Newmarket Rotary Charitable Foundation
At Tuesday's meeting, Brian McMath provided an update on the activities of the Newmarket Rotary Charitable Foundation.
The update was preceeded by John Meadowcroft giving members present a little history of the Foundation. John told us that the formation of the NRCF took place during his presidency, driven by the need for a sustainable fundraising mechanism beyond the annual Circus Quirkus event. The initial goal was to raise a million dollars, which has been surpassed, with funds raised through successful dinners like America's Cup and World Cup rugby dinners. John noted that the NRCF will come into its own in the current financial year due to a slight downturn in fundraising and increasing demand for support.
Following John's comments Brian talked about the evolution of the NRCF, allowing for multiple-year projects, which is a benefit and a strength of the foundation. The NRCF allows for ongoing commitments to projects, even when the board changes annually, providing stability. Brian talked about the founding trustees and the sustainability of fundraising, particularly the Circus Quirkus event, which does need ongoing review.
Brian noted that the NRCF has supported various initiatives, including the Ross Craig Oncology Ward and the MAPAS Award, named after Harold Titter. Brian detailed the Ross Craig Oncology Award, which was initially set up to support a building at Starship but evolved into a general oncology award.
The Mappas Award, named after Harold Titter, supports the top student in the certificate of Health Sciences, focusing on Maori and Pacific Island students.
Brian mentioned the Social Enterprise Kickstarter initiative provided a $10,000 award to a social enterprise of immigrant women, which has continued to support their work.
Brian went on to talk about managment of the NRCF investments. Initially the trustees relied on Richard Solomon for advice but in 2024 the decision was made to transition to a discretionary Investment Management Service (DIMS) making investment decisions easier and more transparent. All advances from funds held by the NRCF go through Rotary Club of Newmarket, with significant donations to the university, including $750,000 for the Neurological Foundation. These donations mean that the NRCF has been inducted into the Sir Douglas Robb society for donations over $100,000, highlighting its significant contributions. The club's budget for the current year includes a request for $85,000 from the NRCF to support various activities.
Brian then provided an update on the current portfolio its value, annual income for distribution, and asset allocation, emphasizing the importance of international shares for growth. He noted that within the body of the capital of the NRCF there are various funds, including the Daphne Snell Fund, the Oncology Endowment Fund, and the John Burton Family Fund. The total donations from the NRCF includes significant contributions from the Chenery and Lois Dalley trusts, with a total of $190,890. Brian told us that the NRCF has distributed $675,000 over the years, with minimal expenses, and plans to continue supporting ongoing commitments and strategic partnerships.
Before concluding Brian noted the challenges facing the NRCF, including it's sustainability and the need for ongoing commitment and strategic partnerships. He noted the club faces challenges in maintaining intellectual property and knowledge transfer as the executive team changes annually. He also noted the need for ongoing support and strategic partnerships, particularly with the university, to ensure the success of various awards and initiatives.
Tuesday's session was a useful reminder for members about the NRCF and what it does. Brian's parting comment was that the NRCF is looking for funding applications, so if members have any causes that may meet the advancing criteria of the NRCF, an application for funding should be considered.