†
The purpose of this fund is to support Christian mission conducted outside
Canada by individual Friends acting on a recognized concern or by Friends’ organizations.
The fund is made up from donations from interested Friends plus a share
of the capital resulting from the sale of the Botsford Street Meetinghouse.
Income is disbursed by the Yearly Meeting Office on recommendation of
the Canadian Friends Foreign Missionary Board. Contact: Clerk, Canadian
Friends Foreign Missionary Board.
• HMAC--PENDLE HILL SCHOLARSHIP FUND $16,684†
Accumulated interest from the Quaker Education Fund was set aside in
1994 to help fund an annual one week sojourn at Pendle Hill for a member
of Canadian Yearly Meeting. Funds are disbursed by the Yearly Meeting
Office on the recommendation of Home Mission & Advancement Committee,
with the recipient agreeing to contribute $100 to offset the cost. Contact:
Clerk, Home Mission & Advancement Committee.
• HMAC--QUAKER EDUCATION FUND $39,854†
Income from this fund is used for Canadian Friends' education at Friends'
institutions such as, but not only, Earlham College, Pendle Hill and
Woodbrooke. Disbursement is by the Yearly Meeting Office on the recommendation
of Home Mission & Advancement Committee. Funds are disbursed as grants
or interest-free loans at the discretion of the committee. Contact: Clerk,
Home Mission & Advancement Committee.
III INTEREST FROM FUNDS DISBURSED BY THE TRUSTEES OF CANADIAN YEARLY
MEETING
• SARAH E. RICHARDSON FUND $73,708†
This fund was set up in the 1930s by Canada Yearly Meeting (Conservative),
with income used to assist Friends travelling in the ministry in Canada.
It is disbursed by the Canadian Yearly Meeting Trustees on recommendation
of Continuing Meeting of Ministry and Counsel to Friends who have received
an appropriate minute recognizing their ministry. Contact: Clerk, Canadian
Yearly Meeting Trustees.
• ALBERT S. ROGERS FUND $148,776†
Albert S. Rogers, of Canada Yearly Meeting (Orthodox), bequeathed money
in 1932 to assist an aged minister of the Society of Friends during her
lifetime. There are no legal restrictions on the use of the capital;
Yearly Meeting Trustees are solely responsible for the disbursement of
income. Contact: Clerk, Canadian Yearly Meeting Trustees. [Balance includes
the Day bequest pending the decision of CYM on its disposition.]
• JOSEPH P. ROGERS FUND $118,668¶
When Joseph P. Rogers died in 1922, he bequeathed $10,000 to Canada Yearly
Meeting (Orthodox) to help provide a fund, the income from which was
to aid aged ministers of the Society of Friends in Canada who might be
in need of financial assistance, on the advice of the Home Mission Committee
of Canada Yearly Meeting. Since that time, its objects have been interpreted
to provide assistance for members of the Society of Friends who have
rendered long and useful service to the Society. Because this fund was
a specific bequest, the purpose of the Joseph P. Rogers Fund can only
be altered by order-in-council. Trustees are currently applying to the
court for such a change. Income is disbursed at the discretion of the
Trustees on the recommendation of the intended recipient’s Monthly
Meeting Ministry and Counsel or the CYM Continuing Meeting of Ministry
and Counsel. Contact: Clerk, Canadian Yearly Meeting Trustees.
Applications for the Sarah E. Richardson Fund, the Albert S. Rogers
Fund or the Joseph P. Rogers Fund should include the following documents:
a] A letter from the applicant describing the reason for the application,
the amount of money requested and a full financial statement which also
indicates if other funds have been applied for or received.
b] A minute from the applicant’s Monthly Meeting indicating that
a clearness committee or committee of care has met with the applicant
and that the Meeting supports the application to the Trustees and is
offering appropriate support to the applicant. In some emergency cases
the Trustees may not require this minute.
c] Minutes from other bodies as indicated in this leaflet.
Trustees prefer to make decisions during their annual meeting (customarily
held in late March/early April) but will accept applications at other
times of the year if necessary.
IV OTHER FUNDS FROM WHICH INTEREST IS DISBURSED
• HAY BAY QUAKER CEMETERY $4,276¶
This fund was established by relatives of those buried in the Quaker
cemetery at Hay Bay, Adolphustown, Ontario, for the upkeep of the cemetery,
now an historic site. Income is disbursed by the Yearly Meeting Trustees
upon receipt of accounts for upkeep.
• YONGE STREET BURIAL GROUND $27,593¶
This fund was set up by bequest, specifically for the care of the Friends’ cemetery,
Newmarket, Ontario, adjacent to the Yonge Street Meetinghouse. Canadian
Yearly Meeting Trustees have delegated management of the cemetery to
the Board of Yonge Street Friends Burial Ground. Income is disbursed
by the Yearly Meeting Trustees.
• PICKERING CEMETERY $30,359¶
This fund was established in 2002 with the transfer of ownership of the
cemetery to Canadian Yearly Meeting. Canadian Yearly Meeting Trustees
have delegated management of the cemetery to the Friends Mill Street
Cemetery Committee, Pickering Village. Income is disbursed by the Yearly
Meeting Trustees.
Friends considering designating Canadian Yearly Meeting as a beneficiary
are encouraged to contact the Trustees to ensure that the intent is clear
before the wording of legal documents is finalized.
Any Friend wishing to have further information should write to
Canadian
Yearly Meeting Trustees, 91A Fourth Avenue, Ottawa, ON K1S 2L1,
E-mail: trustees-clerk@quaker.ca
April 2006
Printable version of this page (PDF file)
Click here to read the Canadian Yearly Meeting Investment Policy
|
