Notes to Financial Statements
Note 10: Ontario College of Teachers Foundation
In February 2003, the College established a federal non-profit foundation with charitable status to recognize and support excellence in teacher education through the awarding of scholarships, bursaries and prizes to assist in the education of teachers or those wishing to become teachers. Financial awards, made possible through donations, are paid directly to individuals according to criteria established by the foundation.
The foundation has made an annual commitment to sponsoring enthusiastic, prospective teachers through the Joseph W. Atkinson Scholarship for Excellence in Teacher Education. The award, named for the second registrar of the College, contributes $2,000 to a student enrolled in one of Ontario’s faculties of education. The award is now paid through the Toronto Community Foundation.
The Board of Directors of the foundation is comprised of the Executive Committee and the registrar of the College. Financial activity is in the annual financial statements of the College.
In 2010, the assets of the Foundation of $26,189 were transferred to the Toronto Community Foundation in order to increase investment income and reduce administrative costs.