The Legacy Fund

Terms and Conditions

Purpose

This trust fund, established in 2003 with proceeds from the 2001 IAGG Conference in Vancouver, is structured to meet four (4) long-term goals of the Association:

1. support students through scholarships and awards;
2. invite scholars and practitioners from other countries to share their expertise with Canadians;
3. initiate special projects that will advance the objectives of the Association and its members; and,
4. support student participation at future IAGG meetings.

The fund cannot be used to supplement the annual Association budget, or to offset a planned or unexpected deficit in any CAG/ACG annual budget.

Fund Management

Funds received are to be fully invested for a 3 year CAG/ACG fiscal period (January, 2003-December, 2005) to generate compound returns before being expended per the regulations for programs in the Legacy Fund.

The initial investment period, without the earned income being expended, should generate more income than is needed to launch the various programs, starting with the IAGG meeting in 2005.Any surplus revenue earned in this initial investment period (Jan/03 to Dec/05), and in any subsequent fiscal year, is to be re-invested in the Legacy Fund. However, any accumulated surplus can be used in any given year to grant additional awards/grants, if the Board of Trustees decides that additional applications merit funding beyond the proposed spending limit in a given program for that year.

The Legacy Fund, principal plus income, is managed by a professional Investment Advisor (appointed by the CAG/ACG Executive Committee) who is given explicit investment goals and strategic guidelines. The Advisor's performance is reviewed annually by the CAG/ACG Executive Committee against industry benchmarks. Fund managers who fail to meet industry benchmarks in any two consecutive year period will be replaced at the discretion of the CAG/ACG Executive Committee.

In January 2004, and annually thereafter, the CAG/ACG Treasurer will report the annual amount earned by the Legacy Fund and report this amount to the Board and CAG/ACG members. In January 2006 the funds available for transfer to the Legacy Programs will be the difference between the original principal invested in 2003, and the total value of the fund in January 2006. Each January (from January, 2006 onward), an amount equal to annual earnings from interest, dividends and growth in value beyond the principal is made available for the Legacy Programs (see below). Funds not disbursed in a given year remain in the Legacy Fund for possible distribution in subsequent years (see paragraph 2 above).

Governance

The CAG/ACG Board appoints a 5 person Legacy Fund Board of Trustees, with rotating 3 year terms of appointment, plus a Chair. Initially, the Chair will be appointed for 3 years, and the five members will be appointed for 1,2 or 3 year terms to ensure rotation of members. The Trustees must be current CAG/ACG members who have been a member for at least 10 consecutive years. Some of the Trustees should be past members of the CAG/ACG Board or previous Section Editors or Editors of the CJA. None can be a current member of the Board, and all must not have served in an elected or appointed CAG/ACG position for at least the previous two years. Trustees cannot serve for more than 3 consecutive years, and are then ineligible for re-appointment until at least two years have elapsed since the end of their 3-year term. Should a vacancy on the Board of Trustees occur before a term expires, the CAG/ACG Board will appoint a replacement to fill the term of the departing member. The CAG/ACG Board has the power to remove a Trustee for lack of performance or if a conflict of interest arises. The CAG/ACG Executive Director participates in all meetings of the Board of Trustees, but does not have a vote in any decisions.

The CAG/ACG Board is fully responsible for reviewing, periodically, whether the various sub-programs within the Legacy Fund are meeting their objectives; whether the stated criteria for all awards/grants are still relevant; and, whether the funds allocated to each program are appropriate and sufficient. As part of this on-going review, the CAG/ACG Board is responsible for recommending to the CAG/ACG membership that an existing program be dissolved or that a new program be initiated within the spirit and original intent of the Legacy Fund. The deletion of an existing program or the addition of a new program must be approved by a majority of the Members at the AGM, following distribution of such a Notice of Motion to members with the Agenda for the AGM.

The Board of Trustees has management responsibility for the programs in the Legacy Fund, including adjudicating proposals, awarding funds from the earnings on the principal of the Legacy Fund, and making any recommendations about the management of the programs to the CAG/ACG Board. The Board of Trustees conducts most of its business by teleconference unless a meeting is scheduled at the time of the ASEM. If a meeting is held in conjunction with the ASEM, Trustees are eligible to receive the same level of reimbursement for expenses as current Board policy dictates for Board members who attend the Board meeting. A quorum of 80% (the Chair plus 4 Trustees) is required for all meetings involving decisions about making awards.

