In simple terms, an endowment fund is a fund that is kept in perpetuity to provide income for the benefit of a charitable cause. Generally, the principal or capital is not spent except to fulfill the intent of the donor.
Endowment income – the interest or dividends from principal or capital, or realized capital gains enables the long-term planning for grantmaking, financial stability and successful functioning. Many types of endowments are offered.
When you make a contribution to the KLWCF, your donation, no matter the size, will have a lasting impact that will be forever felt. Your contribution is invested and over time earnings from your initial amount are used to make grants to registered charities. The initial gift always remains as an investment with the growth being granted back to the community, creating a permanent source of community capital.
Planned giving is the key to major fund development for community foundations because it provides endowment capital. Planned giving is the act of making a charitable gift, now or at some later time that enables the donor the achieve personal philanthropic objectives, as well as tax and other financial benefits. Planned gifts come from a donor’s “accumulated wealth” or assets, but can also be generated from annual income. Planned gifts include contributions of cash and securities, real estate or personal property, insurance or annuities. They can be current or outright gifts of immediate benefit to the organization; other times they are deferred gifts to be realized at a future date such as gift by bequest.
Community Foundations are increasingly becoming more popular for donors who want to have an impact on their communities now and in the future. One of the primary reasons for their popularity is the flexibility. Donors can give to any number of charities through the foundation and can choose various types of funds and different ways in which gifts can be made. While many other very important organizations tend to focus on specific aspects of the community such as health or human services, the community foundation focus broadly includes a full range of community interests such as the environment and arts, culture, and heritage.
Responsibility for the Foundation’s investment portfolio is vested in the Board of Directors with the guidance of the Finance Committee. The Finance Committee works closely with professional staff and investment advisors to recommend policy, establish performance benchmarks and monitor the performance of the portfolio.
The KLWCF provides grants only to registered charities in the Kenora and Lake of the Woods Region. However a non registered charity can apply for a grant through a registered charity that falls in its umbrella of operation.
No, we are a resource for them. We hold and manage many of their endowment funds and make grants to them. We link donors with a wide range of community organizations and encourage gifts to all kinds of causes and charities. We work collaboratively with other funders and grantmakers to help serve the needs of the whole community.
Donor information is kept confidential and is not shared with any outside organizations.
The KLWCF provides many different funds and option to meet your giving needs. You can contribute to pre established funds or set up your own fund. Setting up your own fund can be done with three options. For $2500 donation a donor can set up a field of interest named endowment fund. The donor would have the option of choosing between the 5 areas of interest; arts and culture, the environment, social welfare, health and wellness, the community at large. At $10,000 a donor can set up a designated named endowment fund, giving the donor the ability to choose a specific charity rather than an area of interest. And the last type of fund is the dream fund at $50,000 which allows donors to set up their own fund if intended. All endowment fund option can be created over a five year period. (i.e. $2500 at $500 a year for 5 years) And of course any donor with any size of donation can contribute to an already established fund. Donation greater than $10 will receive a charitable tax receipt.
On the death or resignation of the last advisor, a Donor Advised Fund becomes a Designated Fund, which allows the Foundation to make grants within the fund’s purpose to meet current community needs. This way, the Foundation ensures that your generous gift remains relevant to your philanthropic goals.
Yes. The Community Foundation can change the name of a fund, following a submission of your request in writing to the Executive Director.
There are many different ways to support the community foundation movement. You can become a donor, volunteer your skills and services, or support an ongoing project. For more information please contact our office at 807-467-4427