Endowment History and Performance

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Annual Report
August 2013
Report of the Foundation President –
Richard Lucas
Background
The main responsibility of Huron University
College Foundation Trustees is to receive, invest
and manage the endowment of the Foundation
and to manage the funds held in trust for Huron
University College.
The Investment Fund
I am pleased to report that the Foundation’s
capital fund balance as of December 31, 2012
is $15,218,186, an increase of 15% from the
previous year’s result of $13,230,656.
We have also strongly rebounded since the
downturn of 2007-2008, with an increase
of 81% over the past four years from $8.4
million to $15.2 million.
Donations to endowments in 2012 of $1.8
million contributed to the increase over the
year from $13.2 to $15.2 million, along with
positive investment growth. The ROI for the
year was 5.6%.
Investment results
The investment policy of the Foundation
Endowment Fund is a balanced one with
exposure to bonds, Canadian equities and foreign
equities. It is intended to provide, over the longer
term, a balance between investment returns and
an acceptable level of risk.
The current policy asset mix is 60% equities and
40% fixed income. The Investment Committee
reviews risk and returns in the markets on a
regular basis. Within the policy constraints, the
manager is able to exercise some discretion in
weightings of different sectors of the portfolio.
2
The total return (income plus capital
appreciation) for the portfolio for the year
ended December 31, 2012 was 5.6%, caused
by a rebound in equity markets. Foreign equity
markets were particularly strong, returning
13.3% in Canadian dollars. The Canadian stock
market was decent, returning 7.2%. For once
the bond market was a laggard, returning 3.6%
– not much different than its coupon.
The portfolio’s relative performance has
improved since the middle of 2011 with our
new investment manager, Guardian Capital.
Longer term, we have been underperforming
our benchmark.
Longer term returns continue to disappoint.
The 5-year average annual total return of the
portfolio to the end of December 2012 was
a meagre 1.6% (estimated). A key factor over
this period was the bear market in equities
following the financial crisis of 2007-2008.
However, the four-year return for 2009-2012
was 8.6% (estimated). And going out 10 years,
average annual returns have been a more
respectable 6.0% (estimated).
Investment outlook
Overall, we are positive about the outlook for
the economy and financial markets, though
it’s not without its perils. I will quote our
investment manager, Guardian Capital:
We expect the U.S. to muddle through with modest
positive growth. Three years of Fed easing should
be getting some traction. Pent-up demand may
also begin to work in the economy’s favour.
We remain constructive in the longer term,
expecting stocks to have more potential over the
next decade than bonds, given today’s starting
point for bond yields.
Dividend yields continue to exceed government
bond yields in most countries with the added
bonus of providing inflation protection in the
long term, which bonds do not. In fact, the yield
advantage over government bonds continues to
be sustained at levels not seen in several decades.
Payout
The Foundation decided that the Annual
Grant to Huron for the 2013 calendar
year for scholarships, bursaries, and other
programs and student services would remain
at 4% and that the payout to the Foundation
Office would be 1%. In dollar terms the
Annual Grant for 2012 was $578,666.
The Foundation reviews the amount of the
grant to the College annually. The grant
calculation is based upon a rolling 3-year
average of the capital in the Foundation for
endowments with a payout. (Payouts for some
recently established endowments have not
yet begun.)
Audit
I would like to report that the 2012 audit and
management letter prepared by Deloitte LLP
reported no issues.
Respectfully submitted,
Stricter mortgage criteria, an overly indebted
consumer, a tightening fiscal policy, and the
headwind of Europe are likely to keep Canada’s
growth modest, at best.
U.S. and Canada nominal and real interest rates
are extremely low by any historical measure and
interest rates will remain low due to financial
repression through significant central bank
intervention.
Richard G. Lucas, CFA
President
Huron University College Foundation
[email protected]
3
Report of the Foundation Executive
Director – Ken Andrews
Huron values and appreciates the example and
commitment of individuals and organizations
who, through their generous gifts, support the
educational experience which Huron offers,
one which provides a distinct advantage for its
students throughout their lifetime.
Through focused stewardship programs, Huron
seeks to maintain strong relationships with
its donors, communicating regularly with
respect to a long-term view that is inherent
in endowment funding and performance.
Continuing and consistent communication in
times of both good and unfavourable market
performance is a key factor in positive donor
relations.
Our annual and customized report for each
donor provides details and background on
their individual endowment together with
additional information on the work of the
Foundation. One hundred and seventy-three
individualized reports have been prepared for
this year’s report.
