In May 2007, MURA and McMaster University signed an agreement to establish an Awards Endowment Fund, which will provide ongoing funding for the two awards in gerontology currently supported by the Association.
The two awards are referred to as:
The two awards are officially presented at Fall Convocation. The recipients are recognized and honoured at the MURA Christmas Lunch.
On May 21st 1991, MURA decided to give a $300 annual scholarship to a full-time gerontology student starting in the fiscal year 1992/93. On May 20th, 1992 we established a $100 annual prize for a part-time gerontology student. Later the amounts were increased to a $1,000 scholarship and a $250 prize. Originally, the scholarship and prize were funded from MURA's operating budget.
In 2005-2006 MURA no longer had to ask for voluntary membership fees since we were able to negotiate with the McMaster University Faculty Association, the then McMaster Staff Association (now Unifor Local 555) and the University President's Office for generous financial support for three years. We have since been able to renew these agreements, making us among the better financially supported retiree associations in Canada.
In lieu of membership fees, MURA started a campaign to raise money for an endowment fund, with great success. Starting in March 2012, the awards were $1,250 for the scholarship and $250 for the prize.
The original endowment fund goal of $32,000 was met by the fall of 2009, reached $42,408 in January 2011 and $49,000 in October 2012. In order to increase the scholarship to $2,000 and the prize to $550, we upped our goal to $64,000, and not only reached, but surpassed that, so that by August 2015 the fund stood at $69,000.
We have set a new 3-year goal of $85,000. As of Jan 2017 the fund sat at $76,028. Only $8,972 is needed to meet our 3-year goal by summer 2018.
As the fund continues to grow, we will be able to continue to increase the amount of the scholarship and prize to help keep up with the rising cost of education.
Donations from MURA members and friends continue to be welcome and encouraged on a continuing basis. Extra funding will enable MURA to increase the value of our annual scholarship and prize.
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