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IVEY FOUNDATION ANNUAL REPORT 2012

Ivey Foundation Annual Report 2012

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Ivey Foundation is a private charitable foundation located in Toronto, Canada.

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Page 1: Ivey Foundation Annual Report 2012

IVEY FOUNDATIONANNUAL REPORT

2012

Page 2: Ivey Foundation Annual Report 2012

IVEY FOUNDATIONANNUAL REPORT

2012

toronto ontario canada 2013

Page 3: Ivey Foundation Annual Report 2012

Copyright © 2013

Ivey Foundation

all rights reserved

ivey foundation

11 Church Street, Suite 400

Toronto, Ontario

m5e 1w1

Canada

Tel 416.867.9229

Fax 416.601.1689

www.ivey.org

isbn 978–0–9738182–7–7

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I V EY F O U N D AT I O N

Ivey foundation is a private charitable foundation located in Toronto, Canada. It wasincorporated as The Richard Ivey Foundation on 31 December 1947 by the late RichardG. Ivey, q.c.,ll.d., and his son Richard M. Ivey, c.c.,q.c.,ll.d. The mission of the Foun-dation is to improve the well-being of Canadians by focusing its resources on selected

issues of significance. Throughout its long and rich history, the Foundation has maintained afocus on the pursuit and support of excellence, but has embraced change as a necessary elementin its evolution. Today, more than three-quarters of the Foundation’s grant dollars supportenvironmental sustainability with a primary focus on forest conservation in Canada.

directors and officers

Rosamond Ivey Chair

Suzanne Ivey Cook Vice-Chair

Bruce Lourie President

Richard W. Ivey Secretary/Treasurer

David Fillier Director of Finance

Jennifer Ivey Bannock

honourary director

Richard M. Ivey

staff

Bruce Lourie President

Tim Gray Program Director

Riti Mandal Executive Assistant /Office Manager

Lara Ellis Program Officer (Part-time)

conserving canada’s forests programcommittee members

Suzanne Ivey Cook Committee Chair and Director, Ivey Foundation

Jennifer Ivey Bannock Director, Ivey Foundation

Tim Gray Program Director, Ivey Foundation

Bruce Lourie President, Ivey Foundation

David Love Executive Director, The Living City Foundation

Don Roberts Managing Director, cibc World Markets, Inc.,

Institutional Equity Research

Ivey Foundation relies on peer reviews of proposals from a large list of anonymous expertsacross Canada. We thank them kindly for their outstanding contributions to our decision-making process.

Auditor: Cowperthwaite Mehta, Chartered AccountantsFoundati 187 Gerrard Street East, Toronto, Ontario m5a 2e5

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CHAIR’S REPORTr o s a m o n d i v e y

T he year 2012marks the Ivey Foundation’s 65th anniversary, the conclusion ofits ten-year Conserving Canada’s Forests Program and Bruce Lourie’s ten yearsat the Foundation’s helm (with more about that later). While much of this an-nual report looks back at what has been accomplished over the past decade, my

comments are focused on what the next ten years may bring. Foundations are by their very nature organizations that can, and should, support risk-

taking endeavours. I wrote that exact statement in our 2003 annual report making referenceto a funding initiative we undertook in 2000 in the emerging telehealth sector. The initiativewas launched at an opportune time in Ontario’s changing health-care landscape, and thefavourable results reached well beyond our initial expectations.

As we bring an end to an over-20-year focus on forest conservation and sustainable usein Canada, rooted in an understanding of the crucial role that forests play in the planet’s lifesupport systems, the Foundation is looking toward another risk-taking endeavour.

A review of the status of some of Canada’s, and the world’s, ecosystems doesn’t paint apretty picture. Despite the global recognition that climate change, air pollution, ocean healthand biodiversity protection are all issues that need to be addressed, and notwithstanding avitally active community of environmental organizations, enlightened politicians, corpora-tions and vocal citizens everywhere, most measures of the planet’s health continue to headin the wrong direction. Why is this? What will it take to flourish in a sustainable way? A wayin which we can be confident that the planet will offer a healthy life for future generations.

It seems that we have made great strides in recognizing the complex interplay of themost commonly understood types of capital — economic, social, human, political and in-frastructure – but the planet’s natural capital has been left out of the picture. The complexi-ties around myriad factors, influences and consequences of the unmistakably changingenvironment demands that we look to new ways of thinking about the relationship betweenthe economy and the environment. An increasingly researched and accepted idea, in its mostsimple form, is that global economic systems have failed to account for environmental degra-dation in how we live our lives and define our health and happiness. Collectively, all of thestakeholders of our democratic life need to be accountable for the unintended consequencesof unfettered economic growth.

In this regard, over the next year the Ivey Foundation intends to explore the still-nebulousconcept of a “green economy,” one that accounts for and incorporates the price of well-man-aged natural capital. “Greening” the economy is about giving sustainability issues and environ-mental impacts the same weight as economic considerations in our decision-making. It’s about

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getting to a world in which “green” isn’t a label that anyone or anything needs to earn, becausea fundamentally changed way of thinking has made the label unnecessary.

This is a large and complex idea for which the Foundation’s financial support will helpconvene a broad cross-section of expert thinkers at NGOs and in academia, governmentsand industry. We believe this to be a timely opportunity for the Foundation to play an im-portant role in bringing together the many avenues of inquiry around the concept of a greeneconomy. In so doing, we expect to better understand progress that has been made to dateand to identify areas in which we may be able to leverage change. The Foundation commitsto an investigative phase to help shape our thinking as we develop a more focused programon greening the Canadian economy.

Returning now to Bruce Lourie, President of the Ivey Foundation, I want to highlighthis role in our achievements over the past ten years, as well as the importance of his leader-ship in the ongoing evolution of our new program.

In the fall of 2002, the Foundation sought a leader who would move it forward with a re-newed strategic direction and a re-imagined governance structure, which prioritized effec-tiveness, accountability, evaluation and measurable results. With Bruce’s considerableintellect, quiet confidence and unwavering belief in getting things done, the Foundation hasachieved results that are beyond our expectations.

Over these past ten years, in addition to his accomplishments as President, he’s foundthe time to co-author a best-selling book, Slow Death by Rubber Duck, and travel extensivelybeing sought after to speak at a wide variety of international organizations around the world.

Thank you, Bruce, for your commitment to excellence over the past ten years, and as welook forward together to a fulfilling future.

