Our 2010/2011 Annual Report is appropriately themed Power in Numbers - in reference to our 75th anniversary year and our growth and achievements since 1936. As we mark this monumental milestone, we have an opportunity to reflect upon our early days in the late 1930s when we were based out of The Sunshine Inn, Victoria's only soup kitchen.
One could never have imagined that an initial donation of $20 would grow to total assets under management of over $180 million 75 years later. This number speaks to the commitment and generosity of our donors and our community.
We are pleased to report to our fund holders, donors and community partners our financial results for the fiscal year ending December 31, 2010.
This past year has seen the revisions, and Board of Director approval, of both the Victoria Foundation Investment Policy and the Distribution Policy. Our Investment Policy continues to mandate a balanced and prudent approach to the long-term investment of our assets, and our Distribution Policy has set a target spending rate of 4.0% over the long-term to ensure a stable and strategic flow of funding to our community. As well, continued recovery in the markets provided our endowments an average return over the past 10 years of 6.20%.
Victoria Circle launched
The Victoria Foundation is proud to introduce the Victoria Circle – our way of recognizing and giving thanks to the donors who make legacy gifts. The Victoria Circle celebrates thoughtful individuals and families who help support the future of community and the causes that matter the most to them. Gifts such as a bequest in a will are held in perpetuity within our endowment, with the annual distributable returns provided to charitable organizations.
It is with the support of our Victoria Circle members that we are able to turn philanthropic passions into meaningful differences. For more information about the Victoria Circle and how you can help your clients plan their legacy gift, please contact Sara Neely, Director of Philanthropic Services at 250.381.5532.
Federal Budget June 6 2011
Finance Minister Jim Flaherty tabled a new federal budget that closely resembled the March 2011 budget. The budget provisions related to the charitable sector remain the same and are ably described in this newsletter from Miller Thomson.
Governor General of Canada serves as Patron
Community Foundations of Canada is proud to announce that His Excellency the Right Honourable David Johnston, Governor General of Canada, will serve as the organization's Patron for the duration of his vice regal term.
Encouraging philanthropy and volunteerism are one of the three pillars of the Governor's General's mandate. His Excellency was the opening speaker at the CFC 2011 Conference - A World of Opportunity, an international gathering for the philanthropic sector in Vancouver May 12-14, 2011. He was joined by former U.S. President Bill Clinton, African human-rights advocate Naomi Tutu, and Next-Gen pioneer Michael Furdyk of TakingITGlobal.org.
Community Foundations of Canada (CFC) is the national membership association for the country's 178 community foundations. Community foundations have connected donors to community needs and opportunities since 1921 and are one of the country's largest supporters of local charities.
Through the Victoria Foundation’s Youth in Philanthropy (YiP) program, approximately 100 students in seven high schools have allocated grants totaling $17,500 to charitable organizations in our community.
Our friends in the United States agree
Community foundations are ideal outlets for charitable giving, and an article in Investment & Wealth Monitor discusses exactly why. The piece, written by the Council on Foundation's Diane Miller, director of community foundation services, and Christina Tucker, a freelance writer, highlights the advantages high-net-worth individuals can enjoy as contributors to community foundations.
Please contact us to talk about community foundations in the Canadian context. We are here to help you facilitate charitable gifts for your clients.
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