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MARJORIE YOUNG BELL
ENDOWMENT FUND
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| A
Brief History of the Marjorie Young Bell Endowment Fund |
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money for this fund was a bequest by Marjorie Young Bell to Mount Allison
University. She died in 1964 and spending from it was directed by her husband
Dr. R.P. Bell (and his brother Dr. W.P. Bell and subsequently a committee)
until his death in 1975. Over $1.8 million was allocated to assist in the
construction of Convocation Hall and the Marjorie Young Bell Conservatory
of Music. The income from the Fund was then recapitalized until the capital
had been built up again. In the 1970s the MYBEF Committee continued to make
recommendations to the Executive Committee of the Board of Regents concerning
allocation of Fund revenues and many special projects were undertaken. In
the 1980s the income from the Fund was transferred in an unrestricted manner
to the operating budget of the university. By 1990 the University had accumulated
a significant capital debt. With the agreement of the Bell family, it was
proposed that approximately one half of the Fund be liquidated to pay off
this debt. In March 1991, $5.2 million was liquidated and the proceeds from
the sale of investments were applied to the University’s Capital Fund.
As previously, the income and capital gains have been used to build up the
Fund. The University now has no deficit and the Fund is able to encourage
and nurture special projects once again. |
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| Current
Projects Supported by the MYBEF |
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| ©
Mount Allison University |
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February 21, 2012
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