2021/Dec/23
Postponement of January lunch, update on the scholarship fund and identification of the latest scholarship recipient.
Newsletter Dec 23, 2021
Hi guys,
Here are a few quick updates for you…
Brian Blackwell advises that because of the current COVID situation, he is postponing his trip to the centre of the universe (Ontario) until March. So, the January lunch is cancelled. We will keep you posted on possible class lunch opportunities as March approaches.
At our October lunch Bob Taylor reported on the status of the scholarship fund. He indicated that current pledges amount to approximately $47,000. This is sufficient to endow the fund (minimum of $40,000) which means that income earned will accrue to the fund. The surplus will be held in trust.
Some discussion followed related to:
- the possibility/feasibility of raising the amount of the scholarship from $1,000 to $2,000 - the possibility/feasibility of offering 2 scholarships.
Bob has done his homework with Prachi Surti at the University and the response is below. Given that now is the time for tax planning, if you are making a contribution to the scholarship fund and wish to do it online here is the link:
Designation: Other Fund
Enter Fund Name: Class of ’70 Chemical Engineering Scholarship
Chem Eng Scholarship Recipient
We are pleased to report that there is a new scholarship recipient, Steph Zafiu. There ie information about Steph from Prachi Surti below.
Class of 1970 Chemical Engineering Scholarship
Objective: To get the endowment principal to $140,000 so it can support two scholarships of $2000 each assuming an annual payout rate of 3%. This will be accomplished in two stages. The first stage will focus on getting to the $70,000 endowment principal which will make the first scholarship sustainable from the endowment. Once that goal is reached, we will work towards raising another $70,000 to make the second scholarship sustainable.
Plan/Strategy to achieve the above objective:
- Total funds raised by the Class of 1970 as of December 2021 = $46,000. Of this amount, $40,000 will be used to establish the endowment and $6000 will be held in the trust account to top-off the payout generated by the endowment. Assuming the payout rate of 3%, the endowment will generate about $1200, and we can use $800 from the expendable trust account to support one scholarship of $2000. At this rate, the expendable trust account will support top-ups for about 7 years.
- Any new donations received in the next few years will be deposited into the endowment principal to reach the threshold of $70,000 asap to make the first scholarship sustainable from the endowment.
- After the first scholarship becomes sustainable, we will start giving out the second scholarship from annual donations saved in the trust account. The goal will be to save just enough money in the trust account to support the second scholarship and transfer the rest of the balance to the endowment principal to reach the $140,000.
Prachi Surti advises as follows:
I am reaching out to share that the 2021-22 recipient of the Class of 1970 Chemical Engineering Scholarship is Steph Zafiu who is currently in 1A Chemical Engineering.
I have reached out to Steph to get some background information and aim to share those details shortly so you can share with the rest of the group or in your newsletter.
Your gift makes an impact. An undergraduate student recently expressed appreciation for the assistance offered by a generous donor during the current challenging time, sharing:
“I feel so lucky to be studying at one of the most prestigious engineering schools in the world! The innovative atmosphere and value of experiential learning were my top motivations for choosing Waterloo. This term was not without its challenges, namely, adjusting to university in a pandemic. However, this award reminded me that I deserve to be here and that I am capable of accomplishing amazing things through hard work and resilience…This award has contributed to the opportunities I've been given so far and I'm very grateful for the personal growth that has come out of them. Thank you for believing in me.”
Thank you so much for your continued commitment towards this scholarship fund.
Have a lovely day.
Prachi Surti (she/her)
Director, Development & Alumni Relations
Mobile: 519-581-8268 https://www.linkedin.com/in/prachisurti/
200 University Avenue West, E7 7338 Waterloo, Ontario, Canada, N2L 3G1
We always welcome feedback on the newsletter, its contents, news updates, scholarship fund, etc. So let us know how we are doing. In a similar vein, if you have any news you would like us to pass on to your classmates, we offer that service too.
