Most community foundations struggle to define and convey to others in their community exactly what it is they do – and that challenge is the same for our local Creston-Kootenay Foundation.
In a nutshell, community foundations accept donations from members of their community and pool those donations. Then, they use the income earned by these endowed funds to provide grants injecting resources back into the community.
Since its inception in 2005, the Creston-Kootenay Foundation (CKF) has pooled donations from more than 350 individuals, agencies, and groups to build an endowment fund that recently surpassed $2 million dollars. Since then, CKF has also issued grants totalling more than $350,000 to non-profit groups working to improve our community.
The best part of this story is that all of the endowed donations remain invested and will continue to generate income to be shared in the community for many years to come. In 2018 alone, the Foundation will provide more than $100,000 in grants – a first for us!
The current board of directors has a long-term goal of growing the endowment fund to $10 million. This may seem a lofty, impossible goal – until we remember that in 2011, the CKF’s short-term goal was to reach $1 million, a task that seemed incredible at the time. With a $10 million endowment, there would be around $500,000 available every year to fund local projects.
How can we reach our goal? It starts with the generosity of community members contributing assets to the Foundation to benefit the community. It’s me, and you, and all of our neighbours building something together.
Gifts to the Creston-Kootenay Foundation can be in the form of a cheque sent to offer support, or through the donation of a life insurance policy that is no longer needed. Some donors choose to make a gift of appreciated securities (stocks, bonds, mutual funds) to further the cause in a tax-advantaged way. Still, others choose to make an end-of-life gift by naming CKF as a beneficiary. End-of-life gifts continue to grow in popularity because they cost nothing today and help mitigate the taxes that your estate will face. Best of all, the Foundation is a one-stop shop where you can ensure that your future donation will work in the areas that you care about.
We invite you to learn more. Check out our website at ckfoundation.com. If you would rather speak to a representative of the Foundation we would be happy to meet with you at your convenience and can be reached at Ckfcreston@gmail.com