Designated Funds

A Designated Fund represents a sum of money set aside within the Shevchenko Foundation for a special or designated purpose. The annual income earned from investing the capital of each Designated Fund is disbursed in accordance with the instructions of those establishing such a fund to the designated beneficiary of the fund.  These can include a particular organization or institution, a specific cause, project or area of interest. A Designated Fund provides an opportunity for an individual, family, organization or institution to make a lasting contribution to the community and carry its name into perpetuity.

Stefan & Maria Yankowski Designated Fund

  • Established in 1987 in support of the activities and programs of two Winnipeg youth organizations – Plast Ukrainian Youth Association of Manitoba and the Ukrainian Youth Association (SUM).

Canada – Ukraine Foundation Designated Fund

  • Established in 1997 in support of the Canada-Ukraine Foundation (CUF).

Stefan & Michael Piciura & Eugenia Piciura-Szwec Designated Fund

  • Established in 1999 in support of the publication of scholarly studies on Ukraine in the fields of Ukrainian history, geography, sociology, politics and economics.

John J Nowosad Designated Fund

  • Established in 2000 in support of the Ukrainian Professional and Business Foundation of Winnipeg.

Ukrainian Professional & Business Foundation Designated Fund

  • Established in 2001 in support of the Ukrainian Professional and Business Foundation of Winnipeg.

Ukrainian Literary Association of Markian Shashkevich Designated Fund

  • Established in 2002 in support of projects designated by the Board of Directors of the Ukrainian Literary Association of Markian Shashkevich.

Ludwig, Olga & Constance Kaye Designated Fund

  • Established in 2005 in support of projects in Ukrainian culture.

Mykola & Ann Zubaty Designated Fund

  • Created in 2005 in support of the Ukrainian Youth Association (SUM) in Winnipeg.

Samuel & Rose Pryhoda Designated Fund

  • Established in 2005 in support of Ukrainian students studying the Ukrainian language, history and origin at a university or college.

Mykola & Anna Wargaty Designated Fund

  • Established in 2005 in support of projects in Ukrainian culture.

Ukrainian Foundation for College Education Designated Fund

  • Established in 2005 in support of the Ukrainian Resource and Development Centre.

Ukrainian Canadian Professional & Business Association of Ottawa Designated Fund

  • Established in 2006 for the purpose of promoting and administrating a scholarship fund.

Ukrainian Reading Association “Prosvita” Designated Fund

  • Established in 2007 to support the cost of running the association’s Saturday Ukrainian School, as well as to support cultural and educational Ukrainian organizations.

Wasyl, Tela, Darka & Lydia Karabin Designated Fund

  • Established in 2008 in support of a fulltime student attending an accredited university, college or technical institute who achieve academic excellence, have a history of academic accomplishments and have taken initiatives to contribute to the Ukrainian Canadian Community.

Stephen & Olga Kuzyk Designated Fund (Religious)

  • Established in 2010 for the purpose of granting a bursary to a Canadian citizen of Ukrainian heritage enrolled at St. Andrew’s College as a candidate for ordination as a Ukrainian Orthodox priest.

Stephen & Olga Kuzyk Education Designated Fund (Education)

  • Established in 2010 to support a Canadian citizen enrolled in a Canadian University full-time as a Doctoral Candidate in the field of Education.

Dr Yarema Gregory Kelebay Scholarship Fund

  • Established in 2010 for the purpose of granting scholarships.

Managed Funds

The Shevchenko Foundation, through its Managed Fund Program, offers organizations and other Ukrainian foundations the opportunity to benefit from the professional money management expertise assembled by the Shevchenko Foundation and its Investment Committee.

All Managed Funds are governed by the same Investment Policy as the Shevchenko Foundation’s Capital Fund.  All elements of the Shevchenko Foundation’s Investment Policy will apply to the Managed Funds.

The portfolio is currently managed by Gluskin Sheff and Associates in Toronto and the Stashuk Group RBC Dominion Securities in Vancouver.

The Foundation currently has 21 managed funds (12 organizations) for a total of $9,451,381.

The Investment Committee of the Shevchenko Foundation is comprised of individuals, from across Canada with diverse backgrounds, skill sets and experience drawn from the world of commerce, banking, financial analysis, accounting, securities and general business.  The Investment Committee is responsible for ensuring that the Capital Fund is managed in accordance with the Shevchenko Foundation’s Investment Policy.

Fundamental to this policy is a long-term investment horizon that emphasizes diversification among asset classes to obtain the best possible return for the level of risk assumed.

The Investment Committee holds quarterly teleconference meetings to monitor and review the investment decisions of the Shevchenko Foundation’s investment counsel.

What are the advantages of having the Shevchenko Foundation manage your funds?

  • Investment committee of Shevchenko Foundation oversees the management of funds.
  • Ukrainian organizations or foundations  receive professional investment management services for their investment portfolio identical to those of the Shevchenko Foundation.
  • The organization or foundation could benefit the most and have a better chance for growth and sustainability through the services of the Shevchenko Foundation.  A better return for the organization /foundation to continue their support to the community.

How Managed Funds operate:

  • An organization or foundation deposits their funds with the Shevchenko Foundation to manage. Ownership of the funds stays with the organization of foundation.
  • The Shevchenko Foundation will establish a fund on its books to be shown as the Managed Fund. (For example, Ukrainian Youth Association Managed Fund)
  • The Shevchenko Foundation will provide quarterly statements and performance information of the organizations Managed Fund to the Board of Directors
  • All interest and dividends payable to the Managed Fund shall be calculated separately from all other monies invested in the Shevchenko Investment Management Accounts
  • The organization may, upon 30 days written notice to the Shevchenko Foundation redeem all or part of the   Managed Fund at the market value which is calculated at the end of each calendar month
  • The net income derived from the Managed Fund shall be paid to the named organization on an annual basis in June of each year if the organizations so desires.
  • The organization or foundation may also at any time withdraw all or part of their fund.


When the organization/ foundation decide to have the Shevchenko Foundation manage their funds the following steps are taken:

  • An agreement is signed between the Shevchenko Foundation and the organization/foundation
  • A cheque in the amount is sent to the Shevchenko Foundation for deposit into the Managed Fund portfolio
  • If the organization/ foundation have their money invested with variable renewal dates a process will be discussed with the Shevchenko Foundation to maximize the return for the organization / foundation.