— Rosamond Ivey, May 2013

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PRESIDENT’S REPORTb r u c e l o u r i e

W hen i arrived at the Ivey Foundation ten years ago the Foundation wasregarded as one of the country’s stalwart private philanthropies. It was asexciting as it was intimidating knowing that I had a very high bar to up-hold. Ten years on, I am proud of our accomplishments, many of which

are described in the enclosed paper prepared for us by Tom Watson.In addition to providing annual grant and financial information, this annual report docu-

ments the formal conclusion of our ten-year Conserving Canada’s Forests Program. The un-derpinnings for this work began much more than ten years ago. In fact it was 20 years agowhen the Ivey Foundation launched a program supporting biodiversity in forest ecosystems.Back then, few foundations talked about ecosystems and even fewer contemplated biodiversity.

Those were important days, and with the benefit of hindsight we can trace back to theearly support of forest conservation — notably to organizations such as Wildlands League,Canadian Parks and Wilderness Society and the Forest Stewardship Council [FSC] — theaccomplishments of today. Nobody then could have imagined, 20 years later, that these or-ganizations would still be among our grantees. Tom Watson’s report includes personal re-flections from several of the people who made the past ten years so rewarding.

The Ivey Foundation has been on a clear trajectory over the 40 years of its supportingenvironmental causes. For the first 20 years, environmental granting was a small and reactivepart of the Foundation’s granting portfolio, but valuable just the same. The next 20 years fo-cused on forests. For 10 of the past 20 years the Foundation has invested nearly 90% of grant-ing in this one programmatic area, culminating in the epitome of focus: one major initiativeto which nearly all of the Foundation’s financial and human resources were devoted. Thatinitiative is the Canadian Boreal Forest Agreement [CBFA], considered to be the world’slargest conservation effort in terms of landscape and number of jurisdictions involved.

Following are several of the success factors that the Foundation’s program evaluationshave highlighted:

focus Nearly all of the Foundation’s granting and staff time were ultimately devoted to oneprogram with two clear and measurable objectives; in practice this meant that all of our at-tention and resources and those of our grantees were working together toward a single, albeitmulti-faceted outcome.

comprehensiveness We are thoroughly convinced that any significant progress on com-plex issues requires the work of many different people and organizations from many differentdisciplines, perspectives and ideologies. We need scientists, activists, negotiators, policy ana-lysts, industry insiders, governments, communicators, big thinkers and details people. There

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is no one approach to change. To succeed, however, we require a coordinated and agreedupon end game to which all of the necessary expertise is aligned.

collaboration The Ivey Foundation’s work is defined by collaboration across a tremen-dous range of styles and organizational values, as alluded to above. There is a fine line be-tween having the necessary breadth of representation and being overly inclusive. The lattercan be a challenge.

accountability All of our major program grants are reviewed by external peer-reviewersand an expert Committee, and all grant decisions and grant amounts are made public, asare final summaries of program activities.

professional development All Foundation staff are very active in relevant professionalorganizations in Canada and abroad playing ongoing roles in governance, facilitation, pre-sentations and collaborative work, with Foundation and NGO colleagues alike.

transition Leaving an area of funding where we have played a dominant role is not to betaken lightly. The Foundation embarked upon a transition plan that began three years ago andincludes assisting with the identification of replacement resources as our granting ramps down.

Collective impact is being talked about across philanthropy gatherings, and although wedid not use the term ourselves, it has clearly been our approach, for it embodies many ofthe above-mentioned elements of philanthropy that we have applied diligently over the pastten years.

I have the very good fortune of working with an outstanding team at the Foundation.Tim Gray leads our forest conservation work with passion, sophistication and unwaveringdedication. Lara Ellis keeps the program on track and Lorne Johnson has been an invaluableasset contributing greatly to FSC Canada’s success and the implementation of the CBFA.And Riti Mandal is the stalwart backbone of the Foundation’s office management. Our workhas been greatly enriched by an extended network of expert volunteers across the countryand I offer them our heartfelt gratitude. A sincere thank you is extended to David Love andDon Roberts for their insightful and sage advice over the past many years as external mem-bers of our CF Program Committee.

As the Chair noted above, we are embarking on exciting new directions which will takeus into what we expect to be fascinating, uncharted territory. And while we may not yet beclear on the precise issue to focus upon, we will be applying our fundamental ways of work-ing to our new endeavour, and we look forward to ongoing collaboration with colleaguesold and new. The Foundation is spending the next year developing ideas around “greeningthe economy” and looks forward to your ideas and input.

— Bruce Lourie, May 2013

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CONSERVING CANADA’S FORESTS PROGRAM

2003-2012

The Final Report by Tom Watson

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CONSERVING CANADA’SFORESTS PROGRAM

2003-2012 The Final Report

To be without trees would, in the most literal way, to be without our roots.

– richard mabey

EXECUTIVE SUMMARY

In 2003, the ivey foundation launched a new program focused on the conservationand sustainable management of Canada’s tremendous forest resources. The final pageof this report summarizes the quantifiable shift in the landscape, due to the efforts ofmany people and organizations extending beyond the reach of the Ivey Foundation,

but working with common purpose. Over ten years, 47 organizations received $14,458,406 in support via 161 grants, ranging

from $7,500 to $750,000. The results speak for themselves. Thanks to the tireless efforts ofthe Foundation’s grantees and other partners, more than 2,500 new parks or protected areascovering 60million hectares have been created since program launch, representing an 85%increase from the 2003 baseline. The number of hectares certified by the Forest StewardshipCouncil [FSC] standard has soared, increasing 5,130% to 52,398,422 hectares, making Canadathe world’s leading jurisdiction in global sustainable forest management.

In 2005, after the emergence of a widely supported forest conservation vision, the CFProgram was refined to target the needs of the Earth's largest storehouse of terrestrial carbon,Canada’s boreal forest, which offered an opportunity to effect change on a massive scale.Since then, both Ontario and Québec have committed to protecting 50% of their northernboreal regions while opening up opportunities for aboriginal peoples to play a lead role inland-use planning. Furthermore, thanks to a new cooperative relationship between industryand environmentalists, Foundation efforts were rewarded with the 2010 Canadian BorealForest Agreement [CBFA], a comprehensive set of goals and activities designed to makeCanada the world’s leading jurisdiction in forest sustainability.

