Chamber creates endowment fund for local students
The Cranbrook Chamber of Commerce has approved the creation of a new endowment fund with the Community Foundation of the Kootenay Rockies with an initial investment of $10,000.
The fund will provide an annual scholarship to a local student pursuing education at the College of the Rockies.
While the initial start up investment of $10,000 will go into perpetuity, with interest generated from the investment to be used each year, the chamber will continue to raise funds throughout the year with their “Bursary Draws” to help top up the annual amounts given to students. The goal is to provide a minimum of a $1,000 scholarship each year, ongoing into perpetuity.
“The Community Foundation of the Kootenay Rockies is very pleased to be working with the Cranbrook Chamber of Commerce to establish this permanently invested endowment fund. This fund will provide an annual, perpetual bursary to support education and/or training for local, emerging business leaders. The Community Foundation applauds the chamber’s foresight and leadership in establishing this new legacy fund,” said Lynette Wray, Executive Director of the Community Foundation of the Kootenay Rockies.
Chamber staff brought forward the recommendation to the Chamber Board in early January and after a presentation from the Community Foundation of the Kootenay Rockies in March, the board asked membership for their feedback during the March 20 luncheon and AGM.
“We were excited to see our members were on board with our idea and supported us in the creation of this fund,” said Kristin Parsons, Chamber Executive Director.
The fund will be created this year and the first scholarship will be granted in June 2020. “The chamber has a long history of supporting the business community and the development of this fund allows us to further support our future leaders of tomorrow, as well as create a legacy for the Chamber and for our business community,” said Chamber President Jason Fast.