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Considering Creating a Private Foundation?
If you’re thinking about creating a private foundation in British Columbia, you may want to consider a Donor Advised Fund at Vancouver Foundation instead. It’s an easier and more cost-effective structure that enables you to accomplish your philanthropic goals while at the same time allowing you to leave a lasting legacy. And it doesn’t require the responsibility and often onerous work of administering a registered charity.
With a Donor Advised Fund, Vancouver Foundation takes care of all the ongoing administrative details (accounting, investing, tax receipting, compliance reporting, etc.), so that you can focus on what matters most – giving back to the community! A Donor Advised Fund can issue grants to any registered Canadian charity, or any of Vancouver Foundation’s ten Focus Areas.
A Donor Advised Fund can even have the same name that you are considering for your private foundation (e.g. “Chan Family Foundation”). And you can appoint a fund successor so that your spirit of philanthropy continues for generations to come.
A Donor Advised Fund at Vancouver Foundation can be established with initiating capital of just $10,000. While most of our funds are permanently endowed to create a lasting legacy, it is also possible to establish a fund that permits access to capital for granting if the Donor Advised Fund is established with initiating capital of $100,000.
We offer an array of services to assist you with grantmaking. Our professional staff is available to provide advice and answer questions, not only on the fund’s administration, but also on grant making. In addition, we are pleased to extend invitations to our Community Causes donor engagement series. Please see the Benefits of Vancouver Foundation for more information.
Considering Winding Down Your Private Foundation?
There are a variety of reasons that you may be considering winding down your private foundation. You may be finding that having a private foundation is becoming too much work or too costly. Or maybe your children are not interested in carrying on your philanthropic legacy. Whatever the reason, Vancouver Foundation is here to help.
Over the years, we’ve worked with many private foundations to help transition from a stand-alone entity to an easy to manage fund at Vancouver Foundation. And, of course, your fund at Vancouver Foundation can maintain the same name as your private foundation (e.g. “Smith Family Foundation”) but it is simply administered by us.
Vancouver Foundation offers a few choices for the fund’s investment. We manage two pooled investment funds – the Socially Responsible Investment Fund, and the Consolidated Trust Fund (CTF), both of which have expert oversight by our volunteer Investment Committee. The CTF is valued at approximately $1 billion, and is managed by 12 different investment management firms.
It may also be possible to maintain an ongoing relationship with your existing investment manager through our Investment Managers Program, so long as the fund is established with a minimum of $2 million initiating capital.
On a quarterly basis, income distributions are made available for granting to charity, but grants can be requested at any time. Please see the Investment Overview and Investment Committee information sheets for more information.