Foundation AGM 2021: Presidents Report
The McDougall United Church Foundation was founded in 2001 for the purpose of promoting philanthropy among the members and friends of McDougall United Church. The Foundation’s role is to remind, urge and assist giving to McDougall and to the greater community that McDougall supports. A benefit of donating to the Foundation is that we can accept cheques, cash, stocks, bonds, bequeaths, life insurance, and other gifts in kind for the benefit of McDougall and to maximize tax benefits to our members.
Following payment of the Mortgage in June 2015, the Foundation was charged by Council to look at the funding that will be necessary for the ongoing building maintenance for the structure and grounds at McDougall. In order for Trustees and the Foundation to be able to plan for future major building repair expenses, we asked for and received a Building Condition Assessment report from Pinchin Engineering which included estimated future major building expenses. The more major expenses for HVAC, furnace, water heaters, and roof come in the mid range of the 10 year scope we asked for in the assessment. The first year (2020-2021) details some catch-up on regular maintenance. Some items in the budget such as new grease traps have already been replaced with longer lasting stainless steel ones, and some other items such as outside wall stucco damage repairs and parking lot repairs will be done in warmer weather based on available funds. It appears that there are no immediate concerns, but we need to continue to add to the Foundation reserves as there will be moderate capital expenses in the mid term. In 2020, the McDougall Foundation continued to receive restricted and non-restricted pledges. Significant purchases included technology items to allow on-line Church services in a user friendly manner and installation of inside digital signs and the new outside sign.
The McDougall United Church First Nations Bursary Endowment Fund, which was initially set up in 2016 with a donation of $25,000, is to benefit First Nations students at Mount Royal University. This fund is being administered by Mount Royal University and had its first disbursement in 2017. Current total for the fund as of June 30, 2020 was $49,439. The Mount Royal University endowment generates a return of 3.5% per annum. This income is used to provide a yearly scholarship ($1800 in 2020) for 1st year First Nation students based on financial need. We are proud to have a partnership with Mount Royal University who have a goal of increasing their representation of Aboriginal students to equal seven (7) percent of total enrolment. MRU advises McDougall Church each year of deserving candidates who are recipients of this endowment and the recipient is invited to participate in an awards ceremony at McDougall. Isabella West was the recipient of the 2020 Bursary. Her acceptance comments are on a video due to pandemic restrictions which I will show after my report.
The McDougall United Church Foundation Scholarship and Bursary Fund, which was initially set up in 2017 with a donation of $25,000, is being managed in perpetuity by the Calgary Foundation. The Calgary Foundation endowment generates a minimum return of 5% per annum. This income is used to provide yearly scholarships. The second disbursement of $1,194 in 2020 was paid to our Foundation and forwarded to The McDougall Church Scholarship Fund .It will continue to complement their existing program in perpetuity to provide Scholarships and Bursaries to students who qualify based on criteria established by The McDougall United Church Bursary and Scholarship Committee. We welcome contributions to either Fund.
In conclusion, we appreciate the gifts that have been given to the Foundation in the past and encourage everyone to think about contributing in the future.