TORONTO, November 10, 2005 -- York University welcomes Ontario Premier Dalton McGuinty’s announcement of a new trust fund that will increase financial support for post-secondary students.
The Ontario Trust for Student Support, announced yesterday by Chris Bentley, Minister of Training, Colleges and Universities, will match private and corporate cash donations used by colleges and universities to set up endowment funds. Investment income generated by these endowments will fund bursaries for students who are in financial need.
"I congratulate the McGuinty government for making increased support for students a provincial priority," said Paul Marcus, President and Chief Executive Officer of the York University Foundation.
"Through the Ontario Student Opportunity Trust Fund (OSOTF) program, York University witnessed a tremendous response from donors. Now, through the Ontario Trust for Student Support, York’s ability to again raise funds specifically for financial assistance has been enhanced considerably."
The OSOTF -- the previous version of the provincial government's matching-funds program -- also encouraged donors to support the creation and enhancement of student awards by matching donations dollar-for-dollar.
Under this program, York raised a total of $6.3 million in a two year period, exceeding the University's target of $4.7 million. This resulted in more than $10 million in new endowed student awards. A recent gift from HSBC Bank Canada of $500,000, when combined with matching funds from OSOTF, resulted in $1 million for student scholarships at York.
“With 35% of our students benefiting from some kind of scholarship or bursary, these funds are greatly needed,” Marcus says.
York University is the leading interdisciplinary research and teaching university in Canada. York offers a modern, academic experience at the undergraduate and graduate level in Toronto, Canada’s most international city. The third largest university in the country, York is host to a dynamic academic community of 50,000 students and 7,000 faculty and staff, as well as 180,000 alumni worldwide. York’s 10 faculties and 21 research centres conduct ambitious, groundbreaking research that is interdisciplinary, cutting across traditional academic boundaries. This distinctive and collaborative approach is preparing students for the future and bringing fresh insights and solutions to real-world challenges. York University is an autonomous, not-for-profit corporation.
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For more information, contact:
Melissa Hughes, Media Relations, York University, 416-736-2100 x22097/ mehughes@yorku.ca
