DRAFT - Luke Haley Fund Management Policy
Scheduled Review Date - On anniversary of approval
History
First draft, 2024-07-29
Second draft, 2024-08-07
Third draft, 2024-08-08
Fourth Draft, 2024-09-03
Fifth Draft, 2025-07-03
Six Draft, 2025-10-19
Purpose
This policy describes the intent and processes for managing a fund which enables youth who would otherwise not have the means to participate in SMSC’s Learn to Sail programs to do so.
The Luke Haley Fund (“The Fund”) was established in loving memory of an active club member and Junior Sailor, Luke Haley. The fund is internally restricted for the purpose described above.
Scope
The policy applies to the Officers and Board of Directors of SMSC for financial management of the Fund.
The policy provides specific operational procedures relevant to the policy. These operational procedures are not expected to address all possible circumstances. Where circumstances are not addressed explicitly by procedures, users are expected to apply the principles of the policy in consultation with SMSC’s Board of Directors.
Policy Statement
The Fund includes capital and interest held in internally restricted funds by SMSC.
The funds held by SMSC shall have a minimum balance of $6,000 at the end of each financial year. Any deficit in the fund shall be removed by adjustment(s) from interest in the fund and SMSC’s operational accounts.
The SMSC Executive Committee shall manage the Fund under the guidelines set forth by this policy.
SMSC will post notices regarding the Fund and opportunities to donate on its website and through targeted messaging to SMSC friends and members.
SMSC may advertise funding, when available, in the local newspaper, social media, etc.
Funds will be disbursed only as grants to SMSC Learn to Sail youth participants living in Halifax Regional Municipality.
Grants will be to a maximum of $1,000 to any participant in any calendar year, subject to the criteria for acceptance noted below.
The criteria for eligibility shall be as defined by “KidSport Nova Scotia” Provincial Fund – KidSport Nova Scotia (kidsportcanada.ca). The thresholds will be updated annually. Current criteria are appended below.
The families of participants are to apply to the Director, Learn to Sail, SMSC, using the form and required attachments as appended below.
The family may register participants in SMSC Learn to Sail programs subject to payment by the Fund.
All correspondence and business of the SMSC Executive Committee shall be confidential to the individual applicant and the Committee.
Criteria for acceptance of an individual application are:
(a) Complete information provided
(b) Available funding, as determined by SMSC’s Treasurer or appointee, and
(c) Subject to amendment by the SMSC Executive Committee: Approval, on a first-come-first-served basis for the first $500 and, with 30 day delay, of the second amount to a maximum of $1,000. However, if applications are for programs of two weeks or more, approval will be on a first-come-first-served basis for up to $1,000.
Appendix: Eligibility
Abstract from KidSport Nova Scotia:
KidSport provides grants to kids (18 years old or younger) from families facing financial barriers so they can participate in registered sport programs and experience the lifelong benefits of a season of sport. KidSport Nova Scotia provides grants of up to $500 per eligible kid, per year (January 1st - December 31st) towards sport registration and equipment fees.
Grants are intended to be used for sport registration and equipment fees only for multi-week sport programs that are organized by clubs in good standing with their Provincial Sport Organization.
Grants are not intended to be used for summer camps, elite/travel teams not associated with the PSO, private coaching, travel and tournament/competition fees.
Eligibility Requirements
KidSport Nova Scotia uses a CRA Notice of Assessment as the primary document to determine financial eligibility for grants.
We also accept Social Income Assistance Statement, an endorsement from the Department of Community Services, or an endorsement from Indigenous Social Development to determine financial eligibility for grants, if applicable.
If applying using a CRA Notice of Assessment (one for each parent/guardian in the household) please ensure your total income (line 15000) does not exceed the cut offs listed below for your family size*
2 person family - $38,003
3 person family - $46,720
4 person family - $56,724
5 person family - $64,336
6 person family - $72,560
7 person family or more - $80,785
*To calculate family size count the number of parent or parents or guardians in the household plus the number of children 18 years or younger Example:
2 person family = 1 parent + 1 child.
3 person family = 1 parent + 2 children OR 2 parents + 1 child