BACKGROUND

forests are as canadian as ice hockey and sugar-coated beaver tails. Covering nearly 50%of our national landscape, they are integral to our culture and aspirations. Forests cleanwater and purify air. They maintain biodiversity, mitigate climate change and serve as habitatfor more than 95,000 species. Forests are also a cornerstone of our economy, providing theinputs to a $57 billion forest products sector that employs 600,000 people while supporting

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about 200 communities.1 Canada has always had the potential to lead the international com-munity in forest conservation and sustainable forest management. In fact, as custodians of10% of the planet’s remaining forest cover and a quarter of the undisturbed frontier forest,Canadians have an obligation to be responsible stewards of this resource. Nevertheless, de-spite the fact that half the planet’s woodlands have already been cleared, the outlook forCanadian forest preservation appeared bleak at the dawn of this century. Thanks to numer-ous barriers to conservation, ranging from lacklustre political will to the limited engagementof key actors, forest protection efforts and sustainable management practices were not keep-ing pace with industrial expansion.

Canada was at a crossroads in 2000. As Global Forest Watch [GFW] pointed out, “publicsentiment and new government policies indicate an increasing commitment to managingforests not just for timber, but also for wildlife, recreational uses, cultural values, and otherecosystem services. However, changes on the ground have been slow.” Most logging, the NGOadded, occurred “within primary and old-growth forests, while tenures increasingly extendinto far-northern, ecologically sensitive regions.” Meanwhile, the interests of First Nationsand Métis were underrepresented while budget cuts hampered government capacity to im-plement and enforce new management regulations, shifting many of these responsibilitiesto the private sector, where a handful of companies managed vast areas of Canadian forest.GFW noted that “these corporations can play an influential role in promoting forest man-agement policies that factor in social and environmental values.” But much of the dataneeded to help make these management transitions were simply not available. Making mat-ters worse, confrontation dominated the relationship between industry and environmental-ists. GFW called for additional public information to promote accountability and informeddialogue while creating a basis for trust, and building “incentives for the implementation ofcommitments to manage and protect our forests.”

The Ivey Foundation’s work to promote sustainable forests began in 1992 with the cre-ation of the ten year Biodiversity in Forest-Dominated Ecosystems Program. The programwas ahead of its time in terms of both attention to biodiversity and focused philanthropy.The results of the biodiversity work solidified the view that important efforts were underwayin protecting Canada’s forests and that more targeted support was critical to continuedprogress.

In 2003, after extensive consultation with conservation groups, other funders and gov-ernment, the Ivey Foundation refocused its forest conservation efforts and doubled its fund-ing commitment with the creation of the Conserving Canada’s Forests [CF] Program. Thetwofold goal was to increase the amount of protected forest ecosystem while expanding adop-tion of sustainable forest practices.

PROGRAM DESIGN

the conserving canada’s forests program reflects the Ivey Foundation’s core values (ex-cellence, leadership and accountability), along with its appreciation for engaging multiple ac-tors in well-focused collaborative initiatives and the application of science to support decisionmaking. Program length was set at ten years to provide, when warranted, partner organiza-tions with the multi-year support that is often required to be effective agents of lasting change.

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A rigorous evaluation system was developed which included the establishment of a series ofbaseline statistics against which the ten-year progress is measured and reported herein.

The Foundation’s “approach” was based on ideas widely supported by the Canadian con-servation movement and built upon the following components of change:

� Building collaborative partnerships across organizations and sectors,

including the encouragement of partnerships among non-traditional allies.

� Basing decisions on credible, unbiased, scientific information;

recognizing that a lack of scientific certainty does not preclude action.

� Establishing policy and legal frameworks that set out clear, measurable

targets and standards.

� Engaging stakeholders in a compelling forest conservation vision by

linking it with a range of broader interests and Canadian public values.

� Supporting the capacity of organizations to be effective by providing

meaningful, multi-year support.

� Tracking and reporting on accountability at three levels: government

accountability to the public regarding the fulfillment of commitments

and obligations toward sustainable forest management; organizational

accountability of grantees to the Foundation regarding achievement of their

stated goals; and the Foundation's accountability to the public with respect

to the responsible deployment of its resources.

figure 1

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To achieve its twofold objective, the Foundation developed a grant allocation strategy(Figure 1) which targeted 80% of grants to two areas where investments offered a high po-tential to effect societal or institutional change: the Policy & Law cluster and the Marketscluster. These clusters were supported by granting in a third Applied Science cluster.

Instead of reviewing individual proposals in isolation, CF Program grants were aimedat initiatives that would be strengthened as part of a collective working toward commongoals—“collective impact” in today’s jargon. Projects in the Policy & Law cluster were se-lected based upon the potential to collaboratively secure conservation-first land-use out-comes (or improve the related decision-making processes) and to help governments in theirefforts to increase the responsible implementation of legal protections for wildlife, protectedareas and sustainable resource use. Grants in the Markets cluster were aimed at helping builda sustainable business model for FSC certification in Canada and supporting the engagementof consumers and retailers to increase demand for sustainably-produced forest products. Ap-plied Science grants supported these goals by funding knowledge-creation programs relatedto conservation mapping, ecosystem science and wildlife biology.

FIVE-YEAR EVALUATION

the ivey foundation first produced and distributed an annual report more than fourdecades ago. In keeping with this long commitment to transparency and accountability, notto mention the Foundation’s dedication to continuous learning, an evaluation framework,including peer review of proposals and a five-year review, were built into the CF Program.In 2008, an independent review was undertaken of the 91 grants totalling $8,829,256 thatwere issued in the Program’s first five years. During this period, the Policy & Law cluster ac-counted for 57% of allocated funds, while the Markets and Applied Science clusters received34% and 9%, respectively. The average grant size during the review period was about $97,000.Over the review period, an additional $1,131,270was allocated via 66 grants averaging $17,000—each through the Foundation’s complementary Strategic Opportunities Program.

The five-year review noted that outcomes achieved in the Markets cluster during the CFProgram’s first five years were particularly impressive, especially the dramatic increase in thenumber of hectares committed to forest product certification by FSC Canada. In 2007, 26million hectares were certified to the FSC standard in Canada, representing a sevenfold in-crease since 2003. Thanks to the combined effort of Ivey grantees and leading companiessuch as Tembec, Alberta-Pacific and Domtar, Canada became the global leader in FSC-certi-fied forests over the CF Program’s first five years. After many years of modest growth, FSCcertification had become a significant driver of positive change in Canada’s working forests,consistent with the CF Program goals.

The early success of FSC Canada was boosted by Ivey-funded programs to increaseconsumer awareness of the need to support sustainable forestry. Between 2003 and 2007Ivey Foundation grants to FSC-related activities approached $3 million, while over thesame period the number of FSC certified paper products available to Canadian consumersincreased 6,400%. In 2003, no major financial institution used FSC-certified paper. By2007, all six major Canadian banks used, or committed to use, FSC-certified paper for

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their annual reports. Other major companies that stated procurement preferences for FSC-certified products during the review period included Dell, Victoria’s Secret, Williams-Sonoma, Alberta Ministry of Environment, Home Depot, Kodak, L.L. Bean, Lowes and Nike.