We wish you and yours a happy and safe holiday season, and look forward to better things to come in the New Year!!
Tom & Vic
Hi guys,
Here are a few quick updates for you…
Brian Blackwell advises that because of the current COVID situation, he is postponing his trip to the centre of the universe (Ontario) until March. So, the January lunch is cancelled. We will keep you posted on possible class lunch opportunities as March approaches.
At our October lunch Bob Taylor reported on the status of the scholarship fund. He indicated that current pledges amount to approximately $47,000. This is sufficient to endow the fund (minimum of $40,000) which means that income earned will accrue to the fund. The surplus will be held in trust.
Some discussion followed related to:
- the possibility/feasibility of raising the amount of the scholarship from $1,000 to $2,000 - the possibility/feasibility of offering 2 scholarships.
Bob has done his homework with Prachi Surti at the University and the response is below. Given that now is the time for tax planning, if you are making a contribution to the scholarship fund and wish to do it online here is the link:
Designation: Other Fund
Enter Fund Name: Class of ’70 Chemical Engineering Scholarship
Chem Eng Scholarship Recipient
We are pleased to report that there is a new scholarship recipient, Steph Zafiu. There ie information about Steph from Prachi Surti below.
Class of 1970 Chemical Engineering Scholarship
Objective: To get the endowment principal to $140,000 so it can support two scholarships of $2000 each assuming an annual payout rate of 3%. This will be accomplished in two stages. The first stage will focus on getting to the $70,000 endowment principal which will make the first scholarship sustainable from the endowment. Once that goal is reached, we will work towards raising another $70,000 to make the second scholarship sustainable.
Plan/Strategy to achieve the above objective:
- Total funds raised by the Class of 1970 as of December 2021 = $46,000. Of this amount, $40,000 will be used to establish the endowment and $6000 will be held in the trust account to top-off the payout generated by the endowment. Assuming the payout rate of 3%, the endowment will generate about $1200, and we can use $800 from the expendable trust account to support one scholarship of $2000. At this rate, the expendable trust account will support top-ups for about 7 years.
- Any new donations received in the next few years will be deposited into the endowment principal to reach the threshold of $70,000 asap to make the first scholarship sustainable from the endowment.
- After the first scholarship becomes sustainable, we will start giving out the second scholarship from annual donations saved in the trust account. The goal will be to save just enough money in the trust account to support the second scholarship and transfer the rest of the balance to the endowment principal to reach the $140,000.
Prachi Surti advises as follows:
I am reaching out to share that the 2021-22 recipient of the Class of 1970 Chemical Engineering Scholarship is Steph Zafiu who is currently in 1A Chemical Engineering.
I have reached out to Steph to get some background information and aim to share those details shortly so you can share with the rest of the group or in your newsletter.
Your gift makes an impact. An undergraduate student recently expressed appreciation for the assistance offered by a generous donor during the current challenging time, sharing:
“I feel so lucky to be studying at one of the most prestigious engineering schools in the world! The innovative atmosphere and value of experiential learning were my top motivations for choosing Waterloo. This term was not without its challenges, namely, adjusting to university in a pandemic. However, this award reminded me that I deserve to be here and that I am capable of accomplishing amazing things through hard work and resilience…This award has contributed to the opportunities I've been given so far and I'm very grateful for the personal growth that has come out of them. Thank you for believing in me.”
Thank you so much for your continued commitment towards this scholarship fund.
Have a lovely day.
Prachi Surti (she/her)
Director, Development & Alumni Relations
Mobile: 519-581-8268 https://www.linkedin.com/in/prachisurti/
200 University Avenue West, E7 7338 Waterloo, Ontario, Canada, N2L 3G1
We always welcome feedback on the newsletter, its contents, news updates, scholarship fund, etc. So let us know how we are doing. In a similar vein, if you have any news you would like us to pass on to your classmates, we offer that service too.
We wish you and yours a happy and safe holiday season, and look forward to better things to come in the New Year!!
Tom & Vic