| No. 54 | October 27, 2006 |
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Imagine an Endowment
With Your Name on It But, you say, endowments are only for folks with lots of money - and that's not me. At least, that may be the impression you get when endowments are announced. Let's start with the question, "How much money does one need to establish an endowment?" The short answer is, "It depends upon what you want to do." Endowments may be large or small depending on your interests and resources - and they can be built over a number of years. Many of our endowments have been set up through contributions by one or more people and over a period of time. For example:
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Community foundations are set up to help you do all of the above - and
more.
Community foundations are set up to enable people to make grants to support the organizations and activities in which they are interested. Community foundations represent you, the donor; they make your wishes a reality. A community foundation can help you clarify your charitable interests, describe what you want done, administer and invest the money, complete the reports required by Revenue Canada, report on fund growth and issue receipts. And at a very reasonable cost - just one percent of the principal each year. You won't do better than that. The Community Foundation of Prince Edward Island is managed by people you know or whose name you recognize. The Directors live on Prince Edward Island and they volunteer their time and talents to make it easy for you to give to the charitable causes that interest you. All you have to do is make a contribution; the Foundation does the rest. Give us a call. We would be happy to talk with you. There is no obligation or commitment - even if you decide not to set up an endowment, the experience of thinking it through may be helpful. |