The Foundation holds endowment funds for investment.
Until such time as net assets exceed $500,000 the Foundation shall invest its funds as follows:
- There must be minimal risk to principal.
- Investments shall not have a maturity exceeding 10 years.
- Any single GIC shall not be more than $35,000.
- Investments shall be restricted to interest bearing financial instruments.
- Bond purchases shall be restricted to bonds issued by Federal, Provincial or Municipal governments or agencies of these governments or to corporate bonds rated AA or better.
- Local investing will be supported if possible.
- The Foundation shall at all times strive to maximize returns on its investments in GIC’s staggering maturities if possible.
- This policy shall be reviewed at least annually by the Foundation Board.
- The Board of Directors must confirm or amend this policy annually by motion in the minutes of a Directors’ meeting.
- This policy is effective as ((date approved)) and shall remain in effect until otherwise amended or terminated pursuant to a Board of Directors resolution.