Annual Report

Wales Home Foundation

Annual Report 2018-2019



For the Fiscal Year
April 1, 2018 to March 31, 2019
Annual General Meeting held June 27, 2019


The Wales Home Foundation’s mission is to generate, receive,
and manage funds with a view to long term profitability; to
disburse funds to the Résidence Wales Home upon request,
evaluating benefits to residents and/or employees; to act at all
times in the interests of the residents and employees of the
Résidence Wales Home with a view to sustainability of


President’s Report
Ladies and gentlemen, members of the Corporation, As President of the of the Wales Home Foundation, I see many reasons to feel proud of our numerous accomplishments and wise investments. Looking forward, I am filled with hope and optimism for the future of the Foundation.

It is with great pride that we welcomed, Angus Goodfellow and Mike Chabot, as new members of the Foundation’s Board of Directors. Due to his commitment with the numerous renovation projects of the Wales Home, Marcien Gaudet stepped down as Vice-President of the Wales Home Foundation as well as signing and trading officer of the RBC Wales Home Foundation’s portfolio.

Burton McConnell also resigned as a board member and requested that he be removed as signing and trading officer. We are pleased that Barbara Verhoef accepted to act as Vice President as well as signing and trading officers of the RBC portfolio.

On September 22nd, 2018, Board members were delighted to join in on the celebration of the Planetree employee recognition event held at the Richmond golf course. The Wales Home celebrated their Planetree gold designation, an international achievement.

The annual campaign launch took place on November 16th, 2018 where members of the community were invited to our annual fundraising event. Guests were invited to tour the longterm units and witnessed firsthand the impressive progress. For those who were unable to go onsite, the Wales Home network administrator was transmitting live video footage on the large screens in the main living room so everyone could see. I was very pleased to announce having received $1.9 million in the first of the 3-year campaign for the CHSLD expansion.

As per the regulations of the Sherbrooke hospital endowment fund, the interest earned was (approximately $24,000) was attributed to the Shaw-wing renovations whirlpool room.

It is with great pride that I share that the Foundation funded the front of house expansion of the Wales Home at a cost of $3.38 million, of which $2.75 million was paid from capital appreciation of the portfolio, meaning only $613,000 was taken from the capital. RBC had good investment strategies for our funds, which allowed our foundation for an excellent return on our

We again, thank the Centre d’aide aux entreprises du Val St. Francois for sponsoring our summer student, Courtney Grainger to organize our golf tournament which generated a profit of over $56, 000! Another successful golf tournament!

This year’s Candlelight service took place on November 2nd, 2018. All profits collected were used to improve the appearance of the Wales Home library. It’s amazing to think that a total of 1211 candles were lit, and the event raised a total profit of $9002.57. We thank the Wales Home staff for their imitative and commitment to this fundraising event.

A plaque in memory of Molly and Joe Mackay was installed at the entrance of the dining room on central in recognition of Molly’s bequest to the Wales Home Foundation.

This year the Foundation committed to finance the repairs needed to the Central roof. The quote received was $77, 900 which includes removing three chimneys, the use of a new material and a 25-year guarantee. Due to an early start to the winter, this project will be completed this summer, therefore the funds were not released during the fiscal year.

The Foundation also pledged to finance a ventilation system in the Shaw and Manning wings of the Wales Home. The need for such a system is a must, considering the heat and humidity this past summer. The new system will provide cool air to the rooms and better exhaust the air from the new washrooms. The mechanical engineers are still designing a system which will be installed on the 1st and 2nd floors during the Shaw and Manning renovations and will eventually be used to cool 3rd and 4th floor as well the basement and sub-basement. The project is expected to cost $400 000. The funds have been promised but again the project has not been completed therefore the funds have not been disbursed.

We received the first disbursement of the June Lester estate in the amount of $520,000. These funds will be used to help finance the Shaw / Manning renovations. We thank June Lester and all other donators, as your contributions, both small and large, make a significant difference. We are seeing the benefits in both the living and working conditions for the residents and employees. The Foundation decided to invest in a software called Foundation Search, that allows not for profit organizations to pinpoint specific foundations according to the types of projects they support. Both Brendalee Piironen and Courtney Grainger have since undergone the training including 4 series of 8 sessions on how to use the software and how to create the ideal proposal. We are positive this will be a wise investment.

This year we made the decision to ensure that the funds in the portfolio are accessible when needed. All members agreed that the capital funds from the Endowment account come from many donations and from different families over the years. After a thorough review of old documents and minutes passed since the formation of the Wales Home Foundation in 1991, we found no restriction regarding the use of these donations. Therefore, a resolution was adopted that all capital from accounts number 361-04093-14 and 361-04095-12 can be used at the discretion of the Board of Directors in accordance with the mandate of the Wales Home Foundation, as long as the value of the capital in those accounts is greater than $4 million.

As of March 31st, 2019, the end market value of the portfolio was $6,914,874.

The portfolio review since January 1st, 2000:

Initial portfolio value: $4,360,201
Deposits/transfer-ins: $15,382,435
Withdrawals/transfer-outs: $20,946,594
Total investment return: $8,123,333
Ending portfolio value: $6,914,874

Since the start date, the Foundation has earned 7.53% interest. If the money had been invested in bonds, the Foundation’s portfolio would be bankrupt.

Our investments at RBC Dominion Securities are broken down as follows:

• 91.82% percent is invested in shares/stocks, 22.9 percent of which are Canadian financial shares (banks)
• 8.98% percent is invested in bonds and liquidity

Last year, we withdrew $1,297,507 and the deposits were of $1,385,706.00. The portfolio grew $603,720.00 and the real return was $516,181.00. The Foundation has generated -2.07% interest and the interest over the last year was 8.2%.

I am very proud of the efforts which the Wales Home Foundation has undertaken, which supports the success of the Wales Home. Thanks to everyone whose dedication, support and hard work helped make last years remarkable achievements a reality. Thanks to our chairman, Jordan Arsinoff Foss, for his belief and commitment to our foundation. I am convinced the Wales Home
Foundation has a strong foundation, and its brightest days are ahead!

Respectfully submitted,
Jim Thompson







Members of the Corporation / Businesses and Organizations

Wales Home Foundation - Financial Statements - April 1st, 2018 - March 31st, 2019