Brampton Foundation update

Posted by Peter Ward 
 
Brampton and Area Community Foundation â¿¢ James Boyd, Executive Director, supported by David Sharp (of Scotia McLeod), Chairman of the Board, was our guest speaker last week. Jim provided the club with an update on the work of the Foundation.

Started in 2002 with the help of at least four Rotarians, including founding Chair Bob Bell, and a visionary contribution of $100,000 from our Club, the Foundation joined many other such organizations in Canada to provide affluent people and those of modest means a vehicle for perpetually endowed financial contributions to charitable works in Brampton and Area.  The Foundation also performs donor services for flow through grants.

Some of the older Foundations are in the $100 million â¿¢ $600 million size and cumulatively provided $95 million in endowed grants for investment in communities all over Canada.

The Brampton and Area Foundation has grown to $3.1 million under administration ($1 million in the past 12 months) and has grown $5,000 in grants in 2003 to $82,000 in 2006.  In addition to this $205,000 cumulative total since inception, some $1.4 million in flow through grants have been managed.  All contributions to endowments are permanent and available for Tax credit in Canada.  These can be made to private funds set up within the Foundation or to add to an already established fund.

Our Club has the "Service Above Self Fund" from which we can direct the grants from income.  This fund presently stands at about $32,000.  Individual Rotarians are encouraged to contribute to this fund as well as our own RI Foundation for International philanthropy.  The Club has also contributed thankful gifts for Lifetime Service awardees, Gene McNamara, Carl Dalli and Chuck Lee.

Funds earn a pooled investment return (10.2% net in 2005) from which some is invested back into the fund, a small amount goes into management cost and the balance goes out in grants.  Grants from endowments have at least doubled every year so far which is a stunningly good record.

Both James and David thanked our Club for our initial impetus.

In thanking the speaker, Peter Ward pointed out that, while they thank us it really is for us to thank them for the truly wonderful work they have done in achieving long term visionary goals in a really short time frame.