Benevolent fund helps CAs in need

A friend in need is a friend indeed. The Benevolent Fund of the Institute of Chartered Accountants of British Columbia has taken that old adage to heart. Established in the 1930s to assist members and their families in financial difficulties, the Fund provides short-term bridging, according to Ed Lye, FCA, chair of the Fund and Chairman of the Board of Akhurst Machinery Ltd. in Delta.

"Whether the difficulties have been encountered through health problems, business reversals or even death, the Fund's trustees look carefully at each individual set of circumstances to make sure the funds are administered properly and members and their families are looked after when they need the help," Lye explains. "This can be financial assistance for two or six months or, in one case, several years. Of course, it's not intended to be a pension fund and it always has a sunset clause. We provide general assistance to members suffering from unusual financial hardship."

According to Lye, over the years the Fund has helped many members - at least 11 since 1991 - including a CA who suffered from deteriorating eyesight, and other debilitating medical conditions. When he applied to the Fund, he and his wife were living below the poverty line.

"We paid off his debts and supplemented his income until his death," Lye points out. "We worked with the companies he owed to arrange for payment plans, and worked with his spouse to sort out other financial arrangements."

In another case, a member died, leaving his spouse with no assistance. The Benevolent Fund paid for another CA to run the practice until it could be sold, and assisted the bereaved family throughout that period. Another member needed an organ transplant and was unable to work while waiting for the procedure, so the Fund stepped in. Yet another member had a substance addiction and was assisted while he sought further help with his addiction.

Barry Mottershead, CA, director of Member Services at the Institute and secretary for the Benevolent Fund, points out most of the cases do involve a health or personal issue.

"When a member is having problems due to substance abuse, we refer him or her to Interlock, the confidential member counseling service which is equipped to address such problems," he explains. "The Benevolent Fund is simply not set up to deal with that sort of problem."

The Fund is "...entitled to lo per cent of each admission fee received by ICABC as capital contribution...," Mottershead explains, but during the past four years the trustees have waived the contribution because they feel the Fund is in a very healthy financial position.

The trustees administer the Fund and are appointed by Council. The Fund itself operates as a tax-exempt body under the Income Tax Act. Donations can be sent to the Institute to Mottershead's attention and tax receipts will be issued.

"To make an appointment to apply for assistance, contact any one of the Fund's trustees," Mottershead says. "All information is held in the strictest confidence. Usually, one trustee acts as a liaison to each applicant and continues to work with the individual member if the Board accepts the member's application. We do a thorough investigation of the member's circumstances and not all applications are approved."

In addition to Lye who has served on the Fund's Board for over 15 years (10 of them as chair), the Fund's trustees include David Ker, CA; Martin Linsley, FCA; Jeffrey Maher, CA; Bryant McAfee, FCA; Yik Fung Au-yeung, CA and Thomas Cheung,CA.

Copyright Institute of Chartered Accountants of British Columbia Dec 2000
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