The Chartered Accountants' Education Foundation of Newfoundland, Inc.

Financial History | Scholarships and Awards | Board of Directors | Annual Report (PDF)

The Chartered Accountants' Education Foundation of Newfoundland, Inc., was incorporated under the Newfoundland Corporations Act on January 31, 1991. The Foundation is registered with the Canada Revenue Agency as a charitable foundation. A Board of Directors governs the Foundation. The Foundation's mission is:

To promote excellence in accounting through strengthening resources to support accounting education and the education of Chartered Accountants.

Financial History of the Foundation

The Foundation was initially capitalized by contributions from the National CA firms, individual members and CA Newfoundland. For several years until 2001/02 CA Newfoundland levied a $25 assessment on all members to fund the CA Education Foundation. Since then the CA Education Foundation has relied on donations, fundraising and accumulated surplus to fund its activities.

The CA Education Foundation also manages the funds of the Roberta L. Hunt, CA, Memorial Award Fund as directed by the donors who designated how the funds are to be used.

Since its inception and up to April 30, 2006 the general funds of the Foundation have provided the following contributions in support of its mission:

Scholarships and Awards

In 1998, the Foundation donated and pledged $100,000 to Memorial University of Newfoundland's Opportunity Fund  to provide funding for annual undergraduate scholarships to students of the School of Business Administration under terms of reference agreed upon by the Foundation and Memorial University.  This contribution has allowed the creation of five annual scholarships totaling ,750 ranging in value from $1,250 to $2,000 each.  Investment returns in recent years have not been sufficient to maintain scholarships at their current level without depleting the endowment fund.  Accordingly additional contributions were required in 2005 ($4,550) and 2006 ($3,050) and will be required over the next several years.

In addition, the Foundation may pay up to $15,000 per year for three years to establish a Doctoral Support Program to encourage the attainment of a doctorate in accounting for a person committed to teaching at Memorial University. Award criteria for the Doctoral Support Program is restricted to Chartered Accountants and preference is given first to members of The Institute of Chartered Accountants of Newfoundland and second to members of the Canadian Institute of Chartered Accountants.

The Foundation also manages the funds of the Roberta L. Hunt, CA, Memorial Award Fund as directed by the donors who designated how the funds are to be used.

Roberta L. Hunt, CA, Memorial Award Fund

Since 1996 the fund has awarded $1,000 annually to a new Chartered Accountant who has achieved the highest average mark on the professional program courses offered by ASCA from among Newfoundland candidates. The St. John's partners of PricewaterhouseCoopers LLP and other professional colleagues of the late Roberta L. Hunt, CA created the aware in recognition of her contribution to the Chartered Accountancy profession.   It continues to be funded by the St. John's partners of PricewaterhouseCoopers LLP.

Board of Directors 2007-08

A. Colin Haines, FCA, Chairman
Sharon A. Forsey, CA, Vice-Chairman
Joanne M. Whelan, CA, Secretary-Treasurer
David R. Baird, FCA
James T. Cavanagh, FCA
D. Boyde Clarke, CA
Gary Gorman, PhD
Brian M. Groves, CA
Andrea M. Holloway, CA
Roy C. Naugler, CA
Jeffrey A. Pittman, PhD, CA
Catherine A. Rowe, CA