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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 currently consist of four funds:

  • the CMS Endowment Fund
  • the Mathematical Olympiads Fund
  • the David Borwein Distinguished Career Award Fund
  • the CMS Blair Spearman Doctoral Prize 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 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 endowed 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 the current 30% - Canadian Real Return Bond, 15% - Canadian Equities, 30% - Global Equities , and 25%- Canadian Short Term would be appropriate.

CMS Endowment Fund

The CMS Endowment Fund is to be used to provide annual revenue for the support of 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 and Territorial 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-curricular 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 and the European Girls 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. Funds will be transferred from the Olympiad Fund to cover any deficits resulting from the CMS competitions.

David Borwein Distinguished Career Award Fund

The David Borwein Distinguished Career 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.

CMS Blair Spearman Doctoral Prize Fund

The CMS Blair Spearman Doctoral Prize Fund is to be used to provide annual revenue for the CMS Blair Spearman Doctoral Prize which recognizes outstanding performance by a doctoral student who graduated from a Canadian university in the preceding year.

The CMS Blair Spearman Doctoral Prize consists of a framed certificate, an award of $2,000, a two-year membership with the CMS, and the opportunity to present a plenary lecture at a CMS meeting.

Should circumstances be such that the annual income is not sufficient to meet the expenses associated with the CMS Blair Spearman Doctoral Prize, the award will be funded through the capital.

The CMS Blair Spearman Doctoral Prize 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 and use the annual income from the Fund to the best advantage of the CMS for other purposes consistent with the spirit and intent of the Spearman Family’s donation.


next up previous
Next: CMS Prizes and Awards Up: Terms_of_Reference Previous: Legacy Fund