Dear Foundation Members,
I am writing to provide a brief report on the 12th year of the Canadian Rugby Foundation ending Dec 31, 2015.
We had a record year in donations with over 700k in donations. Our assets closed out the year at almost 3 million and but for a poor year on the markets we would have exceeded this mark. Our expenses remained low at a total of $28,597 and we should now be comfortably delivering over 100k a year in grants without any impact on capital. Because of the growth in our funds we decided to look for an institutional investment firm. After a diligent process of solicitations of interest and interviews by our investment committee of Jim Kellett chair, John Woodward and Bill Webb, the firm of Leith Wheeler was selected and the process of transfer of our entire portfolio will have been completed at the time of distribution of this report. The investment committee also recommended, and has implemented some changes to our investment policy to permit a greater degree of flexibility with respect to investment choices in accordance with the policies of our new fund managers. I would like to thank Bruce McFarlane and Sarah Dunbar of Odlum Brown for their years of service. Bruce was one of our very first members and always had our interests first and foremost.