Frequently Asked Questions:
1. How did Huronia Community Foundation come into existence and exactly what does it do?
Upon the wind-up of the Len Self Youth Challenge, trustee John Gammell planted a seed. In March 2000 the foundation was incorporated and officially registered with Revenue Canada as a public charitable foundation. It has a governing body made up of volunteers, independently appointed and representative of the communities it serves. Grants are made to support local initiatives in all areas including health, education, culture, social services and the environment. Midland, Penetanguishene, the Townships of Tiny, Tay and Georgian Bay benefit from the income-earning endowment funds set up by donors.
2. What are the types of gifts donors can make to Huronia Community Foundation and how can these gifts give forever?
Donations to the foundation can be cash, investments, artwork, real estate or even a life insurance policy. They are invested in interest-earning endowment funds that are used to create the grants made to community initiatives. Only the interest is used for the grant and the fund stays permanently in tact for future growth.
3. What attracts donors to community foundations?
Flexibility is one of the primary reasons that community foundations are so popular among donors. Donors can choose to support their community in a broad way or they can designate a favorite cause or charity.
Donors can leave the decisions to Huronia Community Foundation’s grants committee or set up a Donor Advised fund and work directly with Huronia Community Foundation to identify the organizations and projects they wish to support each year. They can create a fund in someone’s memory or they can make an anonymous donation.
Donors also know that the endowment funds held by Huronia Community Foundation is permanent. That means their gift will keep on giving to local charities long after the donation has been made.
4. Why should I consider gifting to Huronia Community Foundation “Community Fund”?
The Grants Committee, made up of experienced volunteers, knowledgeable about our current communities activities, recommend the grants from the fund for the board of directors’ approval. These representatives of all ages, are involved in the community, are able to make good grants. Over time priorities change, for example as government grants increase or decrease. Occasionally opportunities come along when a quick cash infusion can make a significant difference to a group. Whether it is to cover an emergency or to take advantage of the currently popular matching dollars, the foundation can respond. In 20 years, will your favorite charity of choice be in business, as you know it now?
5. I would like to give to Huronia Community Foundation but I have already chosen the organizations to which I plan to make bequests? Will you recognize these charities?
Yes, Huronia Community Foundation will ensure that your favorite charities receive the bequests you have made. An Endowment Fund will be set up with your gift and annual grants will be made to each of the charitable organizations in your name.
6. Can I create a Scholarship or Bursary in memory of my late husband through my gift to Huronia Community Foundation?
Yes, you can set up a Scholarship requiring a high academic standard or a Bursary based on financial need. If you wish, you can specify the institute of learning or the field of study for the recipient. As the money given to the student is only interest earned on your gift, your donation will be maintained in the Endowment Fund you have set up in your husband’s memory.
7. Can I create a Memorial Fund with my gift within Huronia Community foundation?
A Memorial Fund established in the name of a loved one creates a perpetual remembrance. In place of floral tributes, family and friends may contribute to the Endowment Fund set up by the foundation in memory of your family member. You can choose the charity, field of interest or have Huronia Community Foundation determine which group will receive the annual grant in your loved one’s name.
8. What are the advantages of Huronia Community Foundation?
The foundation is a philanthropic pool where a variety of charitable funds are invested together to earn a higher rate of return than would be possible as individual investments. Another advantage of a community foundation is its ability to respond to changing conditions quickly enough to be effective, but always reflecting the objectives of the donor.
9. I would like to make a contribution to Huronia Community Foundation but I’m not sure which charitable organizations I want to support. Can you help me?
Yes, we would be happy to provide you with a list of the organizations and causes affiliated with Huronia Community Foundation. Your gift can go towards helping in the fields of interest in education, culture or social services etc. but you do not have to make a choice right away. You can decide later. You may wish to leave the decisions to Huronia Community Foundations’ Grant Committee that knows our community, its needs and opportunities now and in the distant future.
10. How can a life insurance policy be a gift to Huronia Community Foundation?
A person can apply for an insurance policy on his or her life, then immediately transfer it to Huronia Community Foundation. The foundation would be the owner and beneficiary of the policy. The donor would pay the premiums under the policy and would receive a charitable tax receipt for the amount paid each year. On the death of the donor, the insurance proceeds would be paid to Huronia Community Foundation.
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