The Icelandic Canadian - 01.06.2004, Qupperneq 32

178
THE ICELANDIC CANADIAN
Vol. 58 #4
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 specified limits) for such
expenditures as physical space, and equip-
ment and furnishings. When that occurs,
the VIP Fund is credited with “Profit on
Capitalization”. So the Fund grows with
donations, earned interest (which is credit-
ed directly to the Fund’s capital), and prof-
it on capitalization.
A summary of these and the disburse-
ments 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
Profit on Disbursements: $67,650.90
Capitalization: $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
disbursements in the last column include
$36,901.57 to the Faculty of Arts towards
the support of the second position in the
Department (This supplements funds from
other sources including the
Multiculturalism Fund and the HIP
GIMLI
AUTO LTD.
Your Ford, Mercury,
Lincoln Dealer
Covering the Interlake
642-5137
Campaign of some years ago.), $750,000 in
capital for the design, construction, fur-
nishing and equipping of the new Iceland
Reading Room and its collection, and a fur-
ther $4,000 to the Libraries related to
donor recognition. The profit on capital-
ization resulted from the disbursement of
the $750,000 of capital funds.
What then are the results of these
impressive figures ?
Many of you - the Committee hopes
that most of you - have been as delighted as
they in the Iceland Reading Room and the
expanded space for its collection. The
Committee is equally delighted in the use
of that space for community-based activi-
ties. It really is becoming the meeting place
that the Campaign 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 possi-
ble for the Department to have a second,
full-time academic staff member during
those fiscal years. We have all very much
appreciated the many contributions that its
incumbent. Kristin Johannsdottir, has
made to both the Department and the com-
munity through those years. We will all be
sorry to see her depart but wish her every
success as she pursues her academic studies
at the University of British Columbia in
Linguistics.
With the capital in the Fund now pro-
ducing a significant amount of disbursable
income, and with the continuing receipt of
additional donations and more of the mon-
eys pledged, the Fund will be able to con-
tinue to expand acquisitions for the
Icelandic 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
growing.
The VIP Fund Committee is pleased
also to note that, apparently because of the
VIP Campaign, significant additional
donations have been received which are
directed towards the support of further,
specific initiatives of the Department of
Icelandic. Taken together with the VIP
Fund itself, these donations bring the total,