Lögberg-Heimskringla - 26.09.2003, Page 5

Lögberg-Heimskringla • Föstudagur, 26 september 2003 • page 5
FRÉTTIR • NEWS
VIP Fund Over the Top
Report from the Valuing Icelandic Presence Fund Committee June, 2003
Richard Johnson, Chair
WlNNIPEG, MB
On May 22, 2003, Dr. Ken
Thorlakson advised the
members of the VIP Millennium
Campaign Cabinet that a dona-
tion recently received put the
total funds, pledged and con-
tributed, over the initial cam-
paign objective of $1,650,000.
While that campaign formally
ended on December 31, 2000
with about 95% of the objective
reached, subsequent contacts
and donations have now com-
pleted that first phase. That is
good news indeed!
The Valuing Icelandic Pres-
ence (VIP) Fund is a permanent
account at the University of
Manitoba that was established to
receive donations from the Valu-
ing Icelandic Presence (VIP)
Millennium Campaign and any
continuing and future funds des-
ignated to support both the
Department of Icelandic and the
Icelandic Collection at the Uni-
versity of Manitoba. Power to
approve any and all uses of the
Capital and Disbursable Income
from the Fund’s account is vest-
ed in a unique committee, the
Valuing Icelandic Presence
(VIP) Fund Committee. This
Committee comprises four
members from the University,
four from the Icelandic Commu-
nity and a non-voting Chair. The
authority granted to such a
group is thought to be unique for
the University. At each of its
meetings, the Committee has
received and discussed reports
from the Department, from the
Collection and from the VIP
Millennium Campaign. While it
has not met three times a year as
originally anticipated, discus-
sions have been open and
informative to both” town” and
“gown” representatives, thereby
fulfilling the purpose of bring-
ing the two together for the ben-
efit of all.
The Terms of Reference of
the VIP Fund require that:
After three complete years of
disbursements and no later than
within five such years, and sub-
sequently at least once in each
five year period, the Committee
shall undertake a comprehen-
sive review of the use of the
Fund during the initial and sub-
sequent periods, respectively,
provide a report on its assess-
ment of how well the use of the
Fund has achieved the stated
purposes for it and recommend
any changes to these Terms of
Reference including changes to
the purposes of the Fund. The
Committee shall give this
assessment what it considers
appropriate distribution both
within the University and in the
community.
Although the first disburse-
ment was not made until Janu-
ary of 2001, the VIP Fund Com-
mittee is delighted to provide
this report on the occasion of Dr.
Thorlakson’s news.
Students at work in the Ice-
landic Reading Room
Use of the initial goal of
$1.65 Million was anticipated to
comprise $500,000 to provide
more extensive and appropriate
space and equipment for the Ice-
landic Collection in the Eliza-
beth Dafoe Library, and two
endowment funds of $650,000
and $500,000 the eamings on
which were to support the sec-
ond academic position in the
Department and acquisitions for
the Collection, respectively.
Subsequently, the VIP Fund
Committee recommended that
the libraries’ share be divided
between $750,000 for the space
project and $250,000 in endow-
ment for the Collection. This
recommendation was approved
by the President of the Universi-
ty, Emoke Szathmáry.
As donations are received,
the moneys are immediately
invested as part of the Universi-
ty’s Trust. Eamed income is
reinvested so that the value of
each donation grows and pro-
duces even more interest and
growth as time goes on. Each
year, the University, having
reserved a fraction of the year’s
eaming to maintain the buying
power of the Fund, announces
the amount of income that may
be used that year by the VIP
Fund Committee in support of
the purposes of the Fund, the so-
called “Disbursable Income”.
Any unused income at year’s
end is credited to the Fund for
continuing investment and
growth. The capital of this Fund
may also be used (within speci-
fied limits) for such expendi-
tures as physical space, and
equipment and furnishings.
When that occurs, the VIP Fund
is credited with “Profit on Capi-
talization”. So the Fund grows
with donations, eamed interest
(which is credited directly to the
Fund’s capital), and profit on
capitalization.
A summary of these and the
disbursements approved by the
VIP Fund Committee for the
period from the outset to March
31, 2003 follows:
Donations $1,480,280.68,
Interest $75,167.52,
Proflt on Capitalization
$67,650.90,
Disbursements $790,901.57.
