La Cité and its Foundation renew their Memorendum of Understanding
Official signing of the renewed Memorandum of Understanding between
La Cité and its Foundation
The official signing of the renewed Memorendum of Understanding (MoU) between La Cité and its Foundation took place on December 9th at La Cité’s teaching restaurant, Les Jardins de La Cité.
The Ontario Ministry of Education, in its guidelines concerning entrepreneurial activities, specifies the types of commercial and entrepreneurial activities in which colleges can be involved. Certain conditions apply, such as the implementation of a Memorandum of Understanding between the College and its foundation. The MoU details the accountability mechanisms that allow La Cité to undertake the supervisory role that is required.
Due to the reorganization of the Development Office and within the context of its strategic planning, it was able to establish that the MoU revised in January 2005 still reflects the roles that must be fulfilled by La Cité, the Foundation and the Development Office. For this reason, the Board of Directors of La Cité and of the Foundation met to sign the Memorandum of Understanding which renews their partnership and collaboration.
According to Mrs. Lise Bourgeois, President of La Cité, »this MoU is in line with our new strategic plan. Furthermore, the Foundation is an important partner in La Cité’s initiatives and offers significant financial support to our students, as well as in the modernization of our equipment and infrastructures. » She concludes by stating that by working together, we can reach our goals and allow for better access to postsecondary education in French.
The MoU serves to clarify roles and responsibilities, an essential element of sound governance in an organization. It is not only a question of defining these roles, but also ensuring that they are respected and implemented.
»Thanks to the Foundation’s governance reform, we will be able to recruit new administrators whose competency profiles directly correspond to the roles defined in the MoU, » explained Mrs. Lise Parent, President of the Foundation’s Board of Directors.
In order to be proactive and pragmatic with our fundraising strategy, a clear mandate and a common vision are essential, according to Mrs. Parent.
The Foundation’s roles appear consistent with its history and the implementation of the Development Office. They are part of the continuation of what has already been accomplished. The Foundation plays four important roles with regards to La Cité:
1. A fiduciary role which means that it must safeguard and ensure the respect, the compliance and the orientation of the Foundation’s global mission, as well as the sound management of the funds with which it has been entrusted.
2. A strategic role which involves fulfilling an instrumental role in elaborating the Development Office’s vision, key strategic orientations, research and philanthropic initiatives.
3. A financial role in order to make profitable use of the funds for educational purposes such as financial aid and acquisitions. The financial role is closely linked to the fiduciary responsibility. The Foundation is the depositary of the funds entrusted to it for its projects.
4. A relational role in order to ensure representation within the internal and external community, in view of developing partnerships and broadening the scope of the College’s activities.
»I am proud to see the relationship between La Cité and its Foundation renewed for the following years in a spirit of collaboration, » concludes Mr. Jean Pigeon