For almost thirty three years, the CPS Foundation has raised money through voluntary Member, Squadron and memorial contributions. It too is controlled by independent trustees. Fund assets exceed $700,000.00, but only its income can be used.

That is a very significant milestone for the CPS Foundation for, if interest rates rise to more normal levels, we could reasonably expect to double our capital, twice, in a twelve year span ; i.e. $2,000,000.00 at age 42! Not an unreasonable projection, all it needs is interest rates similar to those of the year 2000 and who knows where rates will go in the next 12 years? By resisting moves to reduce present capital until 2035, 18 more years of building, the same parameters yield $16,000,000.00.

We are right on course for where we want to be, and with your trust and support, all we need is time. We thank you for your interest in the CPS Foundation.

Many wonder why our predecessors in CPS, an existing charitable organization already having an established Memorial and Gift Fund, would choose to establish a second totally independent and charitable organization, fund it with all the existing assets of their Memorial and Gift Fund, then deliberately exclude it from any direction by CPS.

We think because they were informed, long-sighted and extremely practical. They also respected and appreciated the Directors volunteering to serve as Trustees. Our predecessors recognized the time frame and priority differences between a Fund with time to amass wealth and any group like CPS, which is required to react on a day-to-day or moment-by-moment basis to current needs.

A brief look at our history would suggest our Founders had the right ideas or a good crystal ball. Under CPS management, the Memorial Fund grew close to $16,000 over a period of thirty plus years and since, as a separate entity, the CPS Foundation, has solicited donations and grown the fund close to $700,000.

We are currently awaiting the year- end figures from the auditor but already know the Members are continuing their fine efforts, from the CPS HQ data. In the next issue we should be able to provide you with the actual numbers, bringing you totally up to date.

We can tell you, every dollar you donated to this program is still present in the fund and working for you every day, as intended. To date, CPS Foundation has provided over $160,000 to assist CPS to achieve its mission, also as intended.

Your Foundation Directors know, better than anyone, how important each of your dollars is to the success of our mission. We admire your altruism and generous support as caring individuals and boating community members. We appreciate your support and the confidence you have extended to us over the tears. We thank you for the opportunity to serve as the Trustees of your Foundation.

So we found CPS and The Greatest Deal on the Water : The Basic Boating Course. We invested a few dollars in materials, a few winter evenings in study and in return gained a lifetime of protection for us, our families and whatever vessels we chose to sail, but that was only the start of our CPS experience. We were invited to join the Squadron, to advance our studies, to improve our boat-handling skills, to participate in the work and the camaraderie of the Squadron. CPS was there, with everything a boater could ask for.

Now and then is an open-ended time period because we’re never quite sure when “then” will happen. Your Foundation responds by making short-term (now) and long-term (then) funding commitments to CPS.

The Charities Directorate directs The CPS Foundation to ensure an amount equal to 80% of the previous year’s receipted donations is paid to the charity (CPS) each year. This ensures funds solicited for charity are actually directed to charity, providing CPS with short-term (now) financial assistance. The balance of 20%, is held, invested and nurtured for the long-term (then), the financial assurance and well-being of CPS.

Thanks to the diligence of your Foundation Directors, interest earned by your fund exceeds the Directorate donation allocation so every red cent currently donated is added to the Fund’s principal account, as Capital. In later Port Hole articles, we will outline other CPS Foundation Director commitments to CPS Members.

A while back, a reader suggested other charities were in greater need than our Foundation. We had assumed every member already knew that. When we set the Honour Roll bar at a dollar per member per year we didn’t think it was too high - less than two cents a week. A few Squadrons have met the challenge each year for fourteen years. I invite you to check out the math : 32,000+ members last year donated $ 8,000.00, on average a donation of 25 cents / year but actually less than half a cent / week.

Since all squadrons do and will benefit from the Foundation we would like all squadrons to contribute to the fund. This would enable the Foundation to quadruple the short term benefit to CPS and, by virtue of compound interest, enhance the long term benefits exponentially. As a member of a well-heeled group we invite you to dig down for a whole buck. Don’t stiff any charity - but do think of the Foundation, every now and then.

It is also a Season to celebrate, for this has been a year of record giving, of gifting and maturing.

For the record, regarding giving, you should know the Foundation has committed over $ 36.000, to CPS in the last couple of years, assuming all the costs of the Distress Signaling Kits and the preparation costs of the DVD plus the entire costs of the Plotting and Labelling Manuals in both languages.

Maturing to some means getting old, to others it means getting ready. As a perpetual trust, we can have an ever-lasting future so we focus on getting ready to deal with what the future offers.

Until recently, Foundation Directors have relied largely on their own experience, with advice from Wood Gundy (CIBC) financial professionals, guidance from our chartered accountant, all under the watchful eye and direction of The Charities Directorate, a department of Revenue Canada.

Having “come of age” over a year ago ( i.e. having acquired assets in excess of $500,000) we are on a new plateau and presently well established, with acquired assets in excess of $600.000 !

On the advice of our financial advisor and our chartered accountant, and in keeping with the management doctrine of P/C/C John Cornwell, will study the Trustee Act and all the ramifications of hiring full-time professional fund managers to administer selected portions of the Foundation Investment portfolio.

Your Foundation team now has a new coach in the person of Chairman John Hinksman SN who is well known to all the celestial navigators.

Last topic for this update is an invitation to visit the Foundation Information Station, the name we have given to our web pages. The site is up and running and by the time you read this it will be in French as well as English.
You can find us at www.cpsfoundation.ca
Enjoy your summer. Just wanted to say Thanks and wish you Smoooooooth Sailing.