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Education Foundation
The Chartered Accountants' Education Foundation of Newfoundland, Inc.
Financial History | Scholarships and Awards | Board of Directors
The Chartered Accountants' Education Foundation of Newfoundland, Inc., was incorporated under the Newfoundland Corporations Act on January 31, 1991. The Foundation is registered with the Canada Revenue Agency as a charitable foundation. A Board of Directors governs the Foundation. The Foundation's mission is:
To promote excellence in accounting through strengthening resources to support accounting education and the education of Chartered Accountants.
Financial History of the Foundation
The Foundation was initially capitalized by contributions from the National CA firms, individual members and CA Newfoundland. For several years until 2001/02 CA Newfoundland levied a $25 assessment on all members to fund the CA Education Foundation.
In 2009 the CA Education Foundation (CAEFN), in conjunction with the ICANL Board, made a decision to enter into a new strategic partnership with the Faculty of Business Administration at Memorial University of Newfoundland. MUN’s Faculty of Business and Chartered Accountants in this province have had a long ongoing relationship which the Foundation would like to further enhance over the next 10 years. Over the next 10 years the CAEFN will be committing $350,000 in funding to the Faculty of Business. The funds will be provided though a combination of member contributions provided through a special assessment of $50 annually, and the ongoing fundraising activities of the CAEFN.
As a result of this new partnership the CAEFN will be working with the Faculty of Business to undertake a number of initiatives including:
• Creation of a CA Competency Development Fund. This fund will be used to assist students and faculty in the development of accounting and finance competencies. This will help to ensure that our students develop the knowledge and skills necessary to successfully prepare for and complete the CA education program upon graduation.
• Funding for student activities. Activities will include a special sponsorship of the very successful Students in Free Enterprise “SIFE” team. In addition to a sponsorship of the SIFE organization, ICAN members will be working with SIFE directly on its newest program – “Based in Business”.
• Support for CA Representative on Campus. The role of the CA representative on campus will be to liaise with ASCA, ICAN and students to ensure that students have up to date, first hand information about the CA Program.
The decision to make such a significant commitment to the University was not undertaken lightly. In assessing the decision, both the Foundation and the ICANL Board realized the need to ensure that the best and brightest students continue to be attracted to the CA profession. As well, there was a realization that, as our profession continues to change, Faculty members require the necessary support to ensure that accounting students at MUN are prepared to face the challenges of our professional program. Both the CAEFN and the Board realize they have made a significant commitment on behalf of the membership but both groups sincerely believe that by entering into this partnership Chartered Accountants can work together to make a meaningful contribution to accounting education in the province.
The CA Education Foundation also manages the funds of the Roberta L. Hunt, CA, Memorial Award Fund as directed by the donors who designated how the funds are to be used.
Since its inception and up to April 30, 2008 the general funds of the Foundation have provided the following contributions in support of its mission:
Undergraduate scholarships | $37,500 |
Doctoral support payments | $34,990 |
Student resource materials and representation on campus | over $13,000 |
Contribution to Memorial University | $117,350 |
In 1998, the Foundation donated and pledged $100,000 to Memorial University of Newfoundland's Opportunity Fund to provide funding for annual undergraduate scholarships to students of the School of Business Administration under terms of reference agreed upon by the Foundation and Memorial University. This contribution has allowed the creation of five annual scholarships totaling $7,750 ranging in value from $1,250 to $2,000 each. Investment returns in recent years have not been sufficient to maintain scholarships at their current level without depleting the endowment fund. Accordingly additional contributions of approximately $3,500 are required each year.
Roberta L. Hunt, CA, Memorial Award Fund
Since 1996 the fund has awarded $1,000 annually to a new Chartered Accountant who has achieved the highest average mark on the professional program courses offered by ASCA from among Newfoundland candidates. The St. John's partners of PricewaterhouseCoopers LLP and other professional colleagues of the late Roberta L. Hunt, CA created the aware in recognition of her contribution to the Chartered Accountancy profession. It continues to be funded by the St. John's partners of PricewaterhouseCoopers LLP.
Sharon Forsey, CA - Chair
Boyde Clarke, CA – Vice-Chair
Andrea Holloway, CA - Treasurer
David Baird, FCA
Jim Cavanagh, FCA
Mark Cook, CA
Krista Fowler, CA
Wilfred Zerbe, PhD.
Brian Groves, CA
MaryBeth Handrigan
Matthew Lewis, CA
Roy Naugler, CA
Tashia Batstone, CA Recording Secretary