In difficult economic times, community organizations are faced with increased demand for their services and reduced donations.
In response to the heightened community need, the board of directors of the Guelph Community will be in a position to issue grants in 2009.
Last year “was a paradoxical year for The Guelph Community Foundation,” said executive director Cindy Lindsay. “We attained great milestones like the publication of our first Vital Signs report and reached over $1-million in grants since 2001 to community organizations; but the endowment funds we manage were certainly not immune to the market roller-coaster.”
Despite outperforming the market, the foundation’s endowment funds did not earn income for distribution in 2009. According to Revenue Canada regulations, that means grants cannot be allocated. However, as Lindsay explained to the foundation’s fund holders, a contingency reserve fund was established four years ago to support operations and provide flexibility for grants in the event of a prolonged market downturn.
“We will be able to support the community when it needs it the most,” said Lindsay.
The Guelph Community Foundation will announce the availability of its grants in late March.
About The Guelph Community Foundation The Guelph Community Foundation is an independent, volunteer-driven charitable foundation whose purpose is to provide leadership in promoting community philanthropy and enhance the quality of life for the citizens of Guelph and Wellington. The Foundation pools the charitable gifts of many donors into permanent, income-earning endowments.
Income from the endowments supports a wide range of charitable programs and activities. The foundation currently has $6-million in endowed funds and since its inception just eight years ago has disbursed over $1.2-million in grants to community organizations.
About Canada’s community foundations
Community foundations build and manage permanent endowments, using their knowledge of their communities’ needs to connect donors to the causes and organizations that can help them make a lasting difference. With more than $2.9-billion in assets, the community foundation movement is one of Canada’s largest grant makers, providing more than $176-million in grants last year to thousands of charities.