CMS/SMC
Société mathématique du Canada
www.smc.math.ca
Société mathématique du Canada
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Subsections

CMS Endowed Funds

General

The Endowed Funds of the Canadian Mathematical Society (CMS) are to provide income to be applied generally or specifically in support of activities that promote and advance the discovery, learning and application of mathematics and for other similar purposes.

The CMS Endowed Funds shall initially consist of three funds:

  • the CMS Endowment Fund
  • the Mathematical Olympiads Fund and
  • the David Borwein Distinguished Career Award Fund.

The Endowed Funds shall also include other endowment funds that may be established using additional moneys and property as may from time to time be donated to the Endowed Funds or to the CMS, subject to approval by the CMS Board of Directors.

Each of the Endowed Funds will maintain its own revenue and expenditure accounts.

The Terms of Reference that have been approved for a specific endowment fund by the CMS Board of Directors and the original donor (if applicable) shall govern all gifts or donations to that endowed fund.

Gifts and donations to any one of the Endowed Funds shall be invested in accordance with the CMS Principles for the Preservation of Capital.

The CMS will strive, with the assistance of the original donors (where possible) to increase the capital in each existing endowment fund through other donations, pledges, gifts etc.

The CMS Invested Funds Committee will be responsible to the Board for the administration of the Endowed Funds. The Terms of Reference for the Invested Funds Committee are described below. The membership of the Invested Funds Committee, or another committee determined by the Board, subject to Board approval, may be changed as necessary.

The CMS Finance Committee shall be responsible for recommending to the Board of Directors the allocations of the revenues provided by the CMS Invested Funds Committee from the CMS Endowment Fund and the Mathematical Olympiads Fund in accordance with the appropriate Terms of Reference, including the amount for the annual Endowment Grants Competition.

Principles for the Preservation of Capital

Gifts and donations to one of the Endowed Funds shall be invested in accordance with the principle to preserve capital and the investments shall include an asset mix of Canadian fixed income securities and Canadian and foreign equities and shall be invested in securities, other than real estate, as authorized by the current laws in force for the investment of funds of Canadian Life Insurance companies.

The intention is for the annual income for the Endowed Funds to provide for both real return and for inflation. This will be achieved through:

  • asset diversification,
  • investment in only investment grade assets,
  • limiting expenditures to an amount reflecting the rate of real return,
  • investment in both fixed income and equity assets, and
  • maintaining an appropriate balance between fixed income and growth (equity) assets. As a guideline, and depending on market conditions, an asset mix such as 30% - Canadian Bonds, 10% - Canadian Real Return Bonds, 10% - Canadian Equities, and 50% - Global Equities would be appropriate.
Normally, a portion of the annual income for one of the Endowed Funds will be added to the capital base for that endowment fund and a portion of the annual income will be transferred to the revenue account of the corresponding endowment fund. If necessary, the Board may approve that all of the annual income for an endowment fund shall be added to the capital base for that fund, but not for more than five years consecutively. The maximum amount allocated to the revenue account of a fund shall not exceed 6% of the capital base of that fund.

Also, should the situation arise that there is no annual income for an endowment fund; the Board may approve a transfer of part of the capital base of the fund to the corresponding revenue account of the fund, but not for more than two years consecutively.

As circumstances warrant, part of the surplus in the revenue and expenditures accounts of an endowment fund can be transferred to the capital base of the corresponding fund.

CMS Endowment Fund

The CMS Endowment Fund is to be used to provide annual revenue for the support activities that promote and advance the discovery, learning and application of mathematics and for other similar purposes, including:

  1. mathematics prizes and scholarships that are awarded through competition to students and academic staff at schools, universities and colleges in Canada;
  2. mathematics research through the communication of current research to both the specialist and non-specialist, public recognition of research accomplishments and collaboration with the research institutes, granting agencies and the users of mathematics;
  3. mathematics education through joint projects with mathematics educators at all levels, promotion of educational advancements, and partnerships with Provincial ministries of education and organizations supporting mathematics education;
  4. mathematics competitions and other activities that promote and advance the discovery, learning and application of mathematics in the Canadian provinces and territories;
  5. grants to students and teachers in developing countries to provide access to publications of Canadian mathematical societies and the Canadian mathematics research institutes and for other similar purposes;
  6. initiatives that explain, promote and increase the general understanding of mathematics, provide extra-curricula opportunities for students, and encourage partnerships with corporate, government and not-for-profit agencies.

Mathematical Olympiads Fund

The Mathematical Olympiads Fund is to be used to provide annual revenue for the CMS Mathematical Olympiads program in Canada, including but not necessarily limited to, the Canadian Mathematical Olympiad, Canada's participation in the Asian Pacific Mathematical Olympiad and Canada's team to the International Mathematical Olympiad.

The Society's Mathematical Olympiads program is the responsibility of the CMS Mathematical Competitions Committee in accordance with the policies and procedures approved by the CMS Board of Directors. The annual revenue from the Mathematical Olympiads Fund, as determined by the Invested Funds Committee, would be provided as a grant to the Society's Olympiad activities.

David Borwein Distinguished Career Award Fund

The David Borwein Distinguished Careeer Award Fund is to be used to provide annual revenue for the David Borwein Distinguished Career Award which recognizes exceptional, broad and continued contributions to Canadian mathematics.

Should circumstances be such that the annual revenue for the David Borwein Distinguished Career Award Fund is not sufficient to meet the expenses associated with the David Borwein Distinguished Career Award, then the award may not be given provided that in so doing the maximum period whereby an award is not given does not exceed six years. For each recipient, the expenses will include the costs of the sculpture, travel and accommodation expenses, as well as related promotional and administrative costs.

Subject to the availability of funds, at most two awards will be given each even calendar year at the Summer Meeting of the CMS.

The CMS Distinguished Awards Selection Committee, or another committee determined by the CMS Board of Directors, will be responsible for the selection of the recipients. At the discretion of the CMS Distinguished Awards Selection Committee, a decision to not grant an award may be taken, provided that such a decision is not taken more than two consecutive times.

The CMS Invested Funds Committee will report annually, following the Society's fiscal year, on the status of the Fund to the Borwein Family, or their heirs where possible, and will provide the names of the recipients.

The David Borwein Distinguished Career Award will be awarded and administered in accordance with the CMS' policies and procedures pertaining to the granting of awards.

The focus of the CMS may shift over time, and it may become impossible, inadvisable or impractical to apply the annual income from the Fund for the purposes set out above. If the CMS is of the opinion that a revised purpose is appropriate, the CMS shall exercise its discretion, in consultation with the Borwein Family or their heirs where possible, and use the annual income from the Fund to the best advantage of the CMS for other purposes consonant with the spirit and intent of the Borwein Family's gift.


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Next: CMS Prizes and Awards Up: Terms_of_Reference Previous: CMS Contingency Fund

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