Giving Frequently Asked Questions
What is an Endowment?
An endowment is where money is pooled and permanently invested as capital and the annual interest earned is used for charitable purposes through a grant making process.
Why an Endowment?
Establishing an endowment is free of charge and allows donors to support the Comox Valley’s needs in a lasting way while suiting the donor’s wishes. With considerable ax benefits, an endowment fund can be an important part of your overall financial plan.
Who can establish an Endowment?
Anyone can establish and maintain an endowment fund. It is a simple process that does not require great wealth.
How can the Comox Valley Community Foundation help me establish an endowment fund?
The Foundation provides the customized services needed to create a fund that reflects the donors’ values, interests and charitable goals. The Foundation handles all the administration of the endowment fund, including tax receipts, grants to charities and financial reports.
Can my Comox Valley Community Foundation fund grant to charities outside the Comox Valley?
Yes. The purpose of this Community Foundation is to enrich lives in the Comox Valley, as defined by the boundaries of School District #71, and so our adjudicated grants are made to registered charities and other qualified donees service the people in the Valley. Nevertheless, a donor may specify some or all of the annual distribution is to be made to any qualified charity in Canada and the Comox Valley Community Foundation will honour that direction.
Can I donate shares and is there a tax advantage to do so?
The answer to both questions is yes. We use our investment manager, the Vancouver Foundation to facilitate the process and all proceeds will be invested in our account with them. On the specifics of the tax advantage please visit the Vancouver Foundation’s Securities as a Charitable Gift Option page.
What investment manager does the Comox Valley Community Foundation use?
We currently use the Vancouver Foundation. With over $1 billion in assets under its management, the Vancouver Foundation has a very strong investment team and work with a number of high quality investment dealers. The Investment Committee of its Board and its policies and procedures to ensure effective investment, accountability and transparency are all first rate.
What are the Comox Valley Community Foundation’s fees?
As a not-for profit organization, the Community Foundations fees are designed to recover some of our actual costs. We annually charge an administrative fee of 0.5% on the opening balance on each fund. This is in addition to the 1.15% administrative and investment management fee charged by the Vancouver Fund that manages our investments for us. The total fee of 1.65% is still less expensive than most private foundations and the two foundations handle the daily administrations, file annual returns and process grants.