2020 Annual Report

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2020 Annual Report 2020 ANNUAL REPORT INVESTING in POTENTIAL CHARACTER • SERVICE • LEADERSHIP The Loran Scholars Foundation is a national charity working in partnership Loran with universities, donors, and volunteers across the country to find and nurture young Canadians who show strength of character and commitment Scholars to service, challenging them to realize their full potential. make a NOT SIMPLY A SCHOLARSHIP – difference WE INVEST IN OUR COLLECTIVE FUTURE Taron Topham • We look beyond a student’s marks to find evidence of integrity, (Cronin Loran Scholar ’19) University of Saskatchewan determination, compassion, resilience, and a strong sense of inner Coming from the small farming community of direction. Grandview, MB, Taron Topham recognizes that becoming a Loran Scholar and moving to the • Our extensive network of 616 volunteers, 637 donors, and 527 alumni University of Saskatchewan in Saskatoon opened doors he never knew existed. “If I’d stayed in my supports and enhances each Loran Scholar’s growth, and amplifies home province, I wouldn’t necessarily have pushed their effect on the communities they serve. my boundaries," he says. "Being in a different situation encouraged me to switch from a Bachelor of Science to Nursing." • We believe our country needs unconventional leaders in every sector. As a first-year scholar, Taron quickly tapped We fund Loran Scholars to study in Canada and provide them with into the welcoming campus and community. He was involved with a Special Olympics fundraiser, a breadth of opportunities to enrich their education, so they re-invest joined an inter-faculty agriculture club, and played their talents in tackling our most complex problems and shaping recreational hockey. He also volunteered at The Student Wellness Initiative Towards Community Canada’s future. Health (SWITCH), a student-run non-profit clinic. When the pandemic brought him home to Since 1988, the Loran Scholars Foundation has been selecting and Grandview, Taron remotely completed his public policy summer. Working with Dr. Terry Bennett supporting thousands of exceptional young Canadians. (’94) at The Offord Centre for Child Studies, a research institute focused on child and youth mental health, exposed him to the role that different $53.6M invested sectors play in improving healthcare outcomes. in more than 3,000 For Taron, it has been most meaningful to join “a students over 32 TABLE OF CONTENTS family from coast to coast to coast that I’m proud years to be a part of" and "a network that pushes me to The Loran Scholars Foundation 2 Building Community 24 be the best version of myself.” He says that the 134 current scholars Letter from the Chair & CEO 6 Volunteers 26 Loran community's support gives him the freedom at 18 different to pursue more than academic success, to explore The Loran Scholar Journey 8 Donors 31 Canadian universities and gain new skills and confidence, and to be pursuing 53 distinct Alumni 10 Endowment Giving 42 surrounded by people who share and affirm his programs of study Our Selections Process 14 Financial Statements 43 values: The Class of 2020 16 Board of Directors & Officers 46 “Character, service, leadership come from 36 scholars selected University Partners 17 Honorary Council & Committees 47 within,” he reflects. “They help get you through both the troubling times and the times when you’re from 5,194 applicants Mentors 18 on top of the world.” in 2020 (’##) notes a Loran Scholar’s award year Scholar Summers 20 Photos by Soy The Loran Scholars Foundation 2020 Annual Report | 3 INVESTING IN THE GREATEST OF CANADA’S NATURAL RESOURCES: OUR YOUTH LORAN, short for Long-Range Aid to Navigation, is a system that uses three points to determine one’s course for a long journey. The Loran Scholars Foundation identifies and supports young people who demonstrate our three core values: character, service, and leadership. Loran Scholars navigate future paths of high potential, guided by these values. The heart of our work is in finding and nurturing young people who are Long-Term Investment in Potential unafraid to challenge the status quo, who are insatiably curious, and who Loran Scholars are provided with a launchpad to realize their potential as future leaders for Canada We encourage scholars to resist the temptation to take easy or conventional paths and want to contribute to a brighter tomorrow. We believe Canada will thrive if to seek out meaningful ways to contribute to Canadian society Each Loran Scholar is granted a we ensure that these high-potential students are given the opportunity to renewable four-year award valued at $100,000, comprising an annual $10,000 living stipend imagine, explore, and create the future. and a matching tuition waiver from one of our 25 partner universities