Many endowment holders continue to support
their endowments each year with a donation
to Huron. Many also consider a planned gift
such as a bequest or life insurance policy which
can be directed to their endowment. If I can
provide any information in this regard, I would
be pleased to be of assistance.
Huron has a strategic growth objective in
its endowments, with a goal of $30-million
in assets by 2016. Ultimately, Huron’s goal
is for its endowments to be 2.5 – 3 times its
annual operating budget, so that the annual
payout from the Foundation to the College
contributes to ongoing financial stability.
4
In the calendar year 2012, we are pleased to
report, donors made record gifts totalling
$1,885,836 to Huron endowments. Huron, its
faculty and students are most grateful for this
generous support of the educational experience
which Huron offers its students. As indicated
in an industry survey, Huron ranks eleventh out
of 67 Canadian university institutions in terms
of percentage growth of endowment assets from
December 31, 2011 to December 31, 2012. This
increase is based on a combination of donations
and investment growth. In addition, the survey
indicated that Huron continues to rank in
the second quartile of Canadian university
institutions in terms of endowments per FTE
student, specifically $11,321. This represents an
11% increase over the previous year.
In 2012, Huron hosted a series of special events
for alumni and friends in Canada and the
United States, attended by Principal Stephen
McClatchie and the Executive Director,
including Vancouver, Ottawa, London, Toronto
and New York. These events provided an
opportunity to thank donors personally for their
support of Huron.
Huron also invited endowment donors to
its Arts and Social Science and Theology
graduation ceremonies, at which donors were
thanked by the respective Deans for their
support of Huron students during the course
of their studies, helping them achieve the
success they have earned. Copies of graduation
ceremony programs were mailed to donors
unable to attend. In addition, endowment
donors who supported arts and social science
scholarships and awards were invited to
Scholarship and Prize Day in October to
present students with their awards and to meet
students at the reception afterwards.
Endowment holders also receive Huron’s annual
alumni and friends newsletter, which includes
a listing of all endowments, and a copy of
the Principal’s annual letter, which is mailed
to members of the 1863 Society comprising
individuals and organizations who have made
gifts of $500 or more in their lifetime.
Huron also maintains extensive background
on its website (www.huronuc.ca) with respect
to the work of the Foundation, in the Alumni
and Friends section. This includes information
on how to establish an endowment, leaving
a planned gift to Huron, the Foundation’s
Statement of Investment Policy and Guidelines,
Endowment History and Performance,
Financial Statement, and a listing of Huron
endowments and Foundation trustees.
The Foundation benefits from 21 voting trustees,
including 18 volunteers who are selected for
their expertise and background in the work of
the Foundation including managing its fund
assets. We are saddened to report the passing
of John Middlebro’ of Owen Sound in April,
2013. John, a 1965 Huron graduate, had been a
Trustee of the Foundation since 1997.
At its May 16, 2013 meeting, the Foundation
approved the nomination of Chris Jones Harris
as a Trustee. Chris has an excellent record of
service to Huron, including the position of
Chair of the Executive Board.
Huron is most grateful for the commitment,
leadership and service of all its volunteers who
serve on the Foundation, and whose names are
included later in this report. I also wish to thank
my Huron staff colleagues Kristina Stankevich
and Karen Otto, and Neil Carruthers and
Jeff Malone, for their contributions to the
administration of the Foundation.
Our very best wishes from Huron. Thank
you for your belief in Huron and its students
through your endowment, which makes such a
positive difference to the educational experience
and support which Huron can offer its students
as they prepare for the future.
Respectfully submitted,
Ken Andrews
Executive Director
Huron University College Foundation
[email protected]
519.438.7224 ext. 271
5
Key Statistics 2012
Endowment Assets 2008-2012
$8.4
million
2008
$10
million
$11.5
million
2009
2010
$13.2
million
2011
Asset Mix
n Bonds – Canadian
28%
n Canadian Equities
n Foreign Equities
41%
31%
6
$15.2
million
2012
Key Statistics 2012
Return on Investment 2008-2012
16%
9.2%
0.4%
-22.5%
2008
2009
5.6%
2010
2011
2012
$15.37
$15.52
$16.24
2010
2011
2012
Unitization Values 2008-2012
$12.42
2008
$14.20
2009
The unitized value at inception on January 1, 2002 was $10.00.
