Strong investment
SDU board of governors celebrating 50 years of giving
A good education has long been seen as a solid investment.
The Saint Dunstan’s University board of governors has certainly bought into that thinking for decades.
The SDU board has an extensive financial support program for Catholic students pursuing post-secondary education. Since 1969, the SDU board has spent $5.6 million on education awards.
In the 2019-20 academic year alone, the board will spend $290,000 on educational support to students.
It has been sound management and smart investment of assets that has allowed the SDU board to contribute generously to Catholic education, the Diocese of Charlottetown and other worthy causes that reflect the philosophy of SDU.
With the formation of UPEI in 1969, the P.E.I. government paid the SDU board of governors $5,700,000 for the SDU campus, buildings and other assets such as lab supplies.
The board used $1,344,000 to pay off existing mortgages, debts and other settlements.
That left the board, which also retained about 150 acres of farm land, more than $4.3 million to invest.
The board members appear to have managed their estate rather well. SDU board of governors have been able to donate roughly $29 million since 1969 while maintaining assets valued at close to $50 million.
It seems a safe bet that the board’s generosity will continue to flow into the community.
“Hopefully, we will continue to be able to support worthwhile programs — the Diocese (of Charlottetown), scholarships, education, social justice — for years to come. That’s the plan,’’ says Charles Keliher, chairman of the committee marking the 50th anniversary of the SDU’s board of governors.
A Legacy Committee has been established to mark the milestone. A book has also been commissioned to highlight SDU’s years from 1955 until closing in 1969, along with a section on the philanthropy of the board of governors.
The board recently announced a donation to all Island hospital foundations with a pledge of $500,000. The QEH, being the largest hospital in the province, is receiving $250,000 to the Queen Elizabeth Hospital Foundation to fund medical equipment for endoscopy. Prince County Hospital Foundation is receiving $100,000 for maternal/childcare, while the four regional hospital foundations are getting gifts of $37,500 each.
“The gift to the hospitals was one that we felt would be beneficial to Islanders from tip to tip, and that’s why we broke it down amongst all hospitals on the Island,’’ says Keliher.
The Diocese of Charlottetown remains a major benefactor of the SDU board’s largesse.
The board has contributed as much as $475,000 in a year to assist the diocese in the operation of its programs. For the past number of years, the annual contribution has been just under $300,000.
“The clergy and the sisters contributed significantly to the establishment, growth and development of SDU,’’ says Keliher.
“The SDU board is committed to fostering and supporting education of Islanders and the continuation of the values and the foundation of SDU in today’s society by supporting various projects and organizations that reflect the values and ideals of Saint Dunstan’s University.’’
Keliher says the board views its 50th anniversary as an opportunity to let Islanders know it is still involved in education and other activities in the province.
“There’s a certain segment of the Island population that’s probably well aware of the work of the SDU board of governors, but at the same time I think the work that the board does is still unknown in education and other activities within the province,’’ he says.