When Judie Cummer asked her financial advisor about estate planning and how to give back to her community, she discovered the Vancouver Foundation and how it grants more than $1 million to the community – every week.
So why not give directly to your favourite charity? In a nutshell, Vancouver Foundation is a conduit for philanthropy. Donors can start a fund in life – a legacy fund can start with $1,000 – or in their will for $10,000, that will support charities of their choice, or they can choose from 1,700 endowment funds the organization currently manages.
“I have peace of mind knowing that my money will be disbursed to my favourite six charities,” says Cummer. “If anything happens to that charity, say it ceases to exist, the Vancouver Foundation will find a suitable replacement.”
Another key point is that you can change your mind at any time without having to change your will, and without incurring any cost.
How it works
Tyler Davis, manager of donor communications for the foundation, says most donors prefer to create a perpetual legacy, even after the individual or their family passes away.
“It’s easy to give once to your charity of choice, but to give that long term legacy, the donation is endowed permanently.”
It’s similar to investing your money in mutual funds – when you establish a fund, Vancouver Foundation will pool your money with other donations, invest it wisely and use a portion of the income generated by these investments to support charities throughout B.C. so income from your fund is given out annually. After meeting with the Vancouver Foundation board, Cummer, a retired bank manager, was convinced.
“Very talented and experienced people oversee a lot of money,” she says in reference to the investment management firms employed by the Vancouver Foundation. That helps takes the pressure off an executor to carry out a loved one’s charitable wishes.
How it began
The Vancouver Foundation was born when Alice MacKay, in 1943, had saved $1,000 from her secretarial job and wanted to help homeless women. Inspired by MacKay’s generosity, local businessman and philanthropist Whitford VanDusen, along with nine other prominent Vancouver families, each added $10,000 to her endowment. From that original $101,000, the non-profit has grown to become the largest community foundation in Canada with more than $1 billion in assets under management. (Next time you visit the Vancouver Public Library, check out the Alice MacKay room.)
Community grants
A lot of people care about where they live, work and play. About 150 advisory committee members – all volunteers – review and recommend the most appropriate organizations and projects to receive grants. For instance, if you have ever attended a neighbourhood block party, chances are it was supported by Vancouver Foundation’s Neighbourhood Small Grants program. Grants are also available to support youth living in foster care and former foster care kids throughout the Lower Mainland. Meanwhile, Fresh Voices Youth Advisory Team members have suggested ways the community can come together to support Syrian refugees.
On his 90th birthday, popular big band leader Dal Richards set up a fund with Vancouver Foundation that supports and fosters the music industry and helps future generations of musicians, year after year. Richards passed away Dec. 31, 2015.
A recent study found that people who give to others are happier and healthier than those who don’t.
“I’m not rich, but I feel blessed. Being a donor with this foundation is important to me,” says Cummer. “I like the idea that, after I die, my money will help people and the community well into the future.”
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