Emotional dividends and forever funds: UCC’s endowment |
10/03/2026
As Elliot Johnson ’94 completes his term as chair of the UCC Foundation and trustee Jim Garner ’77 steps into the role, they reflect on the College’s financial assistance program, investment stewardship, and the Foundation’s long-term ambition: expanding the impact of UCC for generations to come.
On pluralism and the promise of Canada
Elliot Johnson ’94: The UCC Foundation allows us to live up to our ambitions as a leader in education and a leader in Canada. It enables us to support 20 per cent of the student body with financial assistance, in addition to programming support. As a result of the growth of the Foundation, we’re able to operate a needs-blind admission process. This extends the UCC opportunity to a much wider audience of families than ever before, enriching the experience for everybody.
Jim Garner ’77: The endowment isn’t an end in itself. What the Foundation and the endowment do really speaks to the heart of the College. A phrase that I’ve always liked is “the pluralism and promise of Canada” from the school’s vision statement. It’s the ability to attract the best-fit boys for the College, regardless of their financial capacity to attend.
On the full UCC experience
Garner: Tuition isn’t the only cost of attending a school like UCC. If a boy is into hockey or rowing or lacrosse or the chess club or debate, there are other incidental costs. One of our big focus areas is to broaden the financial assistance we can offer so a student coming in gets the full experience.
Johnson: We don’t want to lead them halfway up the mountain and point to the top and say, “There it is, but you can’t get there.”
On forever funds
Johnson: Ten years ago, we revitalized our entire investment strategy and partnered with Cambridge Associates, a world-class investment advisory. They work with the trustees, give us advice, research, analytics, support and, most importantly, access to the best investment opportunities globally, across public and private asset classes.
Our goal is to grow the funds in excess of the five per cent draw, plus inflation, so that the purchasing power of every gift is preserved and ideally increases over time. When you’re in the forever money business, the challenge is how to take best advantage of your long-term time horizon.
Garner: We use the term “forever funds” because the money that goes into the endowment is meant to generate an annual return that supports students in perpetuity.
On emotional dividends
Garner: Elliot and I are also personal sponsors of the Foundation. While we don't connect students directly with a donor, I do feel a strong emotional connection. There’s an emotional dividend that comes from that investment.
Johnson: This is an opportunity to give money where you’re not just supporting the family next year. You’re supporting the boy who goes to the school 30 years from now, 50 years from now, 100 years from now. You can give a gift that outlives you, that outlives your children.
On the work ahead
Johnson: I have mixed feelings about leaving. I’ll have a little more time — but no matter what my day was like professionally, the hours I spent with the trustees were always a relief and rejuvenating. All of the trustees are so capable, with different but complementary backgrounds, working on problems that are really difficult. We retain investment discretion at the board level, so every investment is considered carefully around that table.
Looking ahead, I couldn’t be happier that Jim is stepping into the role. Very few people have given more to UCC, and very few have the right skills to provide the kind of leadership the Foundation needs now.
Garner: I sincerely thank Elliot for his long-term, steady support, his senior volunteerism and the leadership he’s shown. It’s an honour for me to step into the role, particularly going into our 200th anniversary celebrations. We’re proud of what the Foundation has achieved, but this is not our end goal. My hope is to build on Elliot’s tenure and keep growing the Foundation’s impact for future generations of boys.
