Leaving a lasting legacy of support can be, for some, the true meaning of giving back to a community that has provided a lifetime of comfort to an individual. When wondering how to leave such a legacy, the local community foundation can help.
Powell River Community Foundation (PRCF) is one of 178 charitable entities established across Canada, providing a place for donors to endow their gifts in order to make a difference in their community. Monetary donations are invested and the interest accumulated is used to support local charities as they in turn support the community through their actions. This means that the original sum donated is retained in perpetuity and only the interest is dispersed.
Gifts come in all different sizes, from a donation made in lieu of flowers at the passing of a friend, to the bequest of an entire estate written into a will. Gifts qualify for reductions on income tax. The process is simple and there are many qualified and informed people who can assist.
Real Siguoin is president of PRCF. The foundation recently announced the winners of funding awards at its annual general meeting. “The applications come through during our granting cycle,” said Siguoin, “and we try to deliver the funds appropriately to where the needs are in the community. Part of this year’s granting cycle reflected the Vital Signs report we did last year.”
Applications for funds are received in March and grants may be made in the fields of arts and culture, children and youth, education, environment, community health, seniors and social justice.
This year, interest revenue was lower than previous years, resulting in the provision of just two grants. “The low interest rates and the slow accumulation of the endowment meant very little money was available this year,” said Frances Ladret, grants committee chair for the foundation, in an email to the Peak. “However, we did manage to give a $1,200 grant to [Powell River] Academy of Music for some music stands and $2,500 to the Lund Community Society to purchase a commercial dishwasher for the Farm to School program operating at James Thomson school.”
When donating, a person’s intent can be reflected by investments in the causes they care about. The impact of one person’s donation is multiplied by pooling it with gifts from others. It is a recipe that has seen more than quarter of a million dollars donated to local charitable causes since PRCF was formed in 2001.
“For us it is more about leaving a lasting legacy and trying to create revenues within the foundation that will be there for good for ever,” said Siguoin. “So even in our wills and through the Crossroads Village fund that we set up several years ago, we bought life insurance policies and those funds are payable to the foundation and irrevocable.” It’s a win-win situation, he added, as it is a tax-efficient way of helping the community.
“There are just so many different ways people can get involved in helping build the foundation. My personal goal is a $200 million foundation. Just think what we could do with that. With a five per cent return we’d put $10 million back into the community.”
PRCF volunteers are available to provide informative talks to community groups about the work of the organization. “We continuously go out and give talks to different people in the community to explain what it is we are trying to do,” said Siguoin. “It is an education process. The more we can get out there and explain to people what it is we are trying to do, then people understand it and go ‘wow, that is a good thing. I’ll be long gone but it is still going.’” Organizations can contact Siguoin at 604.483.6077 or call and leave a message on an answer machine at 604.483.8678 to schedule a presentation.
For more information about the foundation and to view the Vital Signs report, readers can visit the website.
