When gifts are made to the Comox Valley Community Foundation, they’re made ‘in perpetuity’. One example is the $6 million gift from the estate of Mary Catherine (Mamie) Aitken, announced last week. But what does it mean to make a gift ‘in perpetuity’?
In short, it’s a gift that keeps on giving — forever. The Foundation holds the capital, invests it and only spends the income. When wisely invested, the capital keeps up with inflation and the income creates significant grants to local charities who are working hard to enrich lives in the Comox Valley. The capital is held — forever — and the income is spent — forever.
In announcing the creation of the Aitken Fund, CVCF President Norm Carruthers described its potential as “awesome”. “And if the size of this gift in itself is not astounding enough,” he said, “think about the impact of this gift over the longer term! The Aitkens were part of this community for more than a century and over the next century, the money flowing out to our community will likely be $18-25 million. Best of all, the original endowment will still be in place to keep on giving! That is truly awesome.”
In perpetuity gifts are usually very general in nature. Forever is, after all, a long time and what’s important today, may be completely different tomorrow. That’s why the CVC Foundation maintains a large board of directors who make it their business to know what’s needed in our community and what groups are delivering services that have a great impact. This dedication will help to ensure legacies like the Aitken Fund always serve our community well: today, tomorrow and … forever.
To learn more about the CVCF and how you can make a gift that keeps on giving, visit the website…
