The King's Foundation
Mission
The King's University College Foundation (hereafter named the Foundation) is an independent support organization that provides services to King’s relating to fund management, investment, financial management, and advice, as well as direction to fundraising efforts designed to ensure the future of a high quality Christian university college in Western Canada.
The impetus for the establishment of the Foundation came from a group of “concerned businessmen, farmers, and professionals”, who began to meet in late 1982 and early 1983. Their concern centred around the University College’s serious financial situation at that time. These dedicated people resolved to give personal leadership and financial support to the University College in order to improve its financial position and provide support in fundraising.
In 1985 the Memorandum of Association was signed to formally establish The King’s College Foundation. With the subsequent name change in The King’s University College, the Foundation, too, was re-named The King’s University College Foundation.
The first Board of Directors included people from Alberta, British Columbia, Manitoba, Ontario, and Saskatchewan. The membership has undergone several changes over the years. Currently, there are 55 members and six honorary members, representing all regions of Canada, with a maximum of 11 members forming the Board of Directors. The day-to-day administration is managed by an Executive Director, who works on a part-time basis.
Current Projects
1. Scholarship and Bursary Endowment Fund
From Endowment Fund investment earnings, the Foundation currently offers annually one bursary of $1,000, and two Business scholarships of $1,000. The latter are made available to full-time returning third- and-fourth year students enrolled in the Bachelor of Commerce degree program. Selection criteria include academic achievement, demonstrated Christian commitment, and financial need.
2. Other Endowment Funds
The Foundation currently manages endowment funds in support of:
• The Boessenkool Business Scholarship
• The Cornerstone Business Scholarship
• The Sunstar Scholarship in Environmental Studies
• The Betty and Len Vogelaar Arts Scholarship and Bursary
• The Fred & Frieda Voogd Education Scholarship
3. Secondary Education After-degree Program
At the Annual General Meeting of November 18, 2005, the Foundation agreed to raise $160,000 per year for six years starting in 2006/2007, in support of staffing for the Secondary Education after-degree program. Initially, it was hoped that this program could be established at King’s in 2007/2008; the approval process by the Province of Alberta and the recruitment of staff delayed this until 2008/2009. Meanwhile, fundraising for this project among Foundation members is proceeding at a successful rate.
Past Projects
1. The Foundation became Contributors’ Agent of the King’s Group Retirement Savings Plan registered with Revenue Canada. Established in 1992, the Plan’s investments were used to replace bank financing of the campus. When the Trustee of the Plan was changed in 1995, the Foundation relinquished this role.
2. In 1995 a special 10th Anniversary project was undertaken. Members raised $30,000 to purchase a 15-passenger van for the transportation of King’s students and faculty.
3. The most ambitious and challenging undertaking by the Foundation was the new campus campaign called Facing New Challenges. It had the objective of raising $10 million in gifts and pledges from the King’s supporting community over a five-year period. This objective in gifts and RRSP investments was met in December, 1996.
4. In 1999 the Foundation committed $300,000 over five years in support of a new Bachelor of Commerce program.5. In 2003 the Foundation provided $50,000 for the design and working drawings for a new student residence building complex. This complex, which accommodates approximately 225 students, was completed in August, 2004.
6. In 2005 the Foundation committed to providing King’s with a grant of $50,000 per year for a maximum of five years to cover any shortage of residence income that may arise during the first years of operation of the new student residence apartment building.