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Creating a New FundEstablishing a FundShuswap Community Foundation requires that a fund be a minimum of $10,000 as this amount will generate sufficient annual income to allow for a meaningful grant. A donor wishing to start a fund may initiate the fund with a donation of at least $1,000. The fund name is at the discretion of the donor and can include individual endowments, family endowments, agency endowments, in memoriums, scholarships etc. Memorandum of UnderstandingNew funds of less than $10,000 will be governed by an interim document called a “Memorandum of Understanding”, the terms and conditions of which will be agreed to by the donor and the Foundation and will include the distribution of income accrued by the fund and an agreement delineating timelines for the growth of the fund to $10,000. Deeds of GiftNew funds of $10,000 or more will be governed by a permanent document called a “Deed of Gift”, the terms and conditions of which will be agreed to by the donor and Shuswap Community Foundation and will include details as to how and to whom income accrued annually by the fund will be distributed. |
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