$2,467,733
Donations 2008-2012
$2,215,772
$1,886,864
$1,565,783
$1,233,065
2008
2009
2010
2011
2012
7
Key Statistics 2012
Areas to which Huron alumni and friends directed their gifts in 2012:
n Scholarships and Bursaries for Arts and
Social Science students (31%)
n S
upport for Theology students and the
Chapel (45%)
n Silcox Memorial Library (2%)
n Facilties (6%)
n Unrestricted donations (11%)
n Other (e.g. for Lecture Series, CommunityBased Learning, Student Volunteer
Service) (5%)
Support for Huron programs and services, segmented
by percentage of endowment assets:
n Arts and Social Science Scholarships
and Awards (27%)
n Arts and Social Science Bursaries (18%)
n Theology Scholarships and Awards (1%)
n Theology Bursaries (17%)
n Faculty Chairs (22%)
n Silcox Memorial Library (4%)
n Campus Preservation (2%)
n International Study (2%)
n Volunteer Service (1%)
n Chapel (0.5%)
n Community-Based Learning (1%)
n Faculty Research Fund (0.5%)
n Teaching Awards (4%)
8
Condensed Statement of Revenue,
Expenditure and Capital
20122011
Donations to Foundation endowments
1,885,836
2,079,534
Donations to Huron annual operations
329,936
388,199
2,215,772
2,467,733
Investment income/(loss)
756,671
206,194
Expenses
(76,312)(81,362)
Total donations
Grants to Huron
(578,666)
(469,903)
Donations disbursed to Huron University College
(329,935)
(388,199)
Total Foundation disbursements
(228,242)
(733,270)
Increase/(decrease) in capital
1,987,530
1,734,463
Capital Fund Balance, beginning of year
13,230,656
11,496,193 Capital Fund Balance, end of year
15,218,186
13,230,656 Unitization:
Effective January 1, 2002, the Foundation unitized its fund balances based on the value
of the underlying investment portfolio. The purpose of the unitization is to facilitate
improved reporting of fund performance to interested stakeholders. The initial unit value
was deemed to be $10 per unit.
The unit value at December 31, 2012 was $16.24.
For more information, please contact:
Ken Andrews
Executive Director, Huron University College Foundation
1349 Western Rd., London ON N6G 1H3
Phone: (519) 438-7224 ext. 271
Email: [email protected]
Fax: (519) 438-5226
9
Huron Funds
Arts and Social Science Funds
Hellmuth Scholarships
•• The Paul Branscombe Memorial Fund
Third-Year Scholarships
•• The BMO Financial Group Scholarship
•• The Colonel Ibbotson Leonard National
Scholarship Fund
•• The John Cronyn Third-Year Scholarship
•• The Principal John Grant Morden National
Scholarship
•• The Catharine Ridley National Scholarship
•• The James R. Shuttleworth Memorial
Scholarship
Scholarships of Excellence
•• The Ian A. Williams Scholarship of
Excellence
Renewable Scholarships
•• The Duncanson Family Scholarship in
History
Fourth-Year Scholarships
•• The Kevin M. Cunliffe Memorial FourthYear Scholarship
•• The Dr. Charles and Mary Jago Fourth-Year
Scholarship in History
•• The London Life Fourth-Year Scholarship in
Management and Organizational Studies
•• The Dr. Don Melady and Mr. Rowley
Mossop Diversity Scholarship
Special Scholarships
•• The Beggs Family Scholarship
•• The Frank Holmes Academic Athlete
Scholarships
•• The Allan Donald Scholarship and Bursary
Fund
•• The Godsoe Family Scholarship of
Distinction
•• The Doris and Owen Foster Scholarship
Entrance Scholarships
•• The Aaron Family Scholarship of
Distinction
•• The Alberta First-Year Scholarship
•• The Mr. and Mrs. P.A. DuMoulin First-Year
Scholarship
•• The Huron Alumni Association 150th
Anniversary Scholarship Fund
•• The Huron Entrance Scholarship Fund
•• The Huron Faculty Entrance Scholarship
•• The Huron University College Foundation
Trustee Scholarship Fund
•• The Elizabeth and Alexander McIntosh
First-Year Scholarship
Second-Year Scholarships
•• The Frank P. Leahy Second-Year