The first of these figures
shows that, as at March 31,
2003, there was still some
$170,000 in moneys yet to be
received. But more has been
received since that date. The dis-
bursements in the last column
include $36,901.57 to the Facul-
ty of Arts towards the support of
the second position in the
Department (This supplements
funds from other sources includ-
ing the Multiculturalism Fund
and the HIP Campaign of some
years ago.), $750,000 in capital
for the design, constmction, fur-
nishing and equipping of the
new Iceland Reading Roorn and
its collection, and a further
$4,000 to the Libraries related to
donor recognition. The profit on
capitalization resulted from the
disbursement of the $750,000 of
capital funds.
What then are the results of
these impressive figures?
Many of you — the Com-
mittee hopes that most of you —
have been as delighted as they in
the Iceland Reading Room and
the expanded space for its col-
lection. The Committee is
equally delighted in the use of
that space for community-based
activities. It really is becoming
the meeting place that the Cam-
paign Committee hoped that it
would.
And in the Department,
contributions from the VIP
Fund in 2000-01, 2001-02,
2002-03 and 2003-2004 have
made it possible for the Depart-
ment to have a second, full-time
academic staff member during
those fiscal years. We have all
very rnuch appreciated the many
contributions that its incumbent.
Kristín Jóhannsdóttir, has made
to both the Department and the
community through those years.
We will all be sorry to see her
depart but wish her every suc-
cess as she pursues her academ-
ic studies at the University of
British Columbia in Linguistics.
With the capital in the Fund
now producing a significant
amount of disbursable income,
and with the continuing receipt
of additional donations and
more of the moneys pledged, the
Fund will be able to continue to
expand acquisitions for the Ice-
landic Collection and support
the salary of the second position
in the Department at a higher
level than has been possible
through the years during which
the Fund’s investments have
been accumulating and grow-
ing.
The VIP Fund Committee is
pleased also to note that, appar-
ently because of the VIP Cam-
paign, significant additional
donations have been received
which are directed towards the
support of further, specific ini-
tiatives of the Department of
Icelandic. Taken together with
the VIP Fund itself, these dona-
tions bring the total, pledged and
received, to almost $2 million,
which, of course, includes the
most generous combined sup-
port of $1 million from the Gov-
emment of Iceland, Eimskip and
the Eimskip University Fund.
The total is a remarkable figure
and speaks well of the generosi-
ty of the community in support
of the Icelandic Presence at the
University of Manitoba.
At the time of this, its first
report on the use of the Fund,
the VIP Fund Committee
extends its most sincere thanks
to the 325 individual donors (to
date!) who have donated and
pledged support for the Valuing
Icelandic Presence campaign. It
has reached its initial goal, the
proceeds from which it hopes
the reader will agree are being
put to good use. The Fund
remains open for further dona-
tions and the Committee hopes
that, as the spirit moves you, you
will continue to support even
further the enterprise of sustain-
ing and expanding the “Ice-
landic Presence” at the Univer-
sity of Manitoba for the benefit
of all Icelanders, hyphenated or
not, and other students and
researchers into things Ice-
landic.
Respectfully submitted on
behalf of the VIP Fund Commit-
tee: David Arnason, Neil
Bardal, Ray Johnson (to 2003),
Sigrid Johnson, Robert O’Kell,
Carolynne Presser, Tim Sam-
son, Ken Thorlakson, Paul
Westdal (from 2003).
The VJ.P. MXLUENNIUM Campaign
Support for
Related Projects
In addition to the cam-
paign’s lead projects,
donors have supported addi-
tional areas related to the
Icelandic presence at the
university, including the fol-
lowing gifts.
Sandra and Jim Pit-
blado have donated
$100,000 to establish the
Olson/Jonsson Travel
Scholarship for Study in
Iceland in memory of their
Icelandic pioneer forebear-
ers. The award will assist
students who wish to
achieve a working knowl-
edge of the Icelandic lan-
guage and experience first-
hand the Icelandic culture
through attending a lan- |
guage program in Iceland.
Irene Eggertson has
donated $150,000 to build
significantly on the Grettir
Eggertson Endowment
Fund. Initially created to
support publications related
to Iceland, the scope of the
fund has been expanded to
support scholarship and
research in Icelandic Cana-
dian studies, translation and
publication of research, and
equipment and staff sup-
port. The fund is adminis-
tered by the Department of
Icelandic. Eggertson estab-
lished the fund in memory
of her husband, a 1925 engi-
neering graduate and chief
consultant on hydro-electiic
projects to the Icelandic
govemment during the Sec-
ond World War.
Forfurtber infortnation
please contact contact:
Tbe Department of Private Funding
179 Continuing FLducation Compiex,
University of Manitoba
Winnipeg, MB, Canada RJ7' 2N2
Pb. 204-474-9195
Toll-Free: 1-800-330-8066
E-mail:
Private_Funding@umanitoba.ca
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