The OCUF Board of Directors review our numerous donor funds on an annual basis to ensure we are administering the funds in the spirit in which they were established and to ensure compliance with CRA requirements.
As part of the annual review, three funds had fallen dormant and it was decided to amalgamate these funds into the CU Succeed Your Bursary Fund as the funds had encouraged educational support. The CU Succeed Youth Bursary Permanent Capital Fund was established in 2019 to recognize the foundation’s 40 years serving the credit unions of Ontario. The fund assists post-secondary students in pursuing their academic, vocational, or technical education.
We didn’t want to let these fund legacies go without recognition.
The Gary Gillam Memorial Fund was established in 1988 by the Credit Union Executives Society (CUES). In 1994, the name of the fund was changed in memory of Gary Gillam, CEO of Universities and Colleges Credit Union, who died in 1993.
The Norman Alexander Memorial Bursary Fund was established in 1987 with funds donated in the will of Eileen Taylor Alexander to honour her late husband, Norman Alexander, the fund’s initial purpose was to provide scholarships to aid young men who are without fathers to help further their education.
The George Currie Memorial Fund was established in 1997 by the Hamilton & District Credit Union in memory of George Currie, a strong supporter of the credit union for many years. We are always open to discussing the establishment of permanent capital or community investment funds for your credit union or cooperative.