The “Foundation” was created in 2003 as outlined in a Letters Patent incorporating the “Corporation” as registered under the Canada Corporations Act.  Through members, Directors, meetings and by-laws, the Foundation’s objectives are as follows:

1.  to provide funding for award scholarships, fellowships, bursaries and prizes to persons enrolled in approved courses in nautical studies and maritime affaires for professional development at a recognized institution in Canada based upon either or both financial needs of the students and scholastic excellence.
2. Provide research grants, bursaries and prizes and promote exchange and dissemination of research findings.
3. Develop, fund, administer, promote and carry on activities for the advancement of education relating to marine issues through courses, seminars, conferences, communications, publications and public meetings.
4. Receive gifts, bequests, trusts, funds and property and beneficially, or as a trustee or agent, to hold, invest, develop, manage, accumulate and administer funds and property for the purpose of disbursing funds and property exclusively to registered charities and “qualified donees”  
5. conduct any and all  activities and exercise any and all suck powers as are necessary for the achievement and furtherance of the purposes of the Corporation.

Incorporating “funds” from  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, over the years, the Foundation has grown to its current status.

Additional “funds” were received from the Capt. John and Ann Storey bequest from the Great Lakes Region, and newer financial generous support in memory of Captain Angus MacDonald and Capt. Rick Gates families have added to the Foundation’s strength and financial stability.

Further, the Foundation has been 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 “Foundation” was set up by the “Company of Master Mariners”, it is administered by Trustees of the “Foundation” and not by the executive of the “Company of Master Mariners” thus providing further oversight and management.

Donations are most welcome from any person or persons, and are solicited from members of the “Company of Master Mariners” quite regularly. All persons who are interested in furthering the objectives of the “Foundation” are asked to make contributions through the Chair  of the Foundation.  Please contact Captain John Greenway at greenway@greenwaymarine.ca  or any of the Company of Master Mariners Divisions for further information.

Education Fund

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.