From: Richard D. Sereda B.Sc (1983) & M.Sc Geology (1989) U of S

Fellow Ore Gangue Alumni, I am writing you this brief note as an update on the Ore Gangue Alumni Fund and its need for additional donations.

 

Ore Gangue Alumni Bursary Fund. What is it and Who does it Fund?

 

The fund was set up a few years ago by fellow alumnus Gordon Beach (B.Sc. Geology 1974) to help support geoscience students in financial need. Our student population originates from small farming communities across the Canadian prairies and comes from families with modest financial means. They mostly fund their education through debt.

 

To date, the fund has raised approximately $250,000 exclusively from the private donations of the alumni. The fund is managed by the University of Saskatchewan Greater Alumni organization. It is conservatively invested and is generating a 4% rate of return. This allows the fund to provide 4 annual bursaries of $2,500 each to 2 third year students and 2 fourth year students based on the principle of financial need and Ore Gangue Society involvement.

The Need for a Significant Increase in the Size of the Bursary Fund

 

The financial needs of the geoscience students are increasing. Recently, the Alumni Committee has become aware that the University is unable to pay for the logistical cost of running the field schools. The field schools are conducted in Flin Flon, Manitoba and Zortman, Montana. These field schools offer practical training and are a requisite to graduate with a Bachelor’s of Science Degree. The incremental cost to the students is an
extra $5,000 in tuition.

The goal of the Alumni Committee is to raise an additional $3,000,000 over the next 3 years. If successful, it would be able to further expand the size of the bursary funding program to larger individual awards to more qualifying students and pay for the logistical costs of the field schools. To this end, the need for corporate donations is necessary. This effort by the committee is currently underway.

Forms of Donations: Cash, Stock in Kind and Estate Considerations

 

The Fund through the University administration will accept donations in the form of cash, stock in kind of a public traded company, and a designation in your will upon passing.

 

A donation in cash is relatively straight forward. Some of you may also be working for a company that will match your donation, $ for $ to a registered Canadian Charity. I personally made a significant donation to the fund, and my employer Coelacanth Energy matched it 100%.

 

A donation in the form of “stock in kind” is a very effective tax strategy. It is most effective if you are lucky enough to have had a significant gain in one of your portfolio holdings. If you are unfamiliar of this form of tax planning, please ask your accountant to discuss its benefits. There is also YouTube videos that explain this very well.

 

Lastly, if you decide to award a portion of your estate to the fund upon your passing, this too can be very effective in limiting the tax burden upon your passing. Again, please discuss this with your financial or estate planner.

 

The fund is fully compliant with all the rules established by the Canada Revenue Agency with respect to charitable donations.

 

Terms of Reference as defined by the Alumni Fund

 

The terms of reference of the fund, as defined by the University of Saskatchewan, specifically state that it can only be used to financially support Ore Gangue geoscience students in the form of a bursary and to help offset the cost of field school. The University of Saskatchewan and the Geology department is legally bound to follow these principles.

 

Finally, I would like to thank all of you who have kindly decided to make a financial donation to the Ore Gangue Alumni Fund. Your donation is greatly appreciated. For those of you who have not, please considered including us as part of your charitable giving efforts. A financial donation however large or small would go a long way to the Ore Gangue Alumni reaching its goal to this very worthwhile cause.

 

Sincerely,
Richard D. Sereda
B.Sc. M.Sc. and P.Geol.
Graduating Class of 1983

Corporate donations for the Calgary Chapter of the Ore Gangue Alumni Bursary Fund