On September 19, the Community Foundation of Castlegar and District (CFCD) held an information session for local financial and investment advisors to provide information and promote interest and awareness.
Foundation President Bob Jackson described the recent history of the Foundation, how funds can be received and invested, and also how pooling the charitable gifts from many donors will create permanent, income earning endowment funds to generate grants to eligible applicants.
“It is important to involve advisors who may be asked by their clients how they can support our foundation by giving funds now or leaving a planned gift in their will,” stated Jackson. “All funds donated to the CFCD will help ensure that the foundation will develop and work towards our vision of building a better community, now and forever.”
Guest speaker Tom Murray, Board Chair of the Osprey Foundation of Nelson, described how the interest generated by the many donations over the years has allowed them to support local projects to improve their community. The Osprey’s community fund now stands at about $6 million, enabling it to provide grants of $200,000 a year to community projects.
Jackson noted that the Osprey staff has been very helpful as an experienced resource to assist in the development of the CFCD.
A highlight of the evening was the presentation to Bob Jackson of a cheque for $157,000 by Kootenay Savings Credit Union chief executive officer Brent Tremblay.
The money, donated by the KSCU Community Foundation, will be invested with interest available for future approved grants. A small percentage of the donation, however, will be available for eligible applicants under the granting policy currently under development by CFCD.
A public information event is planned for later this year to allow citizens to learn about the roles and responsibilities of the foundation and how they can participate in this new and worthwhile community organization.