Can you enjoy the personal rewards of philanthropy without the administrative time and tasks that a Private Foundation can entail?
You can with a Donor Advised Fund through the Community Foundation of the North Okanagan!
“The spirit of partnership is just in our DNA – we love working with Private Foundations and Corporate Foundations to leverage good granting,” says Foundation executive director Leanne Hammond. “The key is recognizing that we all have the same goal: funding good work, and making our communities better places to live, work and play. We are delighted to work cooperatively with other funders.”
If you’re thinking about establishing a private foundation, you may even want to consider a Donor Advised Fund at a community foundation instead.
A Donor Advised Fund (DAF) has an easier and more cost-effective structure that allows you to accomplish your philanthropic goals while allowing you to leave a lasting legacy.
The Community Foundation looks after all ongoing administration – accounting, investing, tax receipting, compliance reporting, etc. – so you can focus on what matters most: giving back to your community!
A DAF can issue grants to any registered Canadian charity of your choice, or channel funding into the Smart & Caring Community Grants cycle each spring.
- A DAF can have the same name you’re considering for your private foundation, such as Chan Family Foundation, and you can appoint a fund successor so your philanthropic spirit continues for generations.
- While families or businesses often start private foundations, they often don’t have as much interaction with the charities as the Community Foundation does. “We’re always happy to help by sharing our community knowledge – we try to stay on top of where the gaps are, what needs are going unmet, and what projects or programs and really making a difference.”
A Donor Advised Fund at the Community Foundation of the North Okanagan can be established with initiating capital of just $5,000 and a pledge to be at $25,000 over five years. And while most of the Community Foundation’s funds are permanently endowed to create a lasting legacy, you can now establish a fund that permits access to capital by starting a “Spend Down Fund,” if making an immediate impact is more your goal.
Considering winding down your private or corporate foundation?
The Community Foundation can also help if you’re considering winding down an existing private foundation.
“What seemed like a good idea at the time may end up being more work and costing more administratively than hoped, or children may not be as motivated to continue the family’s philanthropic legacy,” Hammond notes.
Community Foundations can work with private foundations to transition from a stand-alone entity to an easy-to-manage fund that can even retain the same name; the Community Foundation simply assumes the administrative and reporting work.
“Family members can even maintain their involvement in granting if they wish, after all, that is the fun part!” Hammond says.
For more information about establishing a fund, exploring a granting partnership, or winding down an existing private foundation, visit online at cfno.org or call today at 250-542-8655.