The desire to benefit our local communities is almost universal…
“How can we help you make an impact?”
The Community Foundation of the South Okanagan | Similkameen is essentially a collection of various types of gifts, large and small, contributed by people from all walks of life. It is structured to help donors make their community a better place – whether they have a specific area of interest they wish to support (e.g. children, arts, environment) or if they want to address broader community needs.
Your gift to the community becomes part of a permanent endowment fund, creating a legacy that gives back to the community year after year. What does this mean?
Your initial donation is protected and invested. Earnings from those investments are granted back to the community every year, forever.
All gifts are added to our permanent endowment fund pool, which is professionally managed by our team of investment advisors. The income from the investments is given out to the community each year to address the charitable priorities identified by you as a donor or by the Board of Directors working on your behalf.
We are not a charity supporting our own programs. We are a charity supporting other charities.
We are a vehicle to support diverse charitable agencies doing a myriad of good work in our communities. We do not compete with other charitable organizations – rather, we enhance their ability to serve the community.
When should you make a gift?
There is a misconception that gifts to a Community Foundation are made through a bequest in someone’s will. While this is often the case, more and more people are enjoying the benefits of creating a legacy while they’re still alive so they can see the results of their generosity, be an example of philanthropy to friends and family, and have more involvement in how the proceeds are disbursed.
Whether you choose to make your gift in your will, or while you’re living, it is always recommended that you meet with the Executive Director of the Community Foundation to clearly articulate your goals and intentions for your gift. Our job is to honour your vision. It is easiest to do this when we’ve spoken with you personally.
What about my children’s inheritance?
Another common misconception is that a bequest to a Community Foundation will negatively impact the inheritance received by a person’s heirs. There are two key points to consider here:
- Many donors to the Community Foundation consider their community to be a rightful heir to their estate.
- Many estates will enjoy significant tax savings when a charity (not just the Community Foundation) receives a bequest. These savings can actually increase the net inheritance your children will enjoy.
The Community Foundation of the South Okanagan | Similkameen can help you establish a permanent fund that supports your favourite charities or works to address community needs in perpetuity. To learn more about making a gift to the Community Foundation of the South Okanagan | Similkameen, please contact your professional advisor or our Executive Director, Aaron McRann at 250-493-9311.
Working with the Community Foundation of the South Okanagan | Similkameen
Learn how to create a fund.
View the types of funds available.
Advantages to Gifts of Securities
Gifts of securities can significantly benefit your financial position because you are not taxed on capital gains when you directly donate the securities. For example, if you wish to donate $10,000 to the Community Foundation you could donate cash or securities (and a few other things, but let’s just look at these two).
When you donate cash you will be donating after-tax income, so you would have had to earn substantially more than $10,000 in order to achieve your gifting goal.
However, if you have unrealized gains in securities then the best thing you can do is donate them directly. If you cash them out and then donate cash you will pay capital gains tax.
If you donate securities directly you receive the equivalent tax receipt while also saving the capital gains tax.
In addition, the charity you donate to does not pay the capital gains tax. Everyone wins!