Achievements by grantees in the Policy & Law cluster were found to be somewhat unevenwhen compared to the success created by the Markets cluster grants. Nevertheless, the eval-uator highlighted the fact that significant progress had been made, most notably in NovaScotia land-use planning and parks protection, Québec protected areas, the Ontario Endan-gered Species Act and Ontario’s Far North commitment.

In general, the five-year evaluation report found the CF Program contributed to theFoundation’s reputation as a bold, strategic, flexible and influential funder, known for gettingmaximum results from modest investments. The report highlighted grantees’ praise of theFoundation’s contributions, both as a funder and convenor, to forest conservation and thepromotion of resource sustainability. Widespread appreciation for capacity-building supportprovided by the Foundation to core conservation organizations such as Global Forest WatchCanada and FSC Canada was also noted.

The report recommended maintaining the CF Program’s collaborative approach andthree-cluster focus, which were seen as major strengths. However, stressing the emergenceof new forest conservation challenges, ranging from an increase in mining and energy explo-ration activities to a decline in granting by Ivey peers and the potential weakening of publicsupport due to the financial crisis, the review encouraged Ivey to deploy its resources andstaff expertise more directly in collaboration with program partners and stakeholders. Asummary report of the findings was made public on the Foundation’s website and Ivey staffimmediately moved to incorporate its recommendations into the final five-year phase of theCF Program.

TEN-YEAR EVALUATION

CANADIAN BOREAL FOREST AGREEMENT: LEVERAGING MARKETS

following the five-year review, the Foundation moved to become more transparent inits role as both a funder and a policy actor, while increasing the direct use of the Foundation’sreputation, resources and staff to pursue CF Program goals. At times, this shift in approachchallenged the common understanding of traditional philanthropy and the role typicallyplayed by foundations. But results clearly justify the approach. Ivey, for example, played acentral role in bringing together Canada’s forest conservation NGOs with many of the coun-try’s largest forest companies. This bridge-building between two historic foes resulted in thelandmark Canadian Boreal Forest Agreement [CBFA], which was signed in 2010 by the Foun-dation, along with nine national and international environmental organizations, and the 21member companies of the Forest Products Association of Canada [FPAC].

In many ways, the CBFA represents the culmination of two decades of partnerships andover $22million of focused forest granting on the part of the Ivey Foundation. The CBFAitself has consumed more than $5million in Ivey grants and a majority of the Foundation’sinternal resources over the past four years, including Ivey staff support on forest policy,fundraising and implementation strategy.

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The CBFA is the largest conservation agreement ever entered into and has the potentialto be the most important industry-NGO agreement the world has ever seen in terms of eco-nomic importance, community impact, ecological significance and geographic scope. Cur-rently in the implementation phase, the deal encompasses more than 76million hectares ofCrown-owned land tenured to the forest companies within Canada’s boreal forests, includingsome of the most immediately threatened parts of this ecologically significant asset. Theagreement calls for 30million hectares of woodland caribou habitat to be deferred from log-ging along with the establishment of world-class sustainable forestry standards across borealoperations of all FPAC members and the development of specific approaches to reducingthe sector’s carbon footprint.

In general, the deal commits the forest company members and environmental groupsto work together to achieve several conservation goals, including:

� The establishment of networks of new protected areas and improved

industry conservation practices.

� Habitat protection for species at risk.

� Protecting the forest characteristics that will help climate change

mitigation and adaptation.

� Increased prosperity for the Canadian forest sector and forest

dependent communities.

In addition to the direct financial assistance provided by the Foundation to partners inthis initiative, a meaningful portion of CF Program grants over the past ten years were criticalto developing the “preconditions” required for reaching an agreement.

The degree of commitment and trust brought to the table by all involved in achievingthis historic accord is remarkable. Dubbing the CBFA as a “golden truce,” Canadian Geo-graphic noted the deal “recognizes the importance of allowing the industry to grow, to pre-serve mills and jobs and to achieve ambitious climate-change targets while enhancing thebiological health of Canada’s great boreal forest.”

In the final analysis, of course, CF Program achievements extend well beyond the CBFA.Markets cluster investments helped to create an environment where demand for sustainableforest products among major industry customers continues to climb. Today there are morethan 50 million hectares certified to FSC standards in Canada. Investments in the develop-ment of knowledge to support responsible decision making also continue to generate im-pressive returns, especially in terms of assisting ENGOs to develop scientifically soundpositions and promote protected areas establishment. In particular, invaluable scientific con-tributions to the advancement of Ivey’s goals were made by field-level research on wildlifeand endangered species conducted by Wildlife Conservation Society [WCS Canada] and ad-vancements in mapping provided by Global Forest Watch Canada [GFWC].

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CONSERVATION POLICY

PROTECTING PLACES

over the past ten years environmental issues often topped the list of concerns held byCanadians. Governments across the country responded to public wishes for enhanced con-servation and turned to environmental organizations for assistance in helping to design poli-cies and programs that best met the desires of Canadians. As a result, a number of importantconservation laws, policies and independent fora have been established with the active in-volvement of the conservation community.

Conservation policy advances between 2003 and 2012 include:

Ontario Far North Act Passed in 2010, the Far North Act commits to forest protection and“conservation-first” planning. Recognizing that chopped-up ecosystems cannot play theircritical roles (as habitat, carbon sink, air filter, etc.), it calls for at least 50% of the province’snorthern boreal forest to be set aside from industrial development to create one of the largestnetworks of protected lands and waters in the world, comprising an area larger than the stateof California. The legislation stipulates that local land-use decisions should be determinedwith First Nation communities.

Plan Nord Québec Plan Nord is a sustainable development initiative for northern Québecthat seeks to balance environmental and economic interests. Developed with input fromindustry, conservationists, aboriginal leaders and local communities, it aims to attract about$80 billion in energy, mining and forestry investments, and create or consolidate 20,000jobs a year while protecting an area of Canadian boreal about the size of France from in-dustrial activity.

Ontario Forest Tenure Modernization Act Passed in 2011, the Ontario Forest Tenure Modern-ization Act facilitates greater aboriginal and local community involvement in the forest sectorwhile creating a more entrepreneurial environment allowing supply and prices to better re-spond to market demand.

