KSA move to transfer $500 out of old account to help students
Throughout the past eight years, approximately $500 of the Kwantlen Student Association’s investments were sitting around collecting dust under Quadrus Investment Services Ltd.
For reasons that Vice-president Finance & Operations Rawan Ramini can’t identify, a small amount of money was kept with the company while the rest of their investments were moved to CIBC. The funds that stayed with Quadrus did not reap a significant benefit as very little profit was gained, and so the Executive Committee recommended to council that they be liquidated and transferred to a new account in order to be more useful.
“The $500 that is there now doesn’t bring in any money for the organization. Their market value over the past two months changed by under a dollar, so it’s financially unprofitable to keep the investments with Quadrus,” says Ramini.
Originally, the Committee’s motion suggested that the money go into CIBC Wood Gundy, Canadian wealth management services provider, but Ramini states that it will now go towards bursaries for KPU students.
At the next council meeting, the Executive Committee will put forward a motion to transfer all of their investments from CIBC to Vancity, which partially explains why they went back on their decision to move the $500 into their Wood Gundy accounts.
