Community Foundation News
Donating Securities
As a follow-up to the last Newsletter, I was interested in a column in the
Globe and Mail on May 20 by Tim Cestnick. His article included the
following points:
- At time of writing, CRA does not allow taxpayers to file electronically if they make a donation of shares to a charity.
- Some charities may require a change in some of their bylaws in order for them to accept gifts of shares.
- Charities should liquidate shares as soon as they are received.
- There is a process to be followed when donating to charities otherwise the tax advantage may be lost.
CFPEI has developed some expertise in handling donations through shares.
Donors planning to use this approach are advised to check with us in
advance in order to receive the most benefit from this approach.
US Citizens. Day
Garth Staples and his committee have confirmed a no-host (cash bar)
reception for US Citizens, whether year round visitors or summer
residents, will be held on Tuesday, July 4, 2006 at the Haviland Club
(formerly the US Consul). Names of US citizens should be sent to the
Foundation for onward transmission to the committee.
Scholarships
We publicized our scholarships in the media this year for the first time.
As a result, we had a flood of phone calls and email messages. It is too
early to know if that will translate into an increased number of
applications.
Existing Trusts
Our trust administration service is of increasing interest to charities
with trusts. In these cases, the charity continues to own the trust and
enters into an agreement with CFPEI for investment services. Funds of
this type are referred to as .agency funds. and may be
withdrawn from CFPEI on 30 days notice.
Investment Committee
Our investment Committee met on may 22 to review the quarterly report on
investment performance and to consider if any changes are required in
investment policies. The Chair reported that our investment managers met
our benchmark for the first quarter of 2006. Members of the Investment
Committee include David Campbell, Chair, George Wright, Debbie Good, Tom
Davies, Norman LaLonde and Bruce Lewis.
The Foundation News is an informal newsletter edited and published
electronically by, and at the whim of, Don Glendenning. Think of it as a
letter from a friend. Feel free to send it to a friend or otherwise let
me know that you want to be on the mailing list. Address:
dglende@auracom.com the foundation
email address is foundation@cfpei.ca.
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