The Awde Education Fund

About the Fund

• The Awde Education Fund is a non profit Canadian corporation established through an endowment by descendants of James Awde and Sarah Allon. The Fund is administered by three to five Directors who serve without remuneration.

• Funds in Canada are invested in bonds with a minimum 'A' level rating or in other guaranteed investments such as Treasury Bills, government bonds, Bankers' Acceptance notes etc.

• The Fund may also hold dividend bearing equities, units in income trust funds, commercial, municipal and agency bonds. The Fund may sell such instruments at any time at the discretion of the Directors in order to realize the maximum increase in capital value. The Fund may not, however, purchase these types of investments.

• The Fund may not hold real property such as buildings, works of art or jewelry, etc. Any real property donated to the Fund must be converted to cash within one year of receipt of the gift and the proceeds invested as described above.The Fund may, however, accept and hold vacant land solely for the purposes of education and research.

• The total amount of loans provided to students and operating expenses for the Fund may not exceed the total interest earned on the Fund in the prior year.

• At their discretion, the Directors may determine that no loans are to be provided in any given academic term, if, in their opinion, no applicant satisfactorily meets the requirements set out in the Terms and Conditions or extraordinary expenses would reduce the invested capital. Any funds not granted in an academic term are added to the reserve or
  capital fund.

• In the event the Fund ceases to operate in the future, the assets will be donated to Canadian post-secondary institutions as directed by the donors or as determined by the Directors.