Dec '12/Jan '13

Bigger is better

CIM Montreal Branch joins CMMF funds pool

By Dinah Zeldin

 

From left: Martin Poirier, Mackenzie Watson, Ian Turner, Jean Vavrek, Serge Major, René Dufour and Hani Mitri


Montreal was the first CIM branch to contribute to the Canadian Mining and Metallurgical Foundation’s (CMMF) pooled fund, designated for CIM societies and branches wishing to invest in programs that support mining and metallurgical education. On October 23, the branch transferred $100,000 to CMMF to create a sustainable scholarship fund. The interest from the sum will go towards two $1,750 annual scholarships for second-year mining engineering and geology students in Quebec.

“It was our mission from the beginning to support people wanting to complete their studies in the mining industry,” says Ian Turner, Montreal branch treasurer. “This was the best way to create a scholarship fund that would be sustainable and would support our mandate.”

The decision offers myriad benefits to the CIM Montreal Branch. Registered as a non-profit organization, CIM can neither accumulate funds nor issue tax receipts for donations. However, CMMF, created by CIM members in 1972 to support education and to promote the mining industry, is registered as a charitable organization, so it can both collect donations and issue tax receipts to donors. CMMF’s pooled fund also offers a guaranteed rate of return, and all paperwork associated with managing pooled funds, such as T4As, will be handled by the ­foundation.

“It was a simple and efficient way to expand our scholarship programs,” says Turner. “We are very impressed with the way CMMF is handling the funds.” While CMMF takes care of the money, scholarship winners are selected by a committee with representatives from the CIM Montreal Branch.

CMMF will accept and manage funds contributed by any CIM branch or society, as long as the monies are compatible with the foundation’s mission to promote the industry and support education. Funds can be alotted for programs like scholarships or for financial support for students to attend industry events.

“The use of the funds is up to the owners of the money,” explains Glenn Clark, CMMF president. “The programs that are decided upon will be advertised along with other programs that are already in place. This extra exposure will be good for the programs and also for mining in general.”

Two of CIM’s technical societies, the Canadian Mineral Processors Society and the Metallurgy and Materials Society, have also contributed to CMMF’s fund.

“We would like to see the pooled fund spread across Canada,” says Turner. “We recommend to any branches that are able to contribute take part. This helps transform depleting scholarship programs into sustainable ­scholarships.”

To find out more about the pooled fund, contact Serge Major, director of finance and administration, CIM, at smajor@cim.org.

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