Many Chapters find it hard to monitor their Educational Funds because of time constraints or rotation of Directors.
A) FEF CANADA makes sure the wishes of the Chapter are carried out each year. All Scholarship monies will be used for the purpose intended in the name of the Chapter.
B) FEF CANADA was created to be an independent Foundation for Scholarship assistance on the college level and to encourage the lifeline into our Industry of the best technical manpower at our nation’s leading schools.
C) FEF CANADA is a Registered Canadian Charity . Chapters avoid potential CRA problems with FEF CANADA management of Educational Funds.
D) Chapters receive a detailed Fund Account of their activity each year as following FEF Canada’s fiscal year end. Financial statements of Chapter funds are sent each year after the FEF CANADA Annual Audit.
A) The Fund is in the name of the Chapter and any funds disbursed are stated on the check with the Chapter’s name. Students are encouraged to acknowledge scholarships to the Chapter.
B) The Chapter can designate geographic areas or specific Schools where they wish their Funds to be placed. The Chapter can select individual Students, provided the student meets the current guidelines for awarding FEF CANADA scholarships. A copy of the guidelines is available.
C) The Funds may be returned to the Chapter for similar use, (minus any investment liquidation charges), if there is dissatisfaction with FEF CANADA’s management of the funds, or in the event the FEF CANADA should ever be dissolved.
D) FEF CANADA is independently audited each year with special attention to these accounts.
Greater returns are usually possible with FEF CANADA’s conservative yet progressive investment program over individual Chapter investments. The principle for endowments is immunized and protected in our investment portfolio to the best of our ability. The FEF CANADA Investment Committee is headed by a director of FEF CANADA and monitored by FEF CANADA’s Executive Committee. FEF CANADA’s Investment Policy and current strategy are available.
FEF CANADA does not charge a management fee for Chapters. However, the FEF CANADA operates solely on the interest and support of our Industry. We receive no other financial assistance. The following option is suggested to assist the FEF CANADA with the management of Chapter Funds.
Eighty percent of earnings to scholarships, fifteen percent to FEF CANADA operations, and five percent back to the principal as a hedge against inflation.
Only interested and qualified Students, are selected to receive Scholarships. The Student does not necessarily have to be attending an FEF CANADA School. Selection is normally done by the FEF CANADA Key Professor, however, the Chapter may also offer input on selection of students provided the Chapter makes sure the student is qualified and has registered at the FEF CANADA web site for the current school year.
A) FEF CANADA Guidelines for Scholarships are between $500.00 minimum and $3,000.00 maximum.
B) Internship grants may be awarded to students for work-study projects, lab work, etc. Selection is based on lab or project work.
C) Students must be registered with the FEF CANADA in the current year.
D) Students selected by the Chapter at Non-FEF CANADA Schools must still be registered through FEF CANADA’s web page by the Chapter and before Funds are disbursed.
E) Students are notified as to the origin of the scholarship and encouraged to acknowledge the Chapter.
F) Scholarships are not awarded purely on the basis of family relationships without regard to a genuine interest in cast metals.
Most Funds of this type are set up with a balance of $15,000 or more to provide for annual awards, however smaller amounts are accepted to establish the Fund. For the National Awards presented at the College Industry Conference, the minimum principal must be $30,000. The principal always remains fixed with earnings used to grant scholarships and cover any costs. Call the FEF CANADA office for details.
Examples of Chapter Agreements with FEF CANADA are available upon request.