Field Hockey Canada and the Canadian Olympic Foundation announce Endowment Fund
November 14, 2018, Vancouver, B.C.: Field Hockey Canada (“FHC”) and the Canadian Olympic Foundation (“Foundation”) are pleased to announce that the Canadian Men’s Field Hockey Olympic Endowment Fund (“Fund”) will be joining the Foundation family of national sports organizations (“NSO”) trusts, including the Canadian Olympic Committee (“COC”). A formal Investment Agreement was executed by the Foundation and FHC on October 15, 2018, guiding the partnership going forward.
The Fund was formed in 1990 via a $200,000 seed donation from the COC following the 1988 Calgary Winter Olympics. Guided by a formal Indenture in 1990 between FHC and COC, an independent Board of Trustees is mandated to invest funds, preserve seed capital, and distribute interest income from the Fund annually to support the high performance of boys and men’s field hockey in, and for Canada. For some 28 years, the Fund has supported everything from the rental of turf time at the national training centre to skills camps organized by local field hockey clubs at a grassroots level. This move to the Foundation relates to financial administration, and will not change the purpose or functioning of the Fund.
The Foundation was formed in 2007 with the purpose of raising funds for high performance sport. This includes pooling trust funds from various NSO’s for effective and efficient investment, and income distribution aligned with not-for-profit regulations. The Foundation manages funds for 15 national sports organizations. To ensure alignment, the COC has representation on the Foundation board. Pooled funds at the Foundation exceed $10MM and are expertly managed in Toronto, with full and transparent financial reporting. The Foundation explicitly raises the profile of its individual members to the Olympic stage.
Our collective ambition at FHC and the Foundation is to enhance and continue the 28 year history of the Fund by attracting new donations to increase the capital base to generate greater investment income for annual distribution to nurture and grow the sport, the true legacy of the original 1990 seed donation. For more information, please visit www.fieldhockey.ca or www.olympic.ca/foundation. GO CANADA.