Supporting the New Building, Bursaries, Scholarships and Awards
Update from Peter Buzzi ’77, President of UTS Foundation Board of Directors
Fiscal 2020 was a transition year for the UTS Foundation as the construction of the new building continued at a rapid pace. The value of the Foundation’s assets at June 30, 2020 was $42,233,383, down from $49,420,196 at June 30, 2019. During the year, the Foundation transferred an additional $20,258,464 from the Building Fund to the school to fund ongoing construction costs, as well as $1,394,155 (an increase of 2.7 percent from the prior year) for bursaries, scholarships and awards. This was partially offset by $14,818,718 in donations and bequests collected during the year. At June 2020, $32,582,161 (more than 77 percent) of the Foundation’s assets were held in cash and short-term assets, which more than fully covered the remaining amount in the Building Fund and the $30,000,000 debenture committed by the Foundation to the school. Subsequent to June 30, 2020, the school made its first drawdown on the debenture as construction on the new building continued to progress. The remainder of the Foundation’s assets are invested primarily in Canadian, US and global equities. Although this equity portfolio was negatively affected in the early spring with the uncertainty in global markets due to the COVID-19 pandemic, much of this value has since been recovered.
The Foundation has worked carefully over the last several years to manage our portfolio to meet the cash funding needs of the new building, while also earning meaningful investment returns and positioning the Foundation to continue to fund bursaries, scholarships, and awards in the future as we have done in the past. With a prudent investment approach and the incredible support from the UTS community for the Building the Future campaign, we have been able to navigate these waters and are well-positioned for the future.