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Did you know?A family fund
with the Shuswap Foundation is a
no-cost, hassle-free alternative to
setting up a private foundation.
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Community Foundations vs. Private Foundations |
Community foundations offer an attractive alternative to the expense and administrative burden of setting up and maintaining a private foundation.
A Private Foundation-usually a family foundation-requires significant work to set up and to register. The tax implications for the estate, or other contributions of capital to the foundation can be complex. Once established, a private foundation requires attention! Further: Fund management fees can be from 1.5% to 3% of asset value annually.
Establishing a Family Endowment Fund with the Shuswap Community Foundation is a simple matter. Contact a Director of the Foundation (with your financial advisor or estate planner, if you like). Determine the purposes you wish your Fund to serve. Sign a "Deed of Gift," and your wishes will be respected, in your name, in perpetuity. There are no legal fees involved, and no appeals to the Canada Revenue Agency for registration. |
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Because the Shuswap Community Foundation is already a registered charity, your fund does not have to be registered separately, as it would if it were a private foundation. The Shuswap Foundation charges no administration or fund management fees. 100% of the earnings from your fund are disbursed as you determine, in the interest of enhancing the quality of life in the Shuswap.
Corporate managers of private foundations are usually looking for minimum assets of $1 million. The Shuswap Foundation will be happy to set up Named or Family Funds with a contribution of as little as $10,000.
The Shuswap Foundation manages several Family Funds such as the Lloyd and Dorothy Askew Family Endowment Fund, the Peterson Family Fund, the Wainwright-Mobley Memorial Fund, and the John and Ingrid Monk Endowment Fund.
Tax rules as they apply to gifts to Community Foundations are simpler, and in most cases more generous than the rules that apply to the establishment of private foundations. Ask your financial advisor for details as they apply to you.
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