Creating a Fund
Creating a fund with Shuswap Community Foundation is generally a very simple process and can be done in several ways.
If you have designated SCF as a beneficiary in your will or life insurance policy, then you may forego meeting with us to establish a fund agreement. However, whenever possible, we still prefer to meet with any donor to ensure we honour your intentions for the gift.
While most gifts by bequest are received without an existing contract in place, it is preferable that the Community Foundation have the opportunity to complete paperwork with the donor while they are still alive. This is important for several reasons:
- Meeting the donor and drawing up an agreement ensures that the Foundation fully understands the donors wishes.
- Specifying the beneficiaries of the Fund in the Deed of Gift allows for the donor to amend the agreement at little or no cost compared to amending the beneficiaries in a will.
Steps in Creating a Fund
There are 3 fundamental steps when establishing a fund with Shuswap Community Foundation.
The initial discussion with a donor will explore questions surrounding their specific philanthropic wishes. We will determine the purpose of the gift, the type and amount of the gift, the name of the fund, the amount of ongoing involvement the donor wishes to have, and the type of recognition the donor wishes to receive.
Once these basic questions are answered, we will draw up a Deed of Gift for your review.
2. Gift Amounts
Every donor will be advised as to the specific requirements of establishing a fund. SCF named funds have minimum donation amounts before the fund can be established as well as begin to grant out. However, the donor will always have the option of creating an “emerging fund”, which allows them to build up to the minimum fund amount over time.
Note that there is no minimum donation if anyone wishes to donate to an existing fund.
The Shuswap Community Foundation enters into a written agreement with each donor intending to establish a permanent endowment fund (this is the Deed of Gift). This agreement sets out the purpose of the fund, the responsibilities of the Foundation and any specific requirements relative to the donor’s particular fund. The wording has been designed to meet the Canada Revenue Agency’s requirements for charitable giving.
An endowment fund is a forever legacy and a generous commitment of giving back to your community. You and your family can build this fund, receiving charitable tax receipts which can be applied to reduce your income tax. A bequest from your estate will continue to grow the fund and your children’s, children’s, children can stay involved in the Endowment for many years to come.
Regardless of the type of gift, donors can be assured that their goals will be carried out forever.