Annually, the CAG/ACG Board should allocate, from the Legacy fund reserves, a small budget to enable the Legacy Fund Board of Trustees to conduct their business and fulfill their mandate.

Annually, by January 31,the President and Executive Director of CAG/ACG, and the Chair of the Legacy Fund Board of Trustees, will select and announce deadlines for the submission of applications/proposals in each of the Legacy Fund programs.

The Legacy Fund, and/or the Legacy Fund Board of Trustees, can be dissolved only following a Notice of Motion mailed to all CAG/ACG Members at least 6 months in advance of the proposed dissolution date. The vote must be conducted by a mail ballot distributed to all Members. The motion, to be approved, must receive the support of at least 66% of the Members.

Programs

The Legacy Fund supports the following Programs:

1. The Legacy Fund Student Support Program (Minimum $20,000/year)

   This program seeks to provide financial support to outstanding full-time graduate students enrolled in a research-based doctoral or Masters' program in a Canadian university. Full-time status applies to the period of the award, and the status must be confirmed by a letter from the University Graduate Office, co-signed by the Supervisor or Department Chair.

   Prior to January, 2006, the CAG/ACG Board, upon receipt of recommendations from the Awards Committee, will establish the standards and procedures for awarding 2 Legacy Fund Graduate Student Scholarships @ $6,000 each, per annum. Students are only eligible to receive this scholarship once.

   The remaining funds in this program ($8,000 + per annum) are to be used to supplement (or replace if no longer available) the SSHRCC-funded ASEM Travel fund. Full-time students who are the senior author of a paper, poster or workshop session accepted for presentation at the annual meeting are eligible to apply for support. Funds are allocated according to the same formula, principles and regulations for the awarding of the SSHRCC Travel funds.

2. The Legacy Fund International Visitor Program (Maximum $6,000/year)

   The Chair of the ASEM Program Committee can apply for funds to invite an international speaker to the annual meeting (maximum $3,000 per speaker). As well, any "group" of CAG/ACG members, representing at least 3 different universities and/or research-based gerontology/geriatric centres/units, can apply for a $3,000 grant to partially subsidize an internationally-recognized expert to give lectures/workshops to students and faculty at 3 different locations in Canada. If the ASEM Program Committee does not request or use the maximum $3000 in a given year; additional "group" grants for visiting lecturers can be awarded.

3. The Legacy Fund Special Projects Program (Maximum $10,000)

   This program is to fund special, one-time only projects that will enhance the Objectives of the Association. The funds cannot be used to supplement, or cover a deficit in a current or previous CAG/ACG annual Operating Budget. The President, on behalf of the CAG/ACG Board, submits a proposal, with a rationale and proposed budget, for consideration by the Board of Trustees. The funds, if awarded, could be expended in one year; or, over a 2-3 year period, if justified and feasible.

4. The Legacy Fund IAGG Student Travel Program ($40,000 available every 4 years)

   This program, to be initiated for the June, 2005 IAGG meeting in Brazil, enables excellent full-time graduate students to attend the quadrennial IAGG Congress meetings. Each applicant must demonstrate that she or he is the first or senior author of a paper or poster accepted through the abstract review process established by the local organizing committee for all submissions. Awards are valued at $2000(Cdn). All applications are adjudicated by the CAG/ACG Awards Committee through a process established and announced one year before the IAGG meeting.

   Ten awards are allocated to full-time graduate students registered in a Canadian university who, at the time of application are members of the CAG/ACG. Ten awards are allocated to full-time students registered in a non-Canadian university at the time of application. The home university, not citizenship, determines eligibility for each competition. Preference in the competition for full-time graduate students attending a non-Canadian university will be given to those attending a university in a developing country. No more than two of the awards in each competition can be allocated to Post Doctoral Fellows (PDF). If all awards (N=10) in one of the two designated competitions are not allocated, more than ten awards can be allocated in the other competition, if merited. All applications must include a letter from the University Graduate Office (or equivalent) attesting to the full-time status as a graduate student, or as a PDF.

Approved by the CAG/ACG Board on May 3, 2003