Community foundations offer an attractive alternative to the expense and administrative burdens that are associated with setting up and maintaining a private foundation.
Choosing to align your philanthropic goals with a community foundation offers two key advantages:
The Shuswap Community Foundation is already a registered charity, therefore your fund does not have to be registered separately, as it would if it were a private foundation. The Shuswap Foundation charges 1% on capital for the administration of its endowed funds. The balance of the earnings on the endowment fund is paid out to other local charities as prescribed in the Deed of Gift.
The Shuswap Foundation is happy to establish a Family Fund or other Named Fund for a minimum contribution of $1,000 with a contract to grow the fund to a target goal of $10,000 within a reasonable time frame, in order to advance the disbursement of the earnings from your fund into the community.
It is also noteworthy to mention that 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.
You may wish to read some of the stories behind a few of our many family funds, some of which are: Peterson Family Fund, Tom and Elsie Brighouse Family Fund, Ev Painter Endowment, Lloyd and Dorothy Askew Family Fund, Higgins Family Endowment, and Browne Johnson Legacy.