What is the Northern Ontario School of Medicine (NOSM) Bursary Fund?
Under the umbrella of the NOSM Bursary Fund, donors can make contributions of any size to NOSM’s unrestricted general bursary fund, establish a named, expendable bursary fund or establish a named, endowed bursary fund.
Donations received by NOSM to fund named, endowed bursary funds are held and invested in an endowment at the school’s respective campuses.
What is the financial impact of medical studies on an individual?
Graduating medical students could potentially face debt loads of over $150,000, with repayments to begin immediately in residency after undergraduate education is completed. The average first year income in residency is only $48,000. The cost of servicing a debt of $150,000 is $20,000 a year, nearly half of their take- home pay.
One of our greatest concerns is that, based on fears of economic hardship, an ideal candidate for northern and rural practice could be discouraged from applying or decline our offer of acceptance or, once enrolled, withdraw from continuing studies. The School is appealing to donors for assistance in ensuring that accomplished students are given every opportunity for a bright future in northern medicine.
How can I make a donation?
NOSM ‘s charitable registration number is 86466 0352 RR0001 so gifts may be made directly payable to: Northern Ontario School of Medicine. Payments may be made by personal cheque or with any of the major credit cards. Donations are accepted by mail or in person, by cash, check or major credit card. You can also make donations on our secure site at www.nosm.ca/donate.
We are also pleased to accept ‘in-kind’ gifts of appreciated securities. Please contact our office for further details.. Please contact one of the Advancement Officers in the East or West offices.
How are named or commemorative medical school bursaries established?
Bursaries may be named in memory of, or in honour of, a loved one or the donor. A named endowed bursary fund is established with a minimum enduring property gift of $10,000. Only investment earnings will be used to pay out the award annually in perpetuity, consistent with Canada Revenue Agency (CRA) guidelines. Donors may make additional enduring property gifts to the endowed bursary fund at any time. A donor may initially contribute less than the $10,000 required to establish an endowed bursary fund, pledging to contribute the balance until the minimum amount is reached.
A named expendable bursary fund may be established for purposes similar to an endowed bursary fund except that the gifts will not be administered as enduring property. To qualify as a named expendable bursary fund, an annual gift of at least $500 is required, payable for at least four consecutive years. Named expendable bursary funds do not generate investment earnings as gift contributions are expended annually to fund a student’s bursary.
Can I make a gift over a period of time?
Pledging a gift commitment over a period of time, up to five years, is most welcome. This method often allows donors to give more generously than they may have originally thought possible. Pledges made now in honour of our current students will create a legacy for future students.
**Double Your Donation
Contributions made to establish named endowed bursary funds and individual contributions made to NOSM’s endowed general bursary fund may be eligible for matching funds through the generous assistance of the provincial government. Interested donors are strongly encouraged to consult with NOSM Advancement staff to determine eligibility.
Where/how does the money get invested?
Endowed bursary funds donated to NOSM are invested in a manner consistent with the established investment policies of Lakehead and Laurentian Universities. Donations supporting other programs at NOSM are invested by NOSM following our own investment policies, as established by the Board’s Finance and Audit committee.
How do I give to NOSM?
NOSM now has its own charitable registration number 86466 0352 RR0001 so gifts may be made directly payable to: Northern Ontario School of Medicine. Payments may be made by personal cheque or with any of the major credit cards. We are also pleased to accept ‘in-kind’ gifts of appreciated securities. Please contact our office for further details.
Award Terms and Student Selection
NOSM Advancement staff work with donors to establish the selection criteria for named awards.
Awards are granted to eligible students upon the recommendation of the School of Medicine Awards Committee, which has representation from Learner Affairs, community members, students, and academic leadership.
Where is the NOSM’s Advancement Office located?
We have Advancement personnel on both the East and West campuses of NOSM. The West campus Advancement Office is located on the 6th floor of the ATAC building at Lakehead University. The East office is located on the 2nd floor of the Medical School building at Laurentian University.
How do I contact NOSM’s Advancement Office located?
955 Oliver Road
Thunder Bay, On P7B 5E1
935 Ramsey Lake Road
Sudbury. On P7B 5E1
Toll Free Number 1-800-461-8777
Email Address: firstname.lastname@example.org
Online donations accepted at www.nosm.ca/donate
I want to hear more about NOSM.
The Advancement unit would be happy to come and speak to individuals or groups who are interested in supporting NOSM. Our team travels throughout the region providing information and details on what we are all about.
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