Establishing A Fund

Creating a named fund provides donors with the greatest options to achieve their charitable goals and are designed to provide recognition to the Donor, Corporation, Agency, Family or Individual.

A minimum of $5,000 is required to establish a named fund. If there are financial constraints, the fund may be opened with an initial contribution of $1,000 with an agreement to build it up to $5,000 within 5 years.

Fund Categories

There are several categories of named funds designed to match the type of donor with their charitable goals.

Corporate Funds

Provide corporations or organizations a means to build public awareness of their contributions to the community. Revenue from corporate funds may be designated to apply to to one or more of four Types of Funds.

Family Funds

By creating a Family Fund, a family can preserve their heritage in perpetuity. Donors can establish a named fund with a provision in their will, or they may wish to create a family fund today, enjoying the satisfaction of giving during their lifetime and receiving an immediate tax benefit. The Family Fund will be appropriately memorialized in the Phoenix Foundation’s annual reports as well as other publications. Distributions to beneficiaries will be identified as coming from your fund and the Phoenix Foundation.

Donors may choose to take an active part in decisions surrounding the distribution of dividends from their family fund or leave this responsibility with the Phoenix Foundation. Donors may tailor their contribution to their own charitable interests by choosing one or a combination of the four Types of Funds.

Memorial Funds

Established to memorialize the life and/or contributions of a family member, friend, or community leader. Recognition for the fund is the same as for the Family Fund. An option to consider when someone passes away is to make arrangements for the Phoenix Foundation to receive donations in lieu of flowers, and/or outright donations to the Memorial Fund. All donations are tax deductible. Memorial Funds may be designated to one of the four Types of Funds.

Agency Funds

Established by the agency itself, an individual, or corporation to provide revenue for operating costs of the agency. The revenues from the fund go directly to the agency. All donors interested in supporting the operating cost of the agency in perpetuity are encouraged to contribute to the fund.

Scholarship Funds

Assist students to continue on to post secondary education or trade schools. Donors set the qualifying criteria and students meeting the criteria are selected.

Named Cause Funds

Address a single charity or a cause with a broader purpose. Distribution of revenue is either designated by the donor or distributed through the Grants Committee.

Types Of Funds

Corporate, Family and Memorial funds categories may have their revenues distributed to one or more of the following fund types.

1. Unrestricted Community Funds allow the Donor’s charitable gifts to have the greatest possible impact. The income from this type of fund is applied to the community’s most pressing current needs and has the flexibility to respond to needs as they emerge. Grants awarded from unrestricted funds are made only after applications for funding have been considered and approved by a Grants Committee which is made up of Directors and informed community representatives.

2. Field-of-Interest Funds may be established with the income to be distributed through one or more of the Foundation’s Fields Of Interest. Gifts of these kinds give the broad discretion to the Grants Committee to select the agencies that can most effectively achieve the Donor’s charitable intent.

3. Donor Advised Funds create a permanent personal vehicle for charitable giving. During the Donor’s lifetime they or a chosen advisor(s) may choose to recommend potential charities to benefit from the fund. When the Donor or other designated advisors no longer wish to or are unable to make recommendations, the fund will continue its charitable giving as an Unrestricted or Field-of-Interest Fund.

4. Designated Funds direct income to one or more specific charitable organizations. This includes all local, provincial and national charities registered with Revenue Canada. The Phoenix Foundation will carry out your wishes as long as the named organizations function as they did when the Donor established the fund. If an organization ceases to exist or substantially changes its purpose, the Foundation is empowered to redirect the income from your fund for a purpose similar to the one you selected.

Set Up A Named Fund Today

The Phoenix Foundation Fund Development Committee and the Directors have a broad knowledge of charitable giving options and the Foundation’s Committees have an in-depth awareness of Boundary Community needs. Working as a team we can assist you in structuring your fund and work with you and your financial and/or legal advisors on more complicated matters.