Skule Endowment Fund Refund Please read this document in its entirety
A $100 contribution to create a Skule™ Endowment Fund was initiated in 2011 following a referendum
to that effect. The Skule™ Endowment Fund is modeled after the Waterloo Engineering Endowment
Fund (WEEF) which has been in existence since 1990 as a $75/semester fee. The capital is kept in a high
interest savings account and used to fund capital projects for clubs and Engineering Education.
Where is my money right now?
Endowment Fund contributions are pooled into the University of Toronto Endowment Fund. At the end
of the year, the Engineering Society receives a report of the earning and can allocate or keep the
interest. It is our intention to only disburse the interest unless a large and rare project requires use of
the capital. You can check out the yearly reports and earnings by visiting UTAM’s website (University of
Toronto Asset Management)
What is the Intention?
The intention is to eventually replace the Engineering Society Special Levy – which has been in existence
for 31 years – with a more permanent fund which does not require student contributions in the long
run. The Endowment also attracts Alumni donors to give to the Engineering Society & the Faculty of
Applied Science and Engineering.
Why would this be a good place to donate $100?
There are 3 main answers to this question
1. The allocations are 100% decided by students. You have a voice in determining how a portion of
your student fees are spent.
2. The permanent Skule™ Endowment Fund will give back to Student Clubs, a gap that has long
been identified with the yearly Special Levy.
3. The administration overhead of the Endowment is absorbed by the Engineering Society – so
your donation is entirely endowed.
What happens if I apply for a refund of my donation?
By refunding your donation, you lose the priviledge of participating in the funds governance and
disbursements. In the near future, there may be talks to allocate a portion of the interest and funds to
Site 10 or to general common room improvements, student life improvements or lab improvements and
you will not be able to participate. What’s more, every refund will go against the goal of replacing the
levy fund (the Levy Fund was reduced by $25 this year for example).
How do I get a refund?
Fill out the form attached and you will be cut a cheque in the near future. In future years, we will
explore the possibility of refunding you directly through ROSI – such that the donation & refund process
does not affect students at all.
When can I expect my refund?
This depends on the amount of refund cheques we need to cut. However, you will be emailed before
the end of exams to pick up your cheque from the Engineering Society Office and you must cash it in
before May 31st.
When is the last day to obtain a refund?
You may only apply for a refund from March 11, 9am – March 22, 5PM. The Engineering Society office
will be open during regular business hours.
Who can obtain a refund?
Any student can obtain a $50 for every semester enrolled as a full-time student in the 1T2 – 1T3
academic year for a total of $100. Refunds for next year’s endowment fund will be made available in
October 2013.