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May 3, 2023
Meeting will include in-person vote regarding West Vancouver Foundation management of PAC fund. See below for details. Child care will be provided. Please RSVP HERE
April 21, 2023
The PJ Parent Advisory Council (PAC) operates as a society, otherwise known as a not-for-profit organization, and is bound by the Societies Act. As a charitable organization, all of the funds raised must be donated to the organization’s cause or goal, ours being activities to support Ecole Pauline Johnson School.
In addition, thanks to historically conservative budgeting and limited activity due to Covid restrictions, significant surplus funds have accumulated in PAC accounts. We currently have approximately $175,000 in surplus funds. This amount reflects protecting remaining needs for this school year.
While a portion of our excess funds is invested in a GIC, the majority sits in PAC accounts collecting minimal interest. The PAC is restricted from holding speculative or higher risk/higher return instruments.
Pauline Johnson School is celebrating a century since its establishment this year (our Centennial Anniversary). Your Pauline Johnson Parent Advisory Council (PAC) Executive has considered multiple options for the surplus funds and are asking for your support on the following proposal:
Part 1: Immediate School improvements – Centennial Grant
School administration has put together a list of priority capital upgrades for consideration. These improvements would support of outdoor play and physical literacy at the school, enhancing the Core Competencies of collaboration, communication and problem solving. Most capital improvements can only be funded by government, as such, we are limited only to items beyond the responsibility of the school itself.
The proposed improvements are:
- Re-surfacing the gymnasium floor
- Updated AV and sound system in the gymnasium
- Improvements/repairs to the play structures and playground activities
- Centennial commemorate signage
The anticipated cost of these improvements is $75,000.
Part 2: Establishment of a Pauline Johnson School Legacy Fund
Surplus funds remaining, following the school improvements listed in Part 1, will leave us with approximately $100,000 in surplus funds.
We have evaluated a number of options to ensure the remaining funds provide a lasting benefit to the school and are suggesting that we create a flexible fund with the West Vancouver Foundation. The West Vancouver Foundation is a reputable, local, community foundation with a strong track record of responsibly stewarding funds for organizations, non-profits and families in our community. Working with professional financial advisors and an investment committee made up of highly qualified local experts, the Foundation will be able to provide a reliable income stream to the PAC for many years to come. The Foundation’s institutional approach will ensure comprehensive oversight, reporting and transparency for the PAC and the community at large.
The PAC Executive is proposing to move approximately $100,000 as an initial deposit to the West Vancouver Foundation for the establishment of the Pauline Johnson Legacy Fund. We will be able to add or withdraw funds in the future if necessary. The PAC will enact specific rules governing any potential future withdrawals from the Legacy Fund .
An added benefit of setting up a Legacy Fund is that future donations will be able to be made directly to the Legacy Fund, receive a tax receipt from West Vancouver Foundation, and eliminate the administration burden from Ecole Pauline Johnson, PJ PAC and SD45.
Based on the guidance received from the West Vancouver Foundation we anticipate being able to generate an annual income of 5% to support the activities of the PAC. These amounts would be after 2% in fees and management costs associated with administering the Fund by the West Vancouver Foundation. The management model is designed to maintain the value of the fund over time and support our school as an integral part of our community for another century.
To learn more about these proposals, ask questions and, importantly, vote on them, please join us as follows:
Next steps:
We invite you to:
- attend a Zoom meeting with the West Vancouver Foundation on April 25th at 7pm to find out more about how West Vancouver Foundation will manage our fund and ask their staff questions.
- attend our May 3rd in-person PAC meeting which will be held from 6:30-8:30pm at Ecole Pauline Johnson to vote on this plan. Child care will be provided.
Thank you, from your PAC Executive.