Scholars are provided with up to $10,000 in funding for three scholar-initiated summers (in enterprise, public policy, and community development) facilitating practical tri-sectoral experience For guidance throughout their time in the program, scholars are paired with mentors who challenge them and introduce them to their new communities Loran Scholars use these opportunities to broaden and enrich their academic studies and develop their leadership capabilities Rigorous and Comprehensive Selection Process We search for young people who have the capacity to grow into leaders who can see us through future challenges To select Loran Scholars, we look for qualities that a transcript alone cannot show: personal integrity and character; commitment to service and an entrepreneurial spirit; breadth in academic and extracurricular interests; strongly developed inner-directedness; and outstanding overall potential for leadership Through a series of assessments and interviews providing opportunity for reflection, we select up to 36 Loran Scholars from over 5,000 applicants We also grant more than 100 one-time entrance awards to provincial/territorial and national finalists annually Extensive Network We understand the value of connection and relationships for supporting scholars’ future successes, and we welcome them into an extended family of volunteers, donors, staff, and past and present scholars Incoming Loran Scholars forge strong bonds by spending seven days together in Algonquin Park as part of an orientation expedition before beginning university All in-stream scholars participate in an annual four-day retreat, forums, and a transition program during their graduating year Our alumni come together and collaborate through their own regional hubs and larger reunion events The Loran network enables connections to be made across years and disciplines and provides inspiration and motivation for our scholars The Loran Scholars Foundation 2020 Annual Report | 4 The Loran Scholars Foundation 2020 Annual Report | 5 THE LORAN COMMUNITY, GATHERING AT NATIONAL SELECTIONS IN FEBRUARY 2020 finalists to our National Selections in Toronto, where we identified our newest 36 Loran Scholars – THE YEAR IN REVIEW the class of 2020 – our largest cohort yet A MESSAGE FROM THE CHAIR AND CEO The next month, as well all know, our world changed drastically It is a testament to the committed and long-range view of our donor community that we, as a not-for-profit foundation, have fared so well despite the fiscal uncertainty that the COVID-19 In 1988, our founder Bob Cluett envisioned a world where students were evaluated not based on pandemic has brought Although at year-end, Loran’s investments, like everyone else’s, were their transcripts, but on an unconventional measure that signaled their true potential: one that was suffering, we have rebounded as of the time of writing, making up the investment loss we grounded in who they were as a person, what unique capabilities and curiosities they brought to the incurred in FY2020 Thanks to the generosity of our community of donors, we raised a record table, and what they made of the set of opportunities they were given in life More than what they did, $3 77M, putting us in good stead to realize our strategic goal of generating $20 3M for the Bob was interested in why they did it—how they chose to invest their time in their communities and the foundation by 2021 source of their motivation He sought to recognize youth who showed kindness and grit, who led from a place of authenticity rooted in their own values, and who were driven to improve the situation for others, The same resilience and commitment to giving back is present in our network of Loran alumni not just themselves Over the course of this pandemic we have watched as many Loran alumni have stepped up And so Bob set out to build the world he wanted He joined forces with nine other trustees, to help their communities weather these challenging times, from serving on the front lines in established a network of volunteers to help identify and select students, and brought on board five healthcare and raising funds for PPE, to advocating for better supports for marginalized populations university partners to co-invest in our first cohort of four Loran Scholars and developing innovative solutions to support our efforts to flatten the curve Alumni also came together to support in-stream scholars facing extenuating circumstances due to the pandemic, More than three decades later, that very model, founded on the generous contributions of our present dedicating a portion of the $178,000 raised in our alumni campaign to a COVID-19 Scholar network of 600+ donors, 25 university partners, and more than 600 volunteers, underpins our work Emergency Fund Our 527 alumni are
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