What is the Salt Spring Island Foundation?
The Salt Spring Island Foundation is one of 173 community foundations across Canada. It is a registered public foundation whose purpose is to enrich Salt Spring Island’s quality of life by
- encouraging local philanthropy through responsible stewardship of endowment funds,
- helping to build and support the network of charitable organizations through a responsive granting program,
- and serving as a catalyst for community partnerships and initiatives.
Over the years, the Foundation has given back over $1 million to the community through grants to 58 charitable organizations.
All donations and bequests to the Foundation are preserved in the Foundation’s community endowment fund. In an endowment fund, contributions are not spent, but the income earned on the fund’s capital is distributed annually. The Foundation provides a great way for islanders to help a large number of charitable organizations each time they make a donation or when they leave a bequest, thus connecting their giving to island needs.
What is the Foundation’s history?
The Foundation, which celebrated its 25th anniversary in 2009, came into existence in 1984, sixty years after the first Canadian community foundation was founded in Winnipeg. Colin Mouat, Richard Toynbee, and Alan Pierce worked to establish the Foundation, inspired by the late John C. Lees who encouraged its creation and who made the first bequest to the Foundation through his estate. For many years the Foundation’s endowment fund contained only a modest amount of money, but over the years the fund has grown to over $2.8 million, significantly increasing the Foundation’s ability to make a real difference to our island community.
Where does the Foundation’s money come from?
All the Foundation’s money comes from residents and friends of Salt Spring Island who contribute through donations and bequests. All gifts—both large and small—are important and help provide ongoing support.
How much does the Foundation contribute to the community?
As of 2010, the community endowment fund is valued at over $2.8 million. This makes it possible for the Foundation to contribute at least $80,000 each year to a wide range of organizations on Salt Spring. Of course, the total value of the grants distributed annually will increase each year as the fund grows. Over the years, the Foundation has given back over $1 million to the community through grants to charitable organizations.
What distinguishes the Foundation from other charitable organizations on Salt Spring?
We provide one-stop giving. Your single donation to the community endowment fund will benefit a wide range of the island’s charitable organizations. Moreover, since the annual income generated by your donation is distributed each year, every donation can be thought of as a gift that keeps on giving—year after year after year.
We look at the bigger picture. Each year the Foundation provides financial assistance to a wide range of worthy organizations on Salt Spring to help them meet specific needs. Recipients vary from year to year as community needs and priorities change. The Foundation also helps strengthen the capacity of local non-profit organizations by sponsoring workshops and information sessions. We are also committed to taking a leadership role in bringing people together to seek common solutions to community challenges. As an example, in 2007, the Foundation initiated a process to assess community needs and priorities together with other organizations, resulting in a useful report (see “Community Services Needs Survey” on the right side of the home page).
We look at the longer term. Because the Foundation spends only the earned income of its community endowment fund, we are able to provide financial assistance to many island organizations and will continue to do this each year.
We can establish a “Named Fund” or an “Estate Fund” for you. If you wish to set up a “named fund,” the Foundation will administer it now and into the future. Individuals and businesses making a donation of $5,000 or more—or whose accumulated donations total $5,000 or more—are entitled to have a specific fund set up in their own, their family’s, or their businesses name(s), or the name(s) of someone they wish to honour. Recognition of their generosity will be made each year in our annual stewardship report, which is sent to all the Foundation’s donors and friends, published in the local newspaper, and posted on our website.
Estate Funds, which are much like Named Funds, come to the Foundation though bequests or other deferred gifts. As with Named Funds, recognition of the fund’s name will be made each year in our annual stewardship report, which is sent to all the Foundation’s donors and friends, published in the local newspaper, and posted on our website.
For information about setting up either a Named Fund or an Estate Fund, please contact the chair, Carol Biely, for more information.
How is the Foundation governed?
The Salt Spring Island Foundation is legally structured as a trust with a board of trustees. It is classified as a public foundation by the Charities Division of the Canada Revenue Agency and complies fully with their requirements.
What are the Foundation’s operating costs?
For many years, the Foundation’s operating costs have been no more than 1.5%. Although this may rise minimally in the future to ensure that effective management systems are in place, the board of trustees is committed to keeping costs as low as possible in order to maximize the dollars available for the community.
How can you help?
By naming the Foundation in your will, as the beneficiary of your RRIF, or through a life insurance policy
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By creating a Named Fund (see above)
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By giving the Foundation “cashless” gifts by placing your grocery receipts in the Foundation’s box at Country Grocer
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