New president at the helm of foundation

The Community Foundation of the North Okanagan has elected Janice Mori as president

There is new leadership for an organization that supports the community.

The Community Foundation of the North Okanagan has elected Janice Mori as president to succeed Michael Tindall, who has served in the position since 2009.

Mori, former Vernon Curling Club manager and past-president of the B.C. Ladies Curling Association has served as a foundation director since 2008 and vice-president since 2010.

Also elected are Herb Wong as vice-president, Calvin Hoy as secretary and treasurer Catherine Lord.

During the annual general meeting, the audited financial statements were presented for the fiscal year ended Sept. 30.

Investment returns for the year were 12 per cent, doubling the long-term average target of six per cent. Following policy, 3.5 per cent will be distributed to recipient charities. One per cent will be retained to fund administration.

The remaining returns will be reinvested to provide a hedge against inflation and a cushion against years of adverse investment returns. Total assets under investment now stand at $14.6 million.

More than $500,000 will be distributed to local charities this year. Of this total, about $90,000 will be available from the Smart and Caring Community Fund.  Applications for these funds can be made in early 2015.

For information, visit www.cfno.org or call 250-542-8655.