Frequently Asked Questions
What is a Legacy?
A legacy is a gift or bequest usually given through a will and is money or other personal property that can be of value to the receiver. A legacy can also be something transmitted by or received from an ancestor or predecessor or from the past. The ideas and work of the ancient philosophers can be considered as a legacy that still guides us today. For many people their children are for them a legacy that is passed to the future.
What is Philanthropy?
Philanthropy is the act of donating or giving private money, goods, services, time and/or effort to support a socially beneficial cause, with a defined objective and with no financial or material reward to the donor. Philanthropy may encompass any altruistic activity intended to promote good or improve human quality of life. Philanthropy is usually the act of giving while one is still alive, while a legacy or bequest is giving through ones will.
How does the Foundation work?
A community or charitable foundation is a registered public charity that is non-political, non-religious and it is self-governed. There is a Board of Directors, which is comprised of local citizens. .
Directors will typically serve a three-year term to a maximum of two terms. The Board governs the Foundation within the By-Laws of the Foundation, regulations of the Community Foundation Acts and those of Canada Revenue Agency relating to public foundations.
How are grants made?
Grant application forms will be added to this web site at a later date. If you require one before then, please contact the Foundation for one. Grants are usually given out once a year in the fall. However grants may be given at any time. All potential applicants complete a standard application form. The grants committee is made up of Board Members. This committee reviews all the applications and makes their own individual decisions basing their judgments on both objective and subjective criteria. All grants are accompanied by an agreement that details the conditions under which the funds are being awarded. Grants are only given to qualified donees and organizations.
What is a fund in the Living Legacy Community Foundation?
A community foundation encompasses a collection of endowed funds established by individuals and corporations to enhance the quality of life in a particular area. These funds are pooled and a board of directors supervises the resulting investment portfolio. The income from the portfolio is made available for distribution to support charitable activities in the local community. A fund is the term used to describe a donor’s contribution. That contribution will, in the majority of cases, be held in perpetuity in a permanent endowment fund. This means that the capital will not be touched but will be held permanently and only the income made available for distribution.
Certain minimum fund levels apply due to the fact that an endowment fund is created as a permanent entity and the degree of complexity inherent in certain fund types. The minimum can be achieved over an agreed period of time. The Board has established the minimum fund levels for each fund. For more details about funds contact the foundation.
A donor may establish a Pledged Fund with a minimum amount and with a pledge to increase the required value of the minimum for the type of fund over an agreed period of time. Funds can be created with tax-exempt donations made in any appropriate form, including cash, securities, real estate or life insurance.
How can I establish a new fund?
This is quite simple. The process is initiated by advising the Foundation of your wish to establish a fund. The information required includes the name of the proposed fund and its purpose. Many kinds of funds can be set up, including flow through funds.