The St. Michael’s College High School Foundation Annual Report for Fiscal 2022

The St. Michael’s College High School Foundation was established in June 2005 with the purpose to raise, manage, and invest funds for the benefit of the general charitable purposes carried out by St. Michael’s College School. The Foundation funds encompass the Basilian Fathers endowment, the Odette Arts Scholars Bursary Fund donation and the Bathurst and St. Clair land proceeds. The Foundation endeavours to grow the fund capital while contributing annually to the School’s charitable purposes. This is accomplished by having investment policies in place that will generate yearly returns in excess of 3.5% (the returns for fiscal 2021-2022 were flat given the volatility in the markets for 2021-2022) through the application of prudent investment strategies. The goal is to have the fund grow to $100+ million (excludes the proceeds from the land deal) over time to ensure better support for the School’s charitable purposes.

Since its inception, the Foundation has financially assisted St. Michael’s through the bursary programme and for the construction of the Centre for the Arts. To date, $18.43 million has been gifted to the School. In addition, the Foundation has also provided short term loans of up to $4.5 million annually as required. Currently, there are no loans outstanding.

The Foundation is overseen by an independent Board of Directors separate from the School. For the fiscal year ended June 30, 2022, the Foundation had an operating deficit $2,437,000 (2021 - $9,824,536) from various investments before the transfer of funds to the School of $3,803,500 (2020 - $3,364,000) to support its annual bursary programme.

The financial statements have been audited annually by Williams & Partners, Chartered Professional Accountants LLP, and they have expressed an unqualified opinion on the fair presentation of our financial statements for the year ended June 30, 2021.

Since its inception, the Foundation has been an integral part of the finances of the school. It will require support from alumni, parents, staff, and friends of the School to fully achieve its goals. If you would like to make a donation to the Foundation, kindly contact Kimberley Bailey, Director of Advancement, at baileyk@smcsmail.com.

Yours truly,

John Piccininni ’77 Chair, Board of Directors

Giving By Group

*Other 50% Alumni 50%

*(Current & Past Parents, Friends, Corporate)