First Credit Union is a proud affiliate of local community foundations in both Powell River and on Bowen Island. Through gifts and bequests, the community foundations on Bowen and in Powell River nurture and support worthy projects and local initiatives.
What is a Community Foundation?
A community foundation is a collection of charitable gifts donated by local citizens. Those gifts are held in perpetuity and invested to produce income which will enhance the quality of life for many in need who live in their community. It is a public charity registered with Revenue Canada and allows individuals, small businesses, large corporations and non-profit organizations, through gifts and bequests, to establish a permanent endowment for their community.
The Mission of a Community Foundation
A community foundation exists solely to enrich the quality of life in it's community. It will do this by:
- Developing a permanent endowment
- Assessing and responding to emerging and changing community needs.
- Providing a vehicle for donors with varied interests at various levels of giving.
- Serving as a resource catalyst for charitable activities in the community.
How Does the Community Benefit?
The Community Foundation directs all income from donated funds to charitable organizations within our community. This has become a permanent source of funding as only the earned income generated by the pooled funds is disbursed.
Income earned by the funds entrusted to the Foundation is distributed in order to serve the needs of the local community in various areas of interest:
- Arts and culture
- Children and youth
- Environment and parks
- Health and welfare
- Social justice
Community Foundations are governed by a volunteer board of committed people chosen to be representative of, and sensitive to, the interests of the citizens within their community. Board members are drawn from all areas in the community and offer a balance of experience, skills and perspectives.
How Can I Contribute to my Community Foundation?
In simple terms any amount will benefit the local community forever. One donation to your local Community Foundation will continue to work year in and year out to provide interest earnings for qualified charities. Individuals, families, businesses and non-profit organizations may all contribute. Gifts to your Community Foundation can be made in the form of:
Cash, stocks, or bonds
Gifts in memory
Variety of general or personalized funds
Both the Powell River Community Foundation and Bowen Island Community Foundations are registered charities. Tax receipts are issued for all gifts. It is recommended that donors consult a financial or legal advisor when implementing a planned giving program.
What Happens to My Contribution?
Your contribution to your local community foundation is pooled with other gifts in a perpetual endowment fund. All earnings of that endowment are paid out annually to the many charitable organizations in the commuity and surrounding district. The assets of the Foundation are administered by qualified investment advisors in accordance with policy established by the board of directors of the Foundation. The fund's performance is monitored by an investment committee appointed by the board.
Income earned in the endowment funds is returned to the community as grants. Grants are made to groups and organizations who have submitted applications during the foundation's annual granting cycle. Selection of recipients is determined on the basis of available funds balanced with need and the potential contribution to the community. Decisions are made by a granting committee in harmony with the Foundation's board of directors.
POWELL RIVER COMMUNITY FOUNDATION
4721 Joyce Avenue
Powell River, BC V8A 3B5
BOWEN ISLAND COMMUNITY FOUNDATION
Suite 201, 475 Bowen Island Trunk Road
Bowen Island, BC