Ontario Endangered Species Act Passed in 2007, the Endangered Species Actmade Ontario aleading North American jurisdiction in the protection and recovery of threatened and en-dangered species. Based on consultations with aboriginal communities, resource companies,environmental groups and the public, it provides protection for species at risk and their habi-tats, along with a commitment to species recovery and greater accountability.

The Colin Stewart Forest Forum [CSFF] Formed with Foundation support to resolve con-flict between environmentalists and the forest sector in Nova Scotia, the Forum is a collabo-rative protected areas planning process that provides the provincial government with aroadmap for completing Nova Scotia’s protected areas network. Presented in 2009, afternearly five years of scientific analysis and cooperative planning, it provides the province witha flexible guide on how to meet its goal of protecting 12% of Nova Scotia’s landmass by 2015.In February 2013, Nova Scotia made the largest commitment to protect its wilderness in overa decade by proposing to increase the targeted level of landmass protection to over 13%.

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BUILDING A COMMUNITY

the financial, administrative and strategic assistance supplied to organizations aspart of the CF Program generated significant dividends in helping organizations to enhancetheir capabilities. Not too long ago, environmental groups were mostly small players withlimited capacity and funding. Today, Canada is blessed with well-managed environmentalgroups capable of delivering on a wide variety of sophisticated, focused programs designedto keep public interests ahead of those that are corporate and private.

The following are selected examples of new or existing actors that were supported byIvey grants aimed at the creation or development of influential conservation organizations:

Canadian Parks and Wilderness Society [CPAWS] Founded in 1963, CPAWS aims to conserveat least half of Canada’s boreal forest, and to create a network of large conservation areaswithin the temperate Eastern Woodlands of New Brunswick, Nova Scotia, Québec and On-tario. Working collaboratively with governments, local communities, industry and indigenouspeoples, the national charity has played a leading role in the creation of about half a millionsquare kilometres of Canadian protected areas. CPAWS is also a critical player in the CBFA.

Ecology Action Centre [EAC] Launched in 1971, Nova Scotia’s EAC is widely recognized asone of the most effective and best-run community-based environmental organizations inCanada. Working with social and natural scientists, it promotes environmental sustainabilityand deploys science to increase public awareness of environmental threats and related issues.

Forest Stewardship Council [FSC] Canada The Ivey Foundation has been the single largestsupporter of FSC Canada since its inception. FSC is the overseer of the Canadian arm of aglobal program that sets strict environmental and social standards regarding forest manage-ment. The FSC standard requires the tracking of certified forest fibre from production to re-tail through the FSC Chain of Custody system. FSC-certified products are sold with the FSClabel, which enables businesses and consumers to make informed choices about the forestproducts they buy. FSC Canada’s governance model requires equal representation from abo-riginal, labour, industry and conservation groups. Thanks to FSC, Canada experienced amore than 5,000% increase in FSC-certified forests between 2007 and 2012, and is now hometo more than 30% of the world’s FSC-certified forests.

Global Forest Watch [GFW] Canada Incorporated in 2000, GFW Canada contributes to im-proved forest management decision making through better information and mapping of de-velopment activities and environmental footprints.

Westwind Forest Stewardship Directed by a local board that includes community and forestindustry representatives, Westwind Forest Stewardship is a non-profit organization that man-ages the publicly owned French-Severn Forest in a way that is ecologically and socially sus-tainable under the authority of a Sustainable Forest Licence [SFL].

Wildlife Conservation Society [WCS] Canada Incorporated as a conservation organizationin 2004, WCS Canada is part of the global WCS network with over 2,000 conservation scien-tists working in 138 countries. WCS Canada seeks solutions to critical problems that threaten

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key species and large wild ecosystems throughout Canada. Major issues addressed to dateinclude protected-area design, wildlife monitoring and recovery, ecosystem restoration, in-tegrated landscape management and community-based conservation.

In addition to the forest conservation organizations listed above, two organizations haveplayed an important role over the past ten years and continue to provide critical support toenvironmental groups and foundations. They are, respectively, the Sustainability Networkand the Canadian Environmental Grantmakers’ Network. Ivey Foundation, along withdozens of other foundations in Canada and the United States, provide support for the criticalrole they play in knitting together the fabric of Canada’s environmental community.

FINDINGS

at the outset of the CF Program the Foundation did three important and related things:they created a program with two clear and measurable goals; they established baseline sta-tistics and an evaluation procedure to measure against the goals; and they created clearguidelines and a granting strategy to deliver on the goals. The numerical achievements arepresented in the “Ivey Index,” at the end of this report. Moreover, the Foundation set a ten-year time frame with a built-in five-year review point. Each of these elements representsbest practices in philanthropy and appears in retrospect to have contributed to the CF Pro-gram’s effectiveness.

The CF Program confirmed the Foundation’s working principle on the importance ofongoing support for grantees and the value of conducting multi-year assessments. The latterwas found to be especially important when attempting to determine the impact of grants onspecific outcomes. Outcomes related to CF Program investments were not always visible whenreviewed at the conclusion of a granting period. In many cases, critical measurement indica-tors did not move until several years after the completion of a grant, and this latency effectwas most pronounced in the Policy & Law cluster. What’s more, it is difficult to assess the ex-tent to which a singular policy reform in one area may have influenced outcomes elsewhere.

While seizing opportunities for rapid outcomes will always be an important strategy, theIvey Foundation was committed to taking the long view on organizational funding and toinclude multi-year evaluations. FSC Canada is the best example of the Foundation’s “stick-to-itness” with 20 years of consistent support that took the form of both substantial fundingand participation in organizational development.

The strategy at the outset of the CF Program was to work with multiple partners acrossclusters and sectors to achieve the program goals. Whether it was convening public meetings,supporting the cooperative spirit of FSC Canada, or bringing together the often disparatevalues of environmentalists and forest companies, collaboration and shared vision were es-sential ingredients in the Program’s success.

Collaboration did not end with conservation groups and industry. Following the five-year review a concerted effort was made to identify and work with like-minded funding part-ners in Canada and the United States. In 2012 the Government of Canada, through NaturalResources Canada, approved $2million in annual funding for the CBFA.

The Foundation’s experience funding forest conservation has reaffirmed the idea of ex-pecting the unexpected, and the need to respond to new challenges and opportunities with

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flexibility. The rise of climate change as a concern, for example, helped advance the ecologicalimperative of forest conservation, and it played a role in the Foundation’s granting strategyfollowing the five-year review.

