Foundation Funds Questions and Answers
We have signed a Memorandum of Understanding ( “MOU”) with the Canadian Rugby Foundation and have a number of questions.
1. Who runs the Foundation?
A. The Foundation is overseen by the board of directors elected by the members with 2 directors appointed by Rugby Canada. The members are those corporate and individual donors who have donated 25k or more. The current chair and executive director is Mike Holmes at firstname.lastname@example.org. The Treasurer is John Wrafter at email@example.com. Our executive assistant is firstname.lastname@example.org.
2. Who manages our funds?
A. All funds are managed in a pooled investment account by Leith Wheeler a leading Canadian institutional investment manager and overseen by our investment management committee in accordance with our investment policy.
3. What is the matching fund program?
A. Once your fund has reached 20k you receive an initial matching grant of 5k and then 25 percent of any future donations to a maximum of 20k. This means when you reach 80k in your fund you get a total matching grant of 20k.
4. What do we earn on our funds?
A. All funds within the Foundation receive a return of 3.5 percent and though not guaranteed we have met this target since our inception. Funds receive a return on donated funds as well as matching funds provided by the Fund. This grosses up the return on the first 100k in the fund to approximately 4.4 percent. This is distributed once we have done our year end calculations in March or April. Interest is calculated annually on the average monthly balance.
You may elect to receive the interest or leave it to build your fund in the Foundation. The representatives of your fund, appointed by you from time to time, determine how your annual distribution is spent in accordance with the requirements of the MOU.
5. How do we withdraw monies from the capital of the Fund?
A. If you wish to withdraw funds for a capital project you may withdraw up to 50 percent of the funds donated, or in special circumstances and with the agreement of the Canadian Rugby Foundation not to be unreasonably withheld, you may withdraw up to the full amount. Any matching grants and interest earned on matching grants may be clawed back at the discretion of the Canadian Rugby Foundation.
6. What happens if our organization ceases to exist?
A. All funds would be transferred to a similar organization stipulated by you in the MOU or transferred to the Canadian Rugby Foundation general fund.
7. What are the fundraising expenses of the Foundation?
A. All members and donors may view all of our financial statements online at our website with a password at: www.canadianrugbyfoundation.ca .
The Foundation is run by volunteers with two part time assistants. The total expenses for the Foundation typically run less then 1 percent of Foundation assets and from 5 to 10 percent of annual donations.