Mo' money, mo' bursaries
Most big business tycoons say you have to spend money to make money. But in order for students to get more bursary funding out of the Ontario government, Fanshawe and other postsecondary institutions will have to raise money to get money.
Last week Chris Bentley, Minister of Training, Colleges and Universities, announced a new beefed up postsecondary bursary trust fund, which will make up to $50 million available each year to match private or corporate donations to colleges and universities across Ontario.
The Ontario Trust for Student Support (OTSS) will match donations one-to-one at institutions that raise over $1,000 per student, while schools that are not able to meet the per student quota will be given an enhanced three-to-one radio for the first three years.
“The trust will increase access and opportunities for students, expand fundraising capacity at our colleges and universities, and promote a culture of giving to support students,” Bentley said in a release.
The OTSS replaces the Ontario Student Opportunity Trust Fund (OSOTF), which was implemented by the Conservative Government in 1996 and did not include the three-to-one funding stipulation.
Colleges and Universities are eligible for the three-to-one dollar matching on funds raised above their respective historic OSOTF average for up to three years or until they meet the endowment threshold of $1,000 per student.
There is a list of 20 colleges and eight universities that do not meet the $1,000 per student fundraising quota, Fanshawe among them.
Fanshawe College VP of Finance and Corporate Services, Scott Porter, said if this program had been in place for the 2004 fiscal year, the school would have been able to allocate $73,000 more in bursaries for students.
The government expects the new initiative will make up to 2,700 more bursaries available per year.
Under the old funding program, institutions with large fundraising campaigns and dedicated alumnus, like the University of Toronto and Queen's University, would receive the bulk of the funding because they historically raised large amounts of money.
Tyler Charlebois, Director of Advocacy for the College Student Alliance (CSA), said the refinanced OTSS allows smaller institutions, like colleges that traditionally do not run large fundraising campaigns, the chance play catch-up and establish endowments with corporate and private donors.
“The money will be solely used to match bursaries,” said Charlebois, who reiterated that the money will directly benefit the students and will not be used for infrastructure.
The province-wide trust is part of the $6.2 billion investment the McGuinty Liberals made to postsecondary education over the next five years in their 2005 budget, entitled the Reaching Higher plan. That investment includes $1.5 billion more for student financial aid.
“I think Reaching Higher is a huge step forward to correct the wrongs the government has made over the past decade,” said Charlebois, who is very pleased with the new investment to student bursaries.
“What we need, in terms of prosperity in our province is a well educated society.”
He said Ontario doesn't have the option to capitalize on natural riches like Alberta has with their oil industry. Charlebois suggested that in order for Ontario to prosper it must invest in its population.
According to Charlebois, 70 per cent of jobs require some sort of postsecondary education, while on only 50 per cent of Ontarians who enter grade nine go on to attended a postsecondary institution.
“That leaves 50 per cent of the population competing for 30 per cent of the jobs.”
The OTSS was implemented upon the recommendations laid out by former Premier Bob Rae's review on higher education, which suggested the trust be established as a permanent fixture for Ontario students.
There have been no announcements as to when the money will be made available, but some believe it could be as early as September 2006.
Last week Chris Bentley, Minister of Training, Colleges and Universities, announced a new beefed up postsecondary bursary trust fund, which will make up to $50 million available each year to match private or corporate donations to colleges and universities across Ontario.
The Ontario Trust for Student Support (OTSS) will match donations one-to-one at institutions that raise over $1,000 per student, while schools that are not able to meet the per student quota will be given an enhanced three-to-one radio for the first three years.
“The trust will increase access and opportunities for students, expand fundraising capacity at our colleges and universities, and promote a culture of giving to support students,” Bentley said in a release.
The OTSS replaces the Ontario Student Opportunity Trust Fund (OSOTF), which was implemented by the Conservative Government in 1996 and did not include the three-to-one funding stipulation.
Colleges and Universities are eligible for the three-to-one dollar matching on funds raised above their respective historic OSOTF average for up to three years or until they meet the endowment threshold of $1,000 per student.
There is a list of 20 colleges and eight universities that do not meet the $1,000 per student fundraising quota, Fanshawe among them.
Fanshawe College VP of Finance and Corporate Services, Scott Porter, said if this program had been in place for the 2004 fiscal year, the school would have been able to allocate $73,000 more in bursaries for students.
The government expects the new initiative will make up to 2,700 more bursaries available per year.
Under the old funding program, institutions with large fundraising campaigns and dedicated alumnus, like the University of Toronto and Queen's University, would receive the bulk of the funding because they historically raised large amounts of money.
Tyler Charlebois, Director of Advocacy for the College Student Alliance (CSA), said the refinanced OTSS allows smaller institutions, like colleges that traditionally do not run large fundraising campaigns, the chance play catch-up and establish endowments with corporate and private donors.
“The money will be solely used to match bursaries,” said Charlebois, who reiterated that the money will directly benefit the students and will not be used for infrastructure.
The province-wide trust is part of the $6.2 billion investment the McGuinty Liberals made to postsecondary education over the next five years in their 2005 budget, entitled the Reaching Higher plan. That investment includes $1.5 billion more for student financial aid.
“I think Reaching Higher is a huge step forward to correct the wrongs the government has made over the past decade,” said Charlebois, who is very pleased with the new investment to student bursaries.
“What we need, in terms of prosperity in our province is a well educated society.”
He said Ontario doesn't have the option to capitalize on natural riches like Alberta has with their oil industry. Charlebois suggested that in order for Ontario to prosper it must invest in its population.
According to Charlebois, 70 per cent of jobs require some sort of postsecondary education, while on only 50 per cent of Ontarians who enter grade nine go on to attended a postsecondary institution.
“That leaves 50 per cent of the population competing for 30 per cent of the jobs.”
The OTSS was implemented upon the recommendations laid out by former Premier Bob Rae's review on higher education, which suggested the trust be established as a permanent fixture for Ontario students.
There have been no announcements as to when the money will be made available, but some believe it could be as early as September 2006.