The benefits of finding common ground with FPAC cannot be overstated. With the For-est Products Association’s members working with Ivey grantees as allies toward what wouldeventually become the CBFA, the Foundation redirected energy and resources toward findinga way forward that was acceptable to both industry and conservationists, rather than sup-porting the unsustainable status quo. Working with the forest industry became the singlemost significant shift in the Foundation’s operating and granting strategy.

THE FINAL WORD

the ivey foundation is winding down its forest conservation funding. Progress shouldnever be taken for granted. Delays in meeting timelines attached to CBFA milestones, alongwith a dispute between some of the CBFA signatories that led to Greenpeace’s departurefrom the Agreement in late 2012, demonstrate the considerable, ongoing efforts required toachieve transformational change.

Nevertheless, the spirit of cooperation that exists today between conservation groupsand the forest industry would not have been conceivable a decade ago. In fact the notion ofa CBFA-like agreement would have been “laughed out of the room.”

The conservation gains made since the CF Program launch, as defined by improved land-use planning, independent forest sustainability standards and increased hectares of pro-tected boreal forest, serve as a testament to the dedication of the Foundation’s grantees,forest industry partners and funding colleagues. Thanks to them, Canada is no longer facingthe crossroads that confronted the nation at the turn of this century. If all goes well, an ad-mittedly big “if,” the country will continue on the path of forest sustainability, serving as anexample for other nations to follow. What better gift to help the Foundation celebrate its65th anniversary.

— Tom Watson, 2013

1. Forest Products Association of Canada (http://www.fpac.ca/index.php/en/)

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TZEPORAH BERMANEnvironmental Activist

forestethics

A s an organizer of logging blockades, to protest the endangered rainforests ofVancouver Island’s Clayoquot Sound, years ago Tzeporah Berman faced almost1,000 criminal charges. The threat of imprisonment didn’t dent her resolve.Since the early 1990s she has been instrumental in shaping the tactics of modern

activism. Berman, of course, believes that fighting the good fight must result in progress,which is why she embraced the forest industry’s desire for peace talks, which led to the his-toric Canadian Boreal Forest Agreement.

The 2010 CBFA signing is one of Berman’s finest moments. As was the Victoria’s SecretCampaign led by her group, ForestEthics. The sting of that initiative, which involved a photoof a chainsaw-wielding lingerie model, threatened to shift $100 million worth of paper an-nually from the Canadian boreal, according to Berman.

Without Ivey’s early support, for bold programs to stimulate demand for sustainablewood products, Berman doubts forestry companies would have come to the table for CBFAdiscussions. And she notes this happened simultaneously with Ivey support for leadershiptraining and collaboration amongst conservation groups, as well as the development of thescientific underpinnings that enabled them to effectively engage with industry.

We now have a moratorium, or deferrals, across the country, in logging the most ecolog-ically important candidate protected areas, which is endangered caribou habitat. That wasa direct result of the Ivey funding program. Without Ivey’s support, the majority of thoseareas would already be logged today.

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AVRIM LAZARIndustry Association Leader

forest products association of canada

A vrim lazar left big shoes to fill when, after ten years as President and CEO ofthe Forest Products Association of Canada [FPAC], he retired in 2012. FPACserves as the voice of Canada's wood, pulp and paper producers. In 2002, Lazararrived at FPAC from the federal public service with a background that “only

tangentially touched on the forest industry.” Despite his lack of industry experience, he foundthe sense of immediacy at FPAC a refreshing change from the bureaucratic pace of govern-ment. And he came ready to work. Indeed, Lazar assumed leadership of FPAC on the condi-tion that the association, under his command, would become far more than just anotherindustrial lobbying group. He had no interest in greenwashing.

Lazar was a driving force behind the spirit of cooperation that led to the signing of thelandmark Canadian Boreal Forest Agreement. To make the deal a reality, Lazar had to winthe trust of highly skeptical environmental leaders while maintaining the commitment ofFPAC member company executives, a difficult task supported by Ivey.

“When I first met with the Ivey Foundation,” Lazar says, “I knew it primarily as a sourceof funding for people out to make my job at FPAC difficult. I proposed that we jointly takeon the challenge of turning a polarized environment into something productive. I wantedIvey to help the activist community see my members as potential partners instead of targets.And, I must say the Foundation exceeded my expectations. Its openness and long-term com-mitment to market-based solutions has been a real game changer.”

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PETER LEELandscape Mapping Expert

global forest watch canada

Like joe friday on television’s Dragnet, Peter Lee says his job “involves compilingjust the facts.” Lee, of course, isn’t a police detective. When not out walking hisdogs in Edmonton’s river valley, the biologist and former Alberta public servantserves as executive director of Global Forest Watch Canada, which he helped form

in 2000 as part of an independent global network of organizations that monitor and mapindustrial activities within major forested regions.

The GFW mission is to improve forest management and use by providing detailed infor-mation about development activities and their environmental impact. Current projects in-clude using satellite imagery to assist in the monitoring of forest health and productivity viathe detection and analysis of changes to forest cover and the ongoing Ivey-backed mappingof large intact forest landscapes.

“Ivey has been a key funder of ours over the past decade,” Lee says, “allowing us to answersimple, but important, questions, such as: ‘How much of Canada’s forest is left?’ My opinionof the Foundation was set in stone early on in our relationship when at an early meetingwith Ivey Foundation staff they told me I wasn’t asking for enough money. I have never ex-perienced that from a funder; it sounded crazy. I quickly realized that Ivey invests in peopleand leadership development, as well as organizations. And that makes it very effective.”

Lee notes, “Ivey isn’t the largest funder when compared to some U.S. foundations. But,in terms of results and value for dollars spent, it’s almost unbelievable what has been achievedby Ivey’s leadership, influence and collaborative approach. Ivey’s CF Program had a winningstrategy. The proof is in the pudding of what has been achieved in terms of sustainable de-velopment and protected areas, all the stuff we monitor and map.”

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CHRIS MCDONELLForest Company Manager

tembec

Chris mcdonell can’t help smiling whenever people talk about using the world-renowned Forest Stewardship Council [FSC] as a model to end Canada’s so-called battle over bitumen (the oil sands controversy). After all, as a youngforester working for Tembec, an integrated manufacturer of forest products, he

played a major role in reducing conflict in our forests while helping his employer become aleader in sustainability. “In the late 1990s,” McDonell recalls, “Tembec decided to becomethe first large Canadian company to commit to FSC standards and it became my job to makeit happen in terms of forest management certification, and chain of custody.”

McDonell, who now serves as Tembec’s manager of aboriginal and environmental rela-tions and co-chair of FSC Canada, is particularly proud of progress he has helped achieveon two fronts—identifying ways to improve forest practices and recognize areas importantto conservation, as well as identifying areas where forestry should never happen.

