CAG Legacy Fund

2.1 The Legacy Fund, principal plus income, is to be managed by a professional investment advisor as appointed by the CAG Executive Committee).

2.2 The advisor and/or firm will be given explicit investment goals and strategic guidelines by the Executive.

2.3 The Advisor and/or firm performance is reviewed at least annually by the CAG Executive. Advisors/firms who fail to meet expectations will be replaced at the discretion of the Executive.

2.4 The funds cannot be used to supplement the annual CAG budget or to offset a planned or unexpected deficit in any CAG/ACG annual budget.

2.5 The Original Cost Value ($822,880) invested in 2003 plus capital appreciation will be preserved in the Legacy investment account(s) and reported under long-term investments in CAG’s annual Registered Charity Return to the Canadian Revenue Agency (CRA). An amount equivalent to annual investment earnings (interest and dividends) will be transferred to the Legacy Fund-General Cash Account each January and will be available to support the Legacy Programs.

2.6 Funds in the Legacy Fund – General Cash Account not disbursed in a given year remain in this account as surplus for distribution in subsequent years.

2.7 Accumulated surplus can be used in any given year to supplement funds available through any of the four Legacy Programs as determined in the annual process of program selection and offering (as defined below).

2.8 The Secretary/Treasurer will report the annual amount earned by the Legacy Fund to the CAG Board and Legacy Fund Committee in the first quarter of the year.

3.1 The CAG Board of Directors will appoint a Legacy Fund Committee comprising a Chairperson and four (4) members. The Chair and members will determine each member`s length of term, up to four (4) years.  The CAG website will indicate the names of the current and past Committee members and the dates of their terms.

3.2 For consideration on the Committee, each candidate should meet all of the following conditions:

1. Current regular, senior or organizational CAG member
2. At least two (2) years have passed since holding an appointed or elected position within the CAG or the IAGG.

However, the Chair of the Legacy Fund Committee should be long-standing member (at least 5 years), who has served the CAG Board or CJA/RCV, or the IAGG/NARC and is known to be committed to the aims of CAG. The overall composition of the Legacy Fund Committee should reflect CAG`s interest in research, education and policy/practice and respect the association`s linguistic duality.

3.3 Committee members are ineligible for reappointment until at least two (2) years have elapsed since the end of their term.

3.4 Should a vacancy on the Legacy Fund Committee occur before a term expires, the CAG Board has the authority to appoint a replacement to complete the term of the departing member.

3.5 The Legacy Fund Committee reports to the CAG Board of Directors, giving account of its activities through the Chair.  Lack of performance, failing to report a conflict of interest in relation to a specific decision of the Committee, or acceptance of a position that could bias a member`s decisions with respect to the Legacy Fund constitute a motive for removal by the CAG Board from the Legacy Fund Committee.

3.6 The CAG Executive Director participates in all meetings of the Legacy Fund Committee but does not have a vote in any decisions.

3.7 The CAG Board is fully responsible for reviewing the various sub-programs within the Legacy Fund at least once every ten (10) years.

3.8 The review will evaluate a) whether the program is meeting its objectives; b) whether the stated criteria for all awards/grants hold relevance and c) whether the funds allocated to each program are appropriate and sufficient.  Based on the evaluation, the Board is to recommend to the CAG membership whether or not an existing program should be dissolved or a new program be initiated.  All new programs must follow in the initial spirit and intent of the Legacy Fund.

4.1 The deletion or addition of a new program must be approved by a majority vote of the membership at the AGM following a distribution of such a Notice of Motion to the membership with the agenda for the AGM.

4.2 The Legacy Fund Committee will recommend an annual operating budget from the Legacy Fund reserves for review by the CAG Board. Operational expenditures will include the solicitation and administration of the Legacy Fund grant applications and Committee meeting and telephone costs.

4.3 The CAG President, Executive Director and Legacy Fund Committee Chair will select and announce the deadlines for the submissions of applications/proposals in each of the Legacy Fund programs at appropriate times, from the last quarter of the current year until January 31 of the following year.

4.4 The Legacy Fund and/or Legacy Fund Committee can only be dissolved following a Notice of Motion distributed to all CAG members at least six (6) months in advance of the proposed dissolution date.

4.5 The vote must be conducted by a ballot distributed to all members.  For the motion to be approved it must receive the support of at least 66% of the membership.

5.1 The Legacy Fund Committee has management responsibility for the programs in the Legacy Fund including adjudicating proposals, awarding funds and making recommendations to the CAG Board about the management of the programs and about the allocation of monies from the Legacy Fund.

5.2 The Legacy Fund Committee conducts most of its business by teleconference and email unless a meeting is scheduled at the time of the ASEM with Committee members attending the ASEM.

5.3. A quorum of 80% (the Chair plus three members) is required for all meetings involving decisions about making awards.

The Chair of the Legacy Committee will submit an annual report for the AGM listing the Fund awardees and projects funded, as appropriate, and the list will be posted on the CAG website.