2026 Endowment Financial Report

A: An endowment fund consists of a non-expendable pool of funds that earns investment income and grows at the rate of inflation.  Investment income earned on the endowment principal provides the financial resources needed to preserve the value of the endowment and fund the related spending commitments.

A: The book value represents the actual cash value of gifts received to date since the inception of the endowment fund. The market value represents the combined value of all gifts to the endowment fund – and other increases, investment yields and gains or losses due to market fluctuations. Market value is based on the units held in each fund and represents their market value at a specific point in time.

A: TMU’s Board of Governors houses a dedicated Finance Committee, comprising a group of senior volunteers who bring vast experience in financial management from public and private sectors. Together with the university’s External Investment Managers at Fiera Capital Corporation, we ensure that every investment you make is managed and stewarded strategically to maximize long-term impact.

A: The spending level is a percentage of a three-year rolling average of the inflation-adjusted capital value of the endowment, and is authorized by the TMU Board of Governors.

A: TMU’s endowment fund is invested in Fiera’s Balanced Ethical Fund in accordance with the university’s Endowment Funds and Investments policies. This fund seeks to add value within a risk-controlled environment in each of its underlying asset classes as well as through active asset allocation, while considering Environmental, Social and Governance (ESG) indicators. The fund combines Fiera’s Canadian Equity Core, Active and Strategic Fixed Income, US Equity, International Equity, Real Assets and Private strategies with the extensive expertise of Fiera’s in-house asset allocation team in building a well diversified portfolio capable of delivering superior returns across all market environments.

A: The interest earned above the spending allocation and rate of inflation on each investment is used to establish and grow a stabilization fund. Each investment has its own stabilization fund, allowing for year-over-year fluctuation in earnings and providing a reserve should an investment not earn sufficient income to cover inflation and the approved spending amount. The maximum size of a stabilization fund is 15% of the inflation-adjusted value of the endowment, with excess earnings returned to the principal and re-invested.

A: Yes, you may add gifts of any amount to your endowed fund at any time. Your gift will be added to the book value and will be recorded on your endowment statement the following fiscal year.

A: We would be pleased to provide you with an endowment statement at any time. Statements are based on the previous fiscal year and are available each fall.