The commitment of the Okanagan College Foundation to support students with bursaries and scholarships is weathering the current economic malaise that has affected many other foundations.

While several foundations have cancelled disbursements of funds due to the significant reduction in the value of investments and the uncertain investment climate, the Okanagan College Foundation will disburse a growing number of scholarships and bursaries in 2009. 

That’s due in part to a conservative investment and disbursement strategy that anticipated the need to maintain disbursements in the event of changing economic circumstances. The Foundation, similar to its counterparts, has been affected by the downturn in the economy, but has been able to generate enough income on its investments in 2008 to continue its distribution of student support.    

The Foundation Board made the decision in December to disburse 3.5 per cent of its endowment (approximately $235,000). The Foundation’s endowments are currently valued at almost $6.7 million.

“The Foundation’s investment policy recognizes the expectation of donors to provide funds for scholarships as the first priority. The asset allocation in the investment portfolio is varied enough so that there is sufficient interest and dividends to support scholarships,” said Kathy Butler, Executive Director. “We also have the added advantage of having no administrative or fundraising expenses charged against the revenues of the endowment.”

The Foundation’s annual donations for student support increased more than $100,000 in the 2008-09 fiscal year. 

“With the increase in donations, we expect to disburse close to $1 million in student and program support by the end of March 31,” said Butler.

A major boost in funding came as a consequence of the Southern Interior Development Initiative Trust, which made a three-year $1.43 million commitment to supporting students entering the trades, engineering technologies, and nursing programs as well as high school students enrolled in dual credit programs at the College.

For more information about the Foundation, contact Kathy Butler or visit: www.okanagancollegefoundation.ca