The “Fund” was first started in 1979 with a $5000.00 bequest in the Will of Mrs. Jean Baugh, the first secretary of the Company of Master Mariners of Canada, and the widow of Captain G.O.Baugh, who was one of the founding members, and a past National Master.
The Company of Master Mariners set up the “Fund” for the purposes of providing scholarships, bursaries and financial assistance to persons interested in furthering their education in Canada, in marine navigation and technology.
The “Fund” was set up as a trust fund, registered with Revenue Canada, and is listed as a charity for income tax purposes. This allows the “Fund” to issue receipts which can be used for income tax deductions.
Although the “Fund” was set up by the “Company”, it is administered by Trustees of the “Fund” and not by the executive of the “Company.” The agreement of the “Fund” stipulates that it can run for twenty one years after the disillusionment of the Settlor, (the Company of Master Mariners of Canada).
Part of the rules set out by Revenue Canada, dictate that the “Fund” must expend 80% of the monies collected during the prior year, when Income Tax deduction receipts were issued. Any monies collected, when no receipts are issued for income tax deductions, are not subject to this rule.
Donations are most welcome from any person or persons, and are solicited from members of the “Company” quite regularly. All persons who are interested in furthering the objectives of the “Fund” are asked to make contributions through the Administrator of the Fund. The Administrator of the “Fund” is also the National Treasurer of the Company of Master Mariners of Canada.