Scholarship
•• The Scotiabank Second-Year Scholarship
10
•• The Frank P. Leahy Third-Year Scholarship
•• The Great Minds, Great Hearts
Scholarships
•• The Seanna and Nicole Strongman
Memorial Scholarships
•• The John and Barbara Wood Business
2257 Scholarship
Entrance Bursaries
•• The Imogene Apps Entrance Bursary
•• The Barker Family Entrance Bursary
•• The CIBC Entrance Bursary
•• The Gibbons Family Entrance Bursary
•• The Joanne Groch Bursary
•• The Huron Entrance Bursary Fund
•• The Ann Kennedy Kedwell Entrance
Bursary
•• McCormick Canada Club House Entrance
Bursary
•• The Schaab Family Entrance Bursary
Bursaries
•• The Marion S. Brown Memorial Bursary
•• The Avis Margaret Alberta Cant Memorial
Bursary
•• The Capes Memorial Bursary
•• The James E. Carr Bursary Fund
•• The Classes of 2005-2012 Bursary Fund
•• The Classes of 2010-2017 Bursary Fund
•• The Diane Donaldson Bursary
•• The P. John Talbot Dykes Memorial
Bursary
Teaching Endowments
•• The W. Galen Weston Fund for British
History
Leadership and Professional
Development Endowments
•• Leadership and Professional Development
Fund
Principal’s Discretionary Endowments
•• The Betsy and Andrew Aziz Principal’s
Discretionary Fund
•• The Huron University College Staff
Bursary Fund
Community-Based Learning Endowments
•• The Community-Based Learning Fund
•• The Irish Benevolent Society Bursary in
Honour of George Mottram
•• The Trish Fulton Community-Based
Learning Fund
•• The Katherine and John Robert Klassen
Bursary
•• The Dr. Kenneth W. Lemon Fund for
Community-Based Learning
•• The Irene Lee Bursary Fund in appreciation
of Dr. John Henderson
•• Willie Mae and William H. Lumpkin Fund
for Community-Based Learning
•• The John and Marie-Luise Lister Bursary
Fund
•• Michael and Sandra Prior CommunityBased Learning Fund
•• The Margaret Lucas Bursary
•• The E.M. Kennedy and Mary Thomson
Fund for Community-Based Learning
•• The Judith McMurrich Memorial Bursary
•• The Carol Micak Lucas Bursary
•• The Andrew and Heather Mitchell Bursary
in Memory of George Leslie Mitchell
Volunteer Service Endowments
•• Karen Prieur Volunteer Service Fund
•• Janet Stewart Volunteer Service Fund
•• The Barry Mitchelson Student Leadership
Bursary
•• The Waugh Family Volunteer Service Fund
•• The Stewart Moore Bursary
International Study Endowments
•• Patricia Boucher Memorial International
Exchange Travel Grant
•• The Phair Family Bursary
•• The Robert and Evelyn Porter Bursary
•• The Shawn Prendergast Memorial Bursary
Fund
•• The Raymond Family Bursary Fund for
Huron County Students
•• The Kevin Ross Memorial Bursary Fund
•• The Ian and Sophie Skaith Scholarship
and Bursary Fund
•• The Alex Veresezan Memorial Bursary
Fund
•• The Maude and John Winder Bursary
•• Hugh B. and Dorothy Rooney International
Travel Bursary
•• The Scotiabank Fund for International
Education
•• Nancy and Keith Sumner Fund for
International Studies
Lecture Funds
•• The Douglas and Margaret Derry
Interdisciplinary Lectures
•• The Chander Jain Lecture Series
Endowment
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Faculty Research Endowments
•• The Faculty Research Project Fund
•• The Charles Nesbitt-Larking Faculty
Research Fund
•• The McGorman Family Faculty
Development Fund
•• The Mary J. Wright Research Fund in
Psychology
Awards Recognizing Academic
Achievement
Gold Medal Awards
•• The Caleb J. Hayhoe Jr. Award for Gold
Medal Students
French and Asian Studies
•• The Chinese Language Prize
•• The Leigh Clarke Prize for French
2900
•• The Michael Klementowicz and
Yolande Chicoine Klementowicz Prize
in French 1910
•• The Cornelia Maria van der Wel Prize
in French 2600
Global Studies
•• Roland Vishnu Award in Global Studies
History
•• The Jack Blocker Prize in U.S. History
