Resolution Re Endowment Fund Distribution Policy

WHEREAS in June 2010 the Board of Governors decided that an annual distribution of 3.5% would be made from the endowment fund to operating income;

WHEREAS the yields, after inflation, of the Endowment Fund last year exceeded 4.5%.

THEREFORE, BE IT RESOLVED:

That for 2014, the distribution rate be adjusted to 4.50%, to be implemented by making 2.25% of the closing balance of the Endowment Fund as at March 31, 2014,  and 2.25% of the closing balance of the Endowment Fund as at September 30, 2014 available for operating use within thirty days of the date on which the amount is calculated;

And that the said distribution rate and method of implementation apply for subsequent years unless revised by resolution of the Budget and Finance Committee and Board of Governors.