The Icelandic Canadian - 01.06.2004, Qupperneq 31

Vol. 58 #4
THE ICELANDIC CANADIAN
177
Report from the Valuing Icelandic
Presence (VIP) Fund Committee
by Richard Johnson
On May 22, 2003, Dr. Ken Thorlakson
advised the members who had served on
the VIP Millennium Campaign Cabinet
that a donation recently received had put
the total funds, pledged and contributed,
over the initial campaign objective of
$1,650,000. While that campaign had for-
mally ended on December 31, 2000 with
about 95% of the objective reached, subse-
quent contacts and donations have now
completed that first phase. That is good
news indeed !
The Valuing Icelandic Presence (VIP)
Fund is a permanent account at the
University of Manitoba that was estab-
lished to receive donations from the
Valuing Icelandic Presence (VIP)
Millennium Campaign and any continuing
and future funds designated to support
both the Department of Icelandic and the
Icelandic Collection at the University of
Manitoba. Power to approve any and all
uses of the Capital and Disbursable Income
from the Fund’s account is vested in a
unique committee, the Valuing Icelandic
Presence (VIP) Fund Committee. This
Committee comprises four members from
the University, four from the Icelandic
Community 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 time a year as originally
anticipated, discussions have been open
and informative to both” town” and
“gown” representatives, thereby fulfilling
the purpose of bringing the two together
for the benefit 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 subsequently 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 subsequent periods, respec-
tively, provide a report on its assessment 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 disbursement was
not made until January of 2001, the VIP
Fund Committee is delighted to provide
this report on the occasion of Dr.
Thorlakson’s news.
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 Icelandic
Collection in the Elizabeth Dafoe Library,
and two endowment funds of $650,000 and
$500,000 the earnings on which were to
support the second 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 endowment for the Collection. This rec-
ommendation was approved by the
President of the University, Emoke
Szathmary.
As donations are received, the moneys
are immediately invested as part of the
University’s Trust. Earned income is rein-
vested so that the value of each donation
grows and produces even more interest and
growth as time goes on. Each year, the
University, having reserved a fraction of
the year’s earning to maintain the buying