Sea King

1991 – Air Cadet 50th Anniversary Trust Fund

 

The Air Cadet Trust Fund

Early History

The Air Cadet 50th Anniversary Trust Fund of the RCAF Association was created in 1991. RCAF Association members affiliated with every Wing in the Association made a contribution to the RCAF Association Trust Fund, designated to the Air Cadet 50th Anniversary Project, to the grand total of $67,000.oo. The Air Cadet Trust Fund consequently started with an investment of$60,000.oo and the remaining $7,000.oo was distributed in the form of S300.oo Continuation Flying Training Awards (CFTA) to worthy Air Cadets from across Canada who had achieved wings standard during the National Air Cadet Power Flying Program. The intent was to distribute twenty (20) annual CFTA awards from the interest income earned each year. Regretfully, the annual interest rate decreased significantly in the years following 1991 and the RCAF A Trust undertook to augment the annual funds available and to increase the capital investment to a point of self sustainment. By the year 2000, the capital investment had reached $100,000.oo and 200 CFTA awards each valued at $300 had been presented to worthy Air Cadets selected by the Air Cadet League of Canada, and presented to the winners by members of the RCAF Association. The capital investment in the Air Cadet Trust reached S184,000.oo sometime in 2005, and the goal changed so as to present not twenty but twenty-five (25) annual CFTA awards valued at $7,500. The fund has reached temporary self sustainment due to a few longer term investments but renewals at current interest rates remain a matter of concern. Thanks to the generosity, of George Mitchell, IPP 441 Wing , Barrie, who donated S40,000.oo to our Air Cadet Trust Fund, his further donation of S70,000.oo created two new awards of S1000.oo annually to the top Male and top Female graduates of the Air Cadet Flying Scholarship program. Acknowledging that the S300.oo award now provides for an insignificant number of flying hours the Association requested that the Air Cadet League change the name of the CFTA to Pilot Training Achievement Award (PTAA) which would suitably recognize a past achievement (pilot wings) of a cadet seeking a career in civil, military, or industrial aviation. The Air Cadet League has approved this request.
Ron Button, BGen (Ret’d), Chairman, RCAF A Trust, and Trustee, Air Cadet 50th Anniversary Trust Fund of the RCAF Association.

In recent years, every effort has been made to continue increasing the principle so as to be able to draw up to three $2,500 bursaries/scholarships. The $300 bursary was deemed to low to be of any significant value in terms of flying lessons (continuation or otherwise) so the amount was raised to $2,500. As of 1 January 2021 the principle amount sits at $291,000, and the RCAF Association Trust Fund would like to reach $300,000 before 1 July 2021.