What exactly is the Salt Spring Island Foundation?
The Salt Spring Island Foundation is one of 152 (as of 2006) community foundations across Canada. It is a registered public foundation whose purpose is to enhance the quality of life in our island community. It does this by providing grants to support a wide range of the island’s registered charitable organizations.
All donations and bequests to the Foundation are preserved in the Foundation’s permanent endowment fund. In an endowment fund, contributions are not spent, but the income earned on the capital in the fund is distributed annually. The Foundation provides a great way for islanders to help a number of organizations each time they make a donation or when they leave a bequest, thus connecting their giving to island needs.
What is the Foundation’s history?
The Foundation came into existence in 1984, sixty years after the first Canadian community foundation was founded in Winnipeg. Colin Mouat, Richard Toynbee, and Alan Pierce worked to establish the Foundation, inspired by the late John C. Lees who encouraged its creation and who made the first bequest to the Foundation through his estate. For many years the Foundation’s endowment fund contained only a modest amount of money, but over the years the fund has grown to over $2.2 million, significantly increasing the Foundation’s ability to make a real difference to our island community.
Where does the Foundation’s money come from?
All the Foundation’s money comes from residents and friends of Salt Spring Island who contribute through donations and bequests. All gifts—both large and small—are important and help provide ongoing support.
How much does the Foundation contribute to the community?
As of 2007, the community endowment fund was valued at over $2.2 million. This makes it possible for the Foundation to contribute at least $100,000 each year to a wide range of organizations on Salt Spring. Of course, the total value of the grants distributed annually will increase each year as the fund grows.
What distinguishes the Foundation from other charitable organizations on Salt Spring?
We provide one-stop giving. Much like the United Way in larger communities, your single donation to the community endowment fund benefits a wide range of island organizations each year. Moreover, since the annual income generated by your donation is distributed each year, every donation can be thought of as a gift that keeps on giving—year after year after year.
We look at the bigger picture. Each year the Foundation provides financial assistance to a wide range of worthy organizations on Salt Spring to help them meet specific needs. Recipients vary from year to year as community needs and priorities change. In 2007, the Foundation initiated a process to assess community needs and priorities together with other organizations. The Foundation is also planning to help strengthen the capacity of local non-profit organizations by sponsoring workshops and information sessions.
We look at the longer term. Because the Foundation spends only the earned income of its community endowment fund, we are able to provide financial assistance to many island organizations and will continue to do this each year in perpetuity.
We can establish a “named fund” for you. If you wish to set up a “named fund,” the Foundation will administer it in perpetuity. Any donation of $5,000, which can also be accumulated or pledged over several years, entitles you to have a specific fund set up in your own name or in the name of someone you wish to honour. Recognition of your generosity will be made each year in our annual stewardship report, which is sent to all the Foundation’s donors and friends, published in the local newspaper, and posted on our website. Please contact Wendy Kaye for more information.
How is the Foundation governed?
The Salt Spring Island Foundation is legally structured as a trust with a board of trustees. It is classified as a public foundation by the Charities Division of the Canada Revenue Agency and complies fully with their requirements.
What are the Foundation’s operating costs?
For many years, the Foundation's operating costs have been less than 1%. Although this may rise minimally in the future to ensure that effective management systems are in place, the board of trustees is committed to keeping costs as low as possible in order to maximize the dollars available for the community.
How can you help?
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By making a cash donation, knowing that every little bit helps
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By giving the Foundation “cashless” gifts by placing your groceries' receipts in the Foundation’s box at GVM
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By making an in memoriam contribution to honour a relative or a friend
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By naming the Foundation in your will, as the beneficiary of your RRIF, or through a life insurance policy
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By creating a “named fund” (see above)
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