•• The Gary Owens Prize in British
History
•• The John Gordon Rowe Prize in
History 1801E
Mathematics
•• The Eddy Smet Mathematics Prize
Philosophy
•• The Jamie Grant Morden Prize in
Religious Studies 2130
•• The Mr. and Mrs. Benno Schachter
Memorial Prize in Philosophy
•• The Walker Family Memorial Award
12
Psychology
•• The Professor Frederick Walter Burd
Prize in Psychology
•• The Professor Mark R. Cole Award in
Experimental Psychology
•• The Sabina Cole Memorial Prize in
Biopsychology
•• The Dr. Stephen Erdle Award in
Quantitative Psychology
•• The Dr. Nelson Heapy Award in Social
Psychology
•• The Dr. Moira Sansom Award for
Excellence in Psychological Research
Awards Recognizing Academic
Achievement, and/or Community
Leadership
•• The Richard Clarke Leadership Fund
•• The Most Rev. Terence E. and Alice Jean
Finlay Award for Community Leadership
•• The Sarah Ann Martin Memorial Award
•• The Jordan Propas Memorial Award
•• The Sharon Robertson McKillop and
Mary Buckingham Smith Residence and
Student Life Awards
•• The David H. M. Stewart Memorial Award
•• The Nelson Viglianti Memorial Mature
Student Award
Awards for Excellence in Teaching
•• The John and Gail MacNaughton Prize for
Excellence in Teaching
Theology Funds
•• The Deanery of Saugeens Bursary
•• The Deanery of Waterloo Bursary
Chairs
•• The Huron-Lawson Chair in Pastoral
Theology
•• The Clark and Mary Wright Chair in New
Testament Theology
•• The London and Windsor Community
Chair in Islamic Studies
Scholarships
•• The Brotherhood of Anglican Churchmen
Scholarship in Old Testament Studies
•• The Huron Alumni Association 150th
Anniversary Scholarship Fund
•• The Huron University College Entrance
Scholarship
•• The John Morden Theology Scholarship
•• The St. Mark’s by-the-Lake Church
Scholarship for Christian Leadership
•• The Deanery of Wellington Bursary
Bursaries supported by Alumni, Friends
and Students
•• The Huron Theology Bursary Fund
•• The Jane Acres Bursary Fund for Mature
Students
•• Chancellor Stephen N. Adams Q.C.
Bursary for Theological Students
•• The Ken and Mary Lou Anderson Bursary
•• The Bishop Hellmuth Chapter IODE
Bursary
•• The Rev’d Arthur G. Brewer Bursary
•• The Brotherhood of Anglican Churchmen
Bursary
•• The Avis Margaret Alberta Cant Memorial
Bursary
•• The Wendy Carrière Theological Bursary
Bursaries supported by Churches
•• St. George’s (London) Anglican Church
Bursary Fund
•• The Benjamin Cheung Theology Bursary
•• St. John’s-by-the-Lake Anglican Church
Bursary
•• The Classes of 2005-2012 Bursary Fund
•• St. John the Divine (Arva) Bursary Fund
•• The Archdeacon Ken Conyard Bursary
Fund
•• St. Martin-in-the-Fields Anglican Church
Bursary
•• St. Michael and All Angels 50th
Anniversary Bursary Fund
•• St. Paul’s Cathedral Bursary
Bursaries supported by Deaneries
•• The Deanery of Brant/Norfolk Bursary
•• The Deanery of Brough Bursary
•• The Deanery of Delaware Bursary
•• The Deanery of Essex Bursary
•• The Deanery of Huron Bursary
•• The Deanery of Kent Bursary
•• The Deanery of Lambton Bursary
•• The Archdeacon A. E. (Mickey) and Betty
Chovaz Bursary
•• The Classes of 2010-2017 Bursary Fund
•• The Canon A.S.H. Cree Memorial Bursary
Fund
•• The Diocese of Huron 150th Anniversary
Bursary
•• The Diocese of Huron Church History
Bursary
•• The Canon Lewis Dixon Memorial Bursary
•• The Nicholas C. Georgas Bursary
•• The Archdeacon Bill and Ruth Gray
Bursary
•• The Rt. Rev. Bruce H.W. and E. Jane Howe
Bursary
•• The Deanery of Medway Bursary
•• The Irish Benevolent Society Bursary in
Memory of John B. Carson
•• The Deanery of Oxford Bursary
•• The Rev. Charles L. Langford Bursary
•• The Deanery of Perth Bursary
•• The Doris Langford Bursary
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•• The Miggsie Lawson Memorial Bursary