“It is really satisfying to share values and create a vision for conservation by sitting at atable with other foresters, regional industry technicians, biologists and environmental groups,”he says. McDonell commends Ivey for its belief in what he calls pragmatic conservation.“There are environmental campaigners who clearly hold to the model of confrontation,” hesays. “But if you seek sustainable results in forest conservation, you need collaboration be-tween activists and industry. Ivey supported a spirit of cooperation, which was tremendouslyvaluable. The role it played over the past decade has been catalytic, both as a driver of theconversation around the value of standards for industry and as a supporter of FSC, its part-ners and participants. When you think back to 2003, there was virtually zero voluntary FSCcertified forest in Canada and absolutely zero in the boreal. Today, there are more than 50million hectares, a vast majority in the boreal.”

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JUSTINA RAYConservation Scientist

wildlife conservation society canada

A s the founding Executive Director of Wildlife Conservation Society Canada,Dr. Justina Ray deploys science to improve our understanding of threats to keyspecies and wild ecosystems. She is also actively involved in assisting governmentrecovery efforts and conservation planning (with a focus on wolverine and cari-

bou in northern landscapes). As an academic and concerned citizen, she is keenly aware ofthe ongoing threats to our forests, especially ones posed by the mining and energy sectors.

But she remains heartened by the forest sector’s emergence as a model of progressive in-dustry thinking, thanks to Ivey-funded initiatives and the creation of mechanisms such asFSC certification. And she is extremely pleased with the indelible gains made in conserva-tion-related science.

“We now empirically understand that caribou can only tolerate a certain amount of dis-turbance to their habitat,” she says. “The dialogue has moved from how much habitat isenough to how much disturbance is too much. I am really proud to be part of that shift,which has trickled down to policy making.”

Ray notes her organization is very much an independent behind-the-scenes venture thatplays an objective role by creating the knowledge for science-based and science-driven con-servation strategies and policies. But she applauds Ivey for not being a passive funder. “Iveyhas been called too strategic by people who think it tries too hard to engineer outcomes,” shesays. “But it is effective because it takes a long-term perspective and is actively involved inhelping its partners achieve their goals. A ten-year initiative like the CF Program is reallyrare and really quite impressive.”

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IVEY INDEXConserving Canada’s Forests Program 2003-2012

161: total number of CF grants between 2003 and 201247: total number of grant recipient organizations3: number of grantees who received more than one million dollars $750,000: largest grant$7,500: smallest grant$14,458,406: total amount granted3: number of granting clusters2,001: number of new parks or protected areas created in Canada from 2003 to 201246.7million hectares (approx. 115million acres): area of parks and protected areas created in Canada from 2003 to 2012

80: percent increase in the number of parks and protected areas from 2003 to 201252,398,422: number of FSC certified hectares in Canada in 20125,130: percentage increase in the number of FSC certified hectares in Canada since 20033: percentage that Canadian FSC-certified hectares made up of global total in 200332: percentage that Canadian FSC-certified hectares made up of global total in 20123: number of endangered species Acts passed in Canada since 200320: number of tree species in the boreal forest

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CONSERVING CANADA’S FORESTS g r a n t s 2 0 1 2

Securing Bold Conservation Outcomes through the Canadian Boreal Forest AgreementCanadian Parks and Wilderness Society, Ottawa, $120,000Collaborating with conservation and industry partners to implement the Canadian Boreal Forest Agreement.

Canadian Boreal Forest Agreement SecretariatCanadian Parks and Wilderness Society, Ottawa, $375,000Coordinating implementation of the Canadian Boreal Forest Agreement.

ForestEthics: Boreal CampaignCanadian Parks and Wilderness Society (ForestEthics), Ottawa, $75,000Collaborating with conservation and industry partners to implement the Canadian Boreal Forest Agreement.

Developing Strategic Directions for Resource ProtectionCanary Research for Mining, Environment and Health (Mushkegowuk Tribal Council), Timmins, $60,000 Facilitating land-use planning and community consultation.

Protecting Wildlife Habitat in Canada's Boreal ForestDavid Suzuki Foundation, Toronto, $50,000Collaborating with conservation and industry partners to implement the Canadian Boreal Forest Agreement.

Help Save the Real ReindeerEarth Rangers, Woodbridge, $10,000Engaging school children in efforts to conserve Canada’s boreal woodland caribou.

Protecting Ontario’s Boreal Ecosystems through Legal ActionEcojustice, Toronto, $50,000Helping conserve Canada’s boreal forest through legal actions and enforcement initiatives.

Global Forest Watch Canada Project: Mapping and Remote Sensing Support for the CBFAFederation of Alberta Naturalists, Edmonton, $105,000Scientific research and mapping to support the implementation of the Canadian Boreal Forest Agreement.

Organizational Development and Indigenous PeoplesForest Stewardship Council Canada, Toronto, $62,500Supporting FSC Canada’s organizational development and an International meeting of theNorth American Indigenous Peoples FSC Caucus.

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Important Bird Areas in the Boreal: Building partnerships with the James Bay Cree Nature Canada, Ottawa, $40,000Advancing stewardship and protection of globally significant Important Bird Areas in theJames Bay lowlands in partnership with local aboriginal communities.

Collaborating for Boreal Conservation IIOntario Nature, Toronto, $75,000Protecting boreal forest and woodland caribou in Ontario including implementation of the Canadian Boreal Forest Agreement in Ontario.

Setting the Foundation for New Forestry in Québec: The Road to 2013: Year TwoSNAP, Montréal, $60,000Ensuring Québec’s new forestry policy framework is ecologically sustainable and collaborating with conservation and industry partners to implement the Canadian Boreal Forest Agreement.

Boreal Learning NetworkSustainability Network, Toronto, $12,000Developing partnerships and building conservation skills.

Securing Boreal Conservation Gains with Market ExpectationTides Canada Foundation (Canopy), Vancouver, $100,000Collaborating with conservation and industry partners to implement the Canadian Boreal Forest Agreement.

Caribou Conservation Outcomes Achieved: A breakthrough year for the Canadian Boreal Forest AgreementWildlands League, Toronto, $90,000Collaborating with conservation and industry partners to implement the Canadian Boreal Forest Agreement.

