At the October 15, 2024, City of Cornwall council meeting, representatives from the St. Lawrence River Institute presented their annual update, marking the organization’s 30th anniversary. The presentation highlighted key achievements in environmental research, community engagement, and a significant proposal regarding the Institute’s financial management.
Council unanimously approved the recommendation to transfer fiduciary responsibility from the River Institute Foundation to the River Institute itself, which will result in the termination of the Deed of Trust agreement, the closure of the Foundation, and the transfer of the endowment funds to the Institute’s Sustainability Fund. This move is expected to streamline operations, reduce costs, and provide the Institute with greater financial flexibility.
Dr. Jeff Ridal, Executive Director of the River Institute, emphasized the rationale behind the proposal, stating, “Given the proven track record of the River Institute and its board structure and governance, we request that the trust agreement be terminated, the foundation be dissolved, and the funds transferred to the River Institute.”
Currently, the River Institute Foundation incurs costs for annual audits and charity returns, which have risen to over $8,000. This, combined with low returns from conservative investments, leaves limited funds available for the Institute’s programs—only about $17,000 per year.
By transferring the funds directly to the River Institute’s Sustainability Fund, these costs would be eliminated, and the Institute would have more flexibility to generate higher returns and better support its research and educational initiatives. Coun. Dean Hollingsworth, expressed his support, noting, “I think allowing the institute the freedom to move money around to generate more revenue is in our best interest, as well as the institute’s best interest.”
Mayor Justin Towndale also commended the Institute’s work and the decision to transfer the funds, stating, “The money was gifted to the River Institute in my mind, so despite dissolving the foundation and changing the agreement, it was a gift from the city. With your future expansion and growth, I think it’s fitting that this is finally gifted to you, and the city steps away.”
Coun. Gardiner, who has supported the River Institute since its early days, recalled the reasons for his initial involvement. “When I first came to support the institute, I could see the decline in fish populations in the area. I’ve supported you since day one, and I’ll continue to support anything you bring forward,” he said.
The transfer of the endowment will allow the River Institute to focus on its ongoing research, education, and conservation efforts without the added administrative burden and cost of managing a separate foundation.