•• The Order of St. Lazarus Bursary
•• The Marion Orser Bursary
•• The Rt. Rev’d Dr. Geoffrey Parke-Taylor
Bursary
•• The John and Christopher Peck Bursary
Library Endowments
•• The Silcox Memorial Library Endowment Fund
•• The Dan and Barbara Amadori Library Fund
•• The Andrews Family Library Fund
•• The Beeston Family Library Fund
•• The SJS Bursary in Theology
•• The Marsha DeFore Library Fund
•• The Reverend Grace Schaefer Memorial
Bursary
•• The DeLuca Family Library Fund
•• The Jones Packaging Inc. Library Fund
•• The George and Anastasia Scharf Bursary
•• The Marion and Earl Orser Library Fund
•• The Robert K. Sheridan Memorial Bursary
Fund
•• The Beverley Paterson Wood Library Fund
•• The Jane and Stuart Smith Bursary
•• The Jeffrey and Maureen W. Singer Library
Fund
•• The James and Beverly Thompson
Bursary
•• The Paul and Sara (nee Willis) Smith Library
Fund
•• The Bishop Townshend Bursary
•• The Margaret Westgate Library Fund
•• The Townshend Family Bursary Fund
Campus Preservation Endowments
•• The Trivitt Memorial Bursary for the
Transcultural Learning Program
•• The Rev. Dr. Alistair Weir Theological
Bursary
•• The Rev. Canon Ernest Wells Bursary Fund
Awards
•• The Irish Benevolent Society Prizes
•• The John Cronyn Family Endowment
•• The Rose Dotten Spring Flower Fund
•• The McKeough Maintenance Endowment
Chapel Endowments
•• The Huron Chapel Ministry Fund
•• The Very Rev. Leslie B. Jenkins Prize in
Systematic Theology
•• The Revd Canon Sidney and Mary Lupton
Chapel Fund
•• The Rev. Dr. D. Jay Koyle Prize in Liturgics
•• The Archdeacon Harry St. Clair Hilchey and
Archdeacon Benjamin J. Thorpe Chapel Fund
•• The Archbishop Michael Peers Prize in
Biblical Languages
•• St. John’s-by-the-Lake Anglican Church
Award in Youth Ministry
•• The Rev. Canon Logan and Mrs. Gail (Hubbard
’69) Varey Chapel Fund
Huron Alumni Endowments
•• Huron Alumni Fund – 1950s
•• Huron Alumni Fund – 1960s
•• Huron Alumni Fund – 1970s
•• Huron Alumni Fund – 1980s
•• Huron Alumni Fund – 1990s
•• Huron Alumni Fund – 2000s
As of August 14, 2013
14
Huron University College Foundation
left to right: Neil Carruthers (Treasurer), Bob Rubinoff, Ken Andrews (Executive Director),
Steve Wilson, John Leitch, Rea Godbold, Lana Phair-Sutherland, Mary Thomson,
Keith Sumner (Past President), Darcy McKeough (Past President), Dr. Stephen McClatchie
(Principal), Kelly Hansen (Chair, Investment Committee), Jim Thompson, Richard Lucas (President
and Chair, Nominating Committee), Bill Stewart, Dan Amadori, Peter Fullerton (Chair, Audit
Committee)
Regrets: Bishop Robert Bennett, Jim Carr, Don Letton, Brian McGorman, Doug Raymond,
Stuart Smith (Past President), Peter Theophilos
15
Huron University College Foundation Trustees
Trustees
Ex-officio Trustees (voting members)
Richard Lucas, President and Chair,
Nominating Committee
Principal – Dr. Stephen McClatchie
Kelly Hansen, Chair, Investment Committee
Peter Fullerton, Chair, Audit Committee
Dan Amadori
James E. Carr
Rea Godbold
Chris Jones Harris
John Leitch
Brian McGorman
Doug Raymond
Robert A. Rubinoff
William R. Stewart
Chair of the Corporation – The Rt. Rev.
Robert F. Bennett
Chair of the Executive Board – Don Letton
Honorary Trustees (non-voting)
Presidents Emeriti:
W. Darcy McKeough
Stuart Smith
Investment Committee
Community Members
Ian Jeffreys (ex-officio)
Andrew Mitchell
Fred Negus
Michael Schaab
Ex-officio (non-voting)
Keith Sumner
Executive Director – Ken Andrews
Peter Theophilos
Treasurer – Neil Carruthers
James G. Thompson
Mary Thomson
As of May 16, 2013
Steve Wilson
H uron U niversity C ollege foundation
1 3 4 9 W estern R oad , L ondon , O ntario N 6 G 1 H 3
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