Options on the table for foundation
By Marc Zienkiewicz
Investing its capital with the Winnipeg Foundation is just one of several options the Lac du Bonnet Charitable Foundation is examining as it passes the $60,000 mark. Foundation president Cliff Zarecki said investing its capital with the Winnipeg Foundation, which nearly 30 charitable foundations in the province already do, would have a number of benefits.
“If we did so, the Winnipeg Foundation would give us an endowment of $7,500 immediately,” Zarecki said. Furthermore, the Winnipeg Foundation would ensure no less than 3.5 per cent of the foundation’s money is distributed in the community each year.
In return, the Winnipeg Foundation would charge half a per cent for its services, but return a quarter of a per cent to the Lac du Bonnet foundation’s endowment fund.
“There doesn’t seem to be a lot of negatives to do so, but we haven’t made a decision yet,” Zarecki said. Another option is for the foundation to invest its capital in a GIC with Sunova Credit Union.
Other projects in works
Two other major projects are in the works by the foundation’s board. The board is planning a wine and cheese fundraiser that would take place sometime later this year, and is also attempting to form a granting committee composed of a number of community organizations, which would decide how the foundation’s money is to be distributed.
By law, the foundation must disburse 3.5 per cent of its money to the community each year.
Lac du Bonnet’s Bill McKelvey has also joined the board of directors, Zarecki said.
Charitable foundations are designed to facilitate community philanthropy by pooling donations and using only the interest generated to fund worthwhile projects in the community.