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STRATEGIC OPPORTUNITIES 2 0 1 2

Sustaining Member and Green Economy ResearchCanadian Environmental Grantmakers Network, Toronto, $10,000

CBFA AdministrationCanadian Parks and Wilderness Society, Ottawa, $10,000

Regional Land-use PlanningEcology Action Centre, Halifax, $35,000

Defending Environmental Priorities Environmental Defence Canada, Toronto, $40,000

Strengthening Charities' Regulatory KnowledgeImagine Canada, Ottawa, $10,000

Green Fiscal Commission Development GrantMax Bell Foundation, Calgary, $10,000

Economic Analysis of Northern Boreal ForestryNature Québec, Toronto, $5,000

Strathmere GroupPembina Foundation, Drayton Valley, $15,000

Strategic PlanningSustainability Network, Toronto, $15,000

Public Engagement in Urban ParksTides Canada Initiatives (Toronto Park People), Vancouver, $7,500

Trees for Life: Doubling our Urban Forest by 2050Trees Ontario, Toronto, $10,000

Rapid Habitat Assessment for Woodland CaribouTrent University, Peterborough, $12,000

Science and Species at Risk ProjectUniversity of Ottawa, Ottawa, $20,000

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DIRECTOR-INITIATED 2 0 1 2

Canadian Boreal Forest Agreement Case StudyRichard Ivey School of Business, London, $15,000

Trail Completion for Canada's SesquicentennialTrans Canada Trail, Montréal, $50,000

PAYMENTS ON PREVIOUS GRANT COMMITMENTS

2 0 1 2

CONSERVING CANADA’S FORESTS

Ecology Action Centre, Halifax, $60,000

University of Toronto, Toronto, $30,000

Wildlife Conservation Society, Toronto, $75,000

DIRECTOR-INITIATED

Art Gallery of Ontario, Toronto, $100,000

Canadian Institute for Advanced Research, Toronto, $100,000

SickKids Foundation, Toronto, $75,000

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TREASURER’S REPORTr i c h a r d w . i v e y

T he Foundation’s total assets grew 4% after all expenses, charitable activities andgrants disbursed at 4% of trailing assets, a level which is 0.5% above the legalrequirement. This asset level is a year-end peak not reached since prior to thefinancial rout of 2008. Investment results were healthy at 9.4% total return,

stemming largely from a 56% allocation to well-performing equities in Canada and theUnited States.

— Richard W. Ivey, May 2013

SUMMARY OF GRANTS

1948–2012

1948–2009

2010

2011

2012

General/Director-

Initiated

$ 48,142,213

$ 340,000

$ 630,000

$ 65,000

$ 49,177,213

New Grants

Approved

$ 71,189,974

$ 1,792,500

$ 2,175,650

$ 1,549,000

$ 76,707,124

Program

Expenses

$ 198,795

$ 667,203

$ 685,548

$ 634,577

$ 2,186,123

Grants & Program

Expenses Paid

$ 71,108,769

$ 2,479,703

$ 2,531,198

$ 2,623,577

$ 78,743,247

Environment

& Conservation

$ 23,047,761

$ 1,452,500

$ 1,545,650

$ 1,484,000

$ 27,529,911

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AUDITOR’S REPORTREPORT OF THE INDEPENDENT AUDITOR ON THE SUMMARY FINANCIAL STATEMENTS

To the Members,

Ivey Foundation

The accompanying summary financial statements, which comprise the summary statement of financial

position as at December 31, 2012, and the summary statement of operations for the year then ended,

are derived from the audited financial statements of Ivey Foundation for the year ended December 31, 2012.

We expressed an unmodified audit opinion on those financial statements in our report dated May 14, 2013.

Those financial statements, and the summary financial statements, do not reflect the effects of events that

occurred subsequent to the date of our report on those financial statements.

The summary financial statements do not contain all the disclosures required by Canadian accounting

standards for not-for-profit organizations. Reading the summary financial statements, therefore, is not a

substitute for reading the audited financial statements of Ivey Foundation.

management’s responsibility for the summary financial statements Management is responsible for

the preparation of a summary of the audited financial statements in accordance with Canadian accounting

standards for not-for-profit organizations.

auditor’s responsibility Our responsibility is to express an opinion on the summary financial statements

based on our procedures, which were conducted in accordance with Canadian Auditing Standard (cas) 810,

“Engagements to Report on Summary Financial Statements.”

opinion In our opinion, the summary financial statements derived from the audited financial statements of

Ivey Foundation for the year ended December 31, 2012 are a fair summary of those financial statements, in

accordance with Canadian accounting standards for not-for-profit organizations.

Cowperthwaite Mehta

Chartered Accountants

Licensed Public Accountants

May 14, 2013

Toronto, Ontario

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IVEY FOUNDATION

SUMMARIZED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER

assetsCash and cash equivalentsAccrued interest and amounts receivableMarketable securities investmentsOther investments and sundry assets

liabilitiesAccounts payable and accrued liabilitiesUnpaid grants

net assetsRestrictedUnrestricted

SUMMARIZED STATEMENT OF OPERATIONS

FOR THE YEARS ENDED 31 DECEMBER

revenueInvestment incomeRealized gain on sale of investmentsChange in market value of investments

Total revenue

expenditures management & administrationInvestment management, custodian and audit fees Other

Total management & administration

net revenue before grants

grants & program expensesConserving Canada’s ForestsDirector-InitiatedStrategic OpportunitiesProgram expenses

Total grants & program expenses

excess of revenue over expenditures

2011

$ 1,551,692505,485

61,400,6176,360,466

69,818,260

122,251590,000

712,251

2,639,18966,466,820

69,106,009

69,818,260

2011

$ 1,953,046167,315

(908,079)

1,212,282

478,340194,761

673,101

539,181

1,340,650630,000205,000685,548

2,861,198

(2,322,017)

2012

$ 4,730,521316,613

59,987,5807,586,553

72,621,267

96,015150,000

246,015

2,781,20369,594,049

72,375,252

72,621,267

2012

$ 2,591,558 820,654

2,627,879

6,040,091

415,963207,737

623,700

5,416,391

1,284,50065,000199,500634,577

2,183,577

3,232,814

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a peter sibbald brown design

Typeset in Requiem and Minionas drawn by Jonathan Hoefler

& Robert Slimbach.

Printed in Canadaunder the direction of

James A. Bruce.

exhibition photo credits

Respect: A Photo Odyssey Celebrating Canada's Boreal Forests

Jeff Bassett / Cover, 4, 20, 30Dan Reidlhuber / 14Chris Young / 34

portrait photo credits

Nik West / 24Martin Lipman / 25Jeannette Gysbers / 26Kara McDonell / 27Jay R. Malcolm / 28

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WWW.IVEY.ORG