All endowments are to be established in agreement with FEF Canada purposes as stated in the by-laws of the corporation.
To advance education by providing scholarships and financial support to students at the post- secondary level pursuing a career in the metal casting industry in Canada.
To promote and maintain efficiency and high standards of practice in the metal casting industry for the benefit of the public by developing training programs for, and providing funds for the training of, individuals engaged in the metal casting industry.
To advance the public’s appreciation of the metal casting industry in Canada, and the career paths available, by providing the public with informational and educational packages and seminars for presentation to students at the public, secondary and post-secondary levels.
Endowments may be directed, to a specified market segment, a geographic area or, institution; as long as the direction fits within the purposes of FEF Canada.
Endowments may be established by individuals, Organizations or Corporations to establish an enduring scholarship program.
Deposits made by individuals to establish FEF Canada endowments are eligible for charitable donation receipts.
Endowments are considered vested in FEF Canada unless specified differently by the donor.
Endowments are established with a minimum restricted fund of $25,000. Additional funds may be added to increase the amount of the base amount of the restricted funds. This is encouraged to allow a minimum scholarship of $1,000 per year. The earnings from the restricted funds will be distributed as follows:
Eighty (80) percent of the earnings will be used to provide scholarship support to students interested in cast metals.
Fifteen (15) percent of the earnings will be used to offset the FEF program and administrative cost, CRA reporting, and provide for the management of the fund.
Five (5) percent will go back to the principle as an offset to inflation.
Selection of scholarship winners will follow FEF Canada requirements and student guidelines
FEF Canada will provide a report on the earnings of the restricted fund after completion of the annual FEF Canada audit.
Any special costs directly related to administering this fund, as agreed by the funds contact person, could be charged against earnings.