The Trent University Board of Governors held its second regular meeting of the academic year on October 4, 2019.
Appointment of Governor Emeritus
Trent University’s Board of Governors approved the appointment of Stephen Kylie as governor emeritus of Trent University effective July 1, 2020. This honorific title is reflective of Mr. Kylie’s exemplary service to the Board and the University, ambassadorship of Trent University, and capacity to continue to add value to the University moving forward.
Vision Approved for Future Elder Care Village
The Board of Governors agreed to support in principle the vision and direction for the development of an elder care village on Trent lands as it relates to the strategic objectives relating to pursuing academic and research collaborations, providing experiential learning, and generating sustainable revenue streams. The Ontario Ministry of Health and Long-Term Care has recently released a call for applications for long-term care bed licenses, and Trent will be seeking a partner to build and operate a long-term care and elders village on Trent lands. Trent University is uniquely positioned for a purpose-built, long-term care complex that will meet the growing demand for long-term care beds in Peterborough and will provide innovations in teaching and research to develop promising practices.
Student Entrepreneur Awarded 2019 Board of Governors’ Leadership Scholarship
Board members heard a presentation from first-year student Maggie Drover, the recipient of this year’s Board of Governors Leadership Scholarship. Originally from Labrador City, Newfoundland, Ms. Drover shared that she feels that receiving the scholarship shows that her hard work is paying off stating, “I am grateful to be recognized outside of my community. The scholarship is going to help so much at university.” Prior to starting at Trent as a student in the Medical Professional Stream, Ms. Drover has had a number of impressive accomplishments, including launching a charity, running her own business, representing the Labrador City Recreation Commission, and fundraising for Heart and Stroke, Epilepsy and Red Shield. As the 26th recipient of the Board Leadership Scholarship, Ms. Dover receives a renewable scholarship worth up to $18,000 ($4,500/year).
Changes to Investment Strategy and Distribution Rate for Endowment Fund
The Board agreed to a revised asset mix and distribution rate for the University endowment funds. This updated strategy is in response to a continued low interest market, and seeks to manage risk and balance the Board’s commitment to ensuring the long-term growth of the endowment fund, while making prudent decisions to maintain donor confidence and provide stability in annual distributions. The new asset mix incorporates greater equities, whilst adopting a distribution rate of 3.5% of rolling four year market returns (from the current 4%), to be reviewed annually in the context of market returns.
Approval of 2018/19 Financial Statements
The Board reviewed and approved the audited financial statements for fiscal year 2018/19 and noted that the financial statements present fairly, in all material respects, the financial position of the University as of April 30, 2019. The Operating Fund ended the fiscal year with a deficit of $1.5 million after $4.2 million in net appropriations for strategic initiatives and $3.3 million in contributions to endowments. This financial result was primarily due to the lack of enrolment growth funding, which was not funded in 2018/19 as it was in 2017/18.
Board Receives Update on Sexual Violence Policy
The Board received an update and training on the University’s sexual violence prevention and intervention policies. The update included summaries of the policies and approaches adopted by the University, focused on supporting the Trent community through prevention, intervention and community education.
About Trent University
One of Canada's top universities, Trent University was founded on the ideal of interactive learning that's personal, purposeful and transformative. Consistently recognized nationally for leadership in teaching, research and student satisfaction, Trent attracts excellent students from across the country and around the world. Here, undergraduate and graduate students connect and collaborate with faculty, staff and their peers through diverse communities that span residential colleges, classrooms, disciplines, hands-on research, co-curricular and community-based activities. Across all disciplines, Trent brings critical, integrative thinking to life every day. Today, Trent's unique approach to personal development through supportive, collaborative community engagement is in more demand than ever. Students lead the way by co-creating experiences rooted in dialogue, diverse perspectives and collaboration. In a learning environment that builds life-long passion for inclusion, leadership and social change, Trent's students, alumni, faculty and staff are engaged global citizens who are catalysts in developing sustainable solutions to complex issues. Trent's Peterborough campus boasts award-winning architecture in a breathtaking natural setting on the banks of the Otonabee River, just 90 minutes from downtown Toronto, while Trent University Durham Greater Toronto Area, delivers a distinct mix of programming in the east GTA.
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