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2008 Projects & Activities

Scholarship program
After several years where the applications for our scholarship program steadily increased, the number of applications for the academic year 2008-2009 leveled off at 56. This includes 7 recipients from 2007-2008 who wished to renew their scholarship and it represents a small decline of 8% compared to 2007. After a thorough and careful review of all candidates, the Foundation decided to support 9 students, with amounts ranging from $1'000 to $2'000. All students were undergraduates studying towards a bachelor's degree or a diploma.

Due to the fact that the Foundation is not yet supporting any other projects besides the scholarship program, the Foundation Board decided again, as in 2007, to allocate on an exceptional basis several more scholarships than usual. The reason for this measure is that under Swiss foundation law, charitable foundations are not allowed to build up too large financial positions in excess of their initial endowment.

Visit to Nova Scotia
The highlight of 2008 was our trip to Nova Scotia in August/September. Besides travelling through the Northumberland area, P.E.I. and the beautiful Cape Breton, we hosted a small reception in Halifax for 10 of our recipients along with their families. After years of working from a distance, it was terrific to finally be able to meet the students whom we had supported and to put a face to the names. During our stay, we were also able to meet up with several people in order to discuss different aspects of and opportunities for the Foundation.

Other activities
Besides the scholarship program, no other project was undertaken during the fiscal year 2008. The Foundation did not receive any demands or requests to support a specific project or activity.

Financial situation
Thanks to defensive and conservative investments, the Foundation got through the financial crisis and market turbulences unharmed and we are happy to report that the capital basis remains the same as before. This allows us to continue providing the same level of service in the years to come as we have in the past.