Enjoy Your Philanthropy:
Focus on Giving, Not Administration
A Growing Trend
A recent article in THE WALL STREET JOURNAL titled “Family Charities Shift Assets to Donor Funds” reports a rapidly growing trend for family foundations to shift their assets to a donor advised fund . “Frustrated by the upkeep, philanthropists are increasingly unwinding their private foundations into donor-advised funds, which invest assets and make grants to charities from individual accounts based on donor’s recommendations.” While potential cost savings is also a motive to convert to a donor advised fund, and privacy on some/all of the grants may be attractive, the article goes on to state “.. the factor that drives most people to close a foundation is the heavy time commitment. “
A Foundation Conversion Plan
As a dedicated philanthropist managing a private foundation,
you understand the importance of active and sustainable
charitable giving. However, the business of your private
foundation is very public and you may prefer to keep it more
confidential. A Canada Gives Foundation account allows
you to have all of the executive privileges that you enjoy with
a private foundation, but with the added benefit of privacy. In
addition, managing a private foundation requires that you
focus your time on administration, governance, tax and legal
issues.
If you would rather put your time and resources towards
selecting and supporting the charities receiving your grants
on a confidential basis, and spend more time engaging with
the key charities of your choice, consider converting …. with
Canada Gives.
Canada Gives accounts offer you a tool to deal with tax issues while establishing a personal legacy.
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-April 2009
The Wall Street Journal |
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The Benefits of a Foundation Conversion Plan
- Once you create your personal or family
foundation account, Canada Gives acts as
your “host” administrator.
- Canada Gives will report to you quarterly,
process new donations and provide tax
receipts, manage the disbursement quota
obligations, monitor investment managers,
distribute grants and track receipts.
- You decide how much to grant each year,
select the charities to receive grants, and
spend more time with the charities of your
choice.
- Any outstanding or future pledges will be
accommodated.
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