Mar 7, 2016 in
Starting your own private foundation for a family or organization requires creating a new organization, establishing a board of directors, obtaining registered charitable status from CRA, following CRA rules and restrictions, maintaining insurance against errors and omissions, and reporting regularly which cost time and money. Establishing a fund at a Community Foundation is easier and faster and requires no start-up costs. Maintaining the fund is cost effective than running a private foundation, and the problem of inter-generational succession is resolved. In addition, the donor(s) are free from the responsibility of monitoring grant applications and disbursements. Our Foundation Board has the knowledge and expertise to handle all the administrative tasks including year-end reporting as part of the regular Foundation budget.