StFX endowment fund hits another high

Friday, August 5, 2011 at 2:30 pm
StFX endowment fund hits another high

St. Francis Xavier University’s endowment fund is topping the charts when compared to other universities across the country.

The newly released Canadian Association of University Business Officers (CAUBO) Investment Survey on Endowment and Pension funds reveals StFX is second in the country based on 10 year rate of return performance data. StFX placed second for one year performance and first on two year performance results.

In all, 61 Canadian universities participate in this independent national survey.

“The StFX endowment has achieved a 10 per cent rate of return over the past decade,” says Ramsay Duff, StFX Vice President Finance & Operations. “Achieving this rate of return consistently over the long term is a remarkable achievement that reflects exceptional stewardship of the philanthropic gifts from major benefactors, alumni, and friends of StFX.”

StFX’s results are exceptional because the average 10 year rate of return for Canadian university endowments was 4.4 per cent and for Canadian markets 6.6 per cent, as compared to 10 per cent for StFX, Mr. Duff says.

StFX’s endowment fund is currently valued at over $80 million and contributes over $3.5 million annually towards scholarships, academic chairs, athletics, the Coady International Institute and the Extension Department.

On behalf of the Board of Governors, Hon. Frank McKenna, Chair, expressed his own gratitude for the work of the committee members. “The endowment results speak to the expertise and commitment of the current and past board members and administrators who have contributed to the fund’s success over the years.”

Committee members include:

o   Allan Ross, Chair
o   Hugh Gillis, Secretary
o   Rod Borstmayer, Advisor
o   Marc Furlotte, Advisor
o   Don Munroe, Advisor
o   Terry Wolff, Advisor
o   Ramsay Duff, Member

StFX is the only university to manage its endowment with volunteers. The Committee members include alumni and friends of StFX who are committed to the university’s long term success.