Why do we have a trust
About The Trust
What is the Trust
A TRUST is a way of holding property for another person or group of people. Property held in a trust is often defined in a written agreement. The property held by the Clench Fraud Trust is defined in the 2004 Trust Agreement. The property of the Clench Fraud Trust is money, and the beneficiaries of the trust are the members of the Chippewas of the Thames First Nation. One of the purposes of establishing a trust is that it allows trustees to manage the property of the trust so that it benefits the beneficiaries defined by the trust.
The beneficiaries of the Clench Fraud Trust are specified in section 2 of the trust agreement. The beneficiaries are specified as the Chippewas and the members of the Chippewas from time to time.
The purpose of the Clench Fraud Trust is found in section 4 of the trust agreement. It provides that the main purpose of the trust is the promotion of the social, economic and cultural well-being of the Chippewas.
How does the trust work
How are decisions made
Miigwech from all of us at
Trustees are members of the community
There are seven trustees that help authorize expenditures and investments. When the trust was first executed in 2004, one of the criteria was that the trust would have seven trustees. The trustees were to be made up of five eligible, adult community members and two members appointed by CTFN Chief and Council.
The Role of the Trustees includes maintaining legal control and ownership of the trust property. The trustees of the Thunderbird Trust are obligated by law to act only in the best interests of the beneficiaries of the trust. Community meetings are held annually and all trustee meetings are open to the community. The trust agreement defines what the trustees of the Clench Fraud Trust are allowed and not allowed to do with the property of the trust. The trustees are guided by the trust agreement, in their administration, investments and distribution of funding.
What is their job?
The duties of trustees – The overriding duty of trustees is the fiduciary obligation to act with the utmost good faith in the best interests of the beneficiaries of the trust. The standard of care, skill, judgment and diligence required of a trustee is that of a person of ordinary prudence in managing their own investments.
Authority of the trustees is set out in section 10 of the trust agreement, including authority to pay authorized expenses; to retain the services of advisors, professionals or others to assist the trustees in the performance of their duties; to pay reasonable remuneration to the board for performance of their duties; pay out the trust property for the benefit of any one or more of the beneficiaries.
“I like the fact that we have a community trust run by community members”
Health & Wellbeing
We recognize that our community requires support from time to time.
We are a nation of people who have grown with their environment.
Elders, mothers and children should not have to worry about basic shelter.
Do Community Members Benefit directly?
Cash Payments to CTFN Citizens
as stated in section 6.10 of the trust agreement is monies paid to each member of the Chippewas of the Thames who was alive on the day the compensation was paid into the trust account (November 26th, 2004). The payment was one thousand five hundred dollars ($1,500.00).
Does Everyone benefit
What about new members
Cash payment to minors as stated 6.11 of the trust agreement, where a member is under 18 years of age at the time the trust is created, the $1,500 payable to him shall be kept by the trustees in a separate fund that will be prudently and conservatively invested, and the $1,500 plus accumulated interest shall be paid to that member:
Thunderbird trust is an opportunity to help our community.
The Thunderbird Trust is part of Chippewas of the Thames past, present and future. Our legal purpose as a “Trust” is defined in the trust document. Our community purpose is defined by the community.