Individuals and Families
It’s easy to set up your own endowment fund. The Nanaimo Foundation will do all the paperwork, and we look after issuing your grant cheques. You just need to make three decisions:
Choose the timing. Do you want your endowment fund to be established:
- immediately (and you can start giving grants right away)
- in a short time, through our planned giving program, or,
- later, through your estate.
Type of fund
Decide on the type of fund you would like:
- Donor-Advised Fund – you select all charities or projects that will benefit (subject to approval of the board)
- Field of Interest Fund – you dedicate your funds to a general area (like Arts and Culture, or Animal Welfare) and one of our advisory committees decides on the specific charity or project to support
- Vital Nanaimo Fund – pool your money with others to address emerging community needs.
- Add to an Existing Fund – dedicate your funds to organizations like The Port Theatre, the Nanaimo Museum or the Nanaimo Travellers Lodge
You can choose any number of financial instruments to set up your fund. There are many options, including cash, securities, and life insurance.
In North America, it’s estimated that $25 billion to $40 billion dollars will be passed along to succeeding generations, or inherited, over the next 40 years.
When asked what he intended to leave his children, Warren Buffett (the renowned American investor, businessman and philanthropist) reportedly once said:
“Family foundations are often started by parents as a way to involve their children and grandchildren in philanthropy, and as a way to ensure the children, and other family members, carry through an ethical approach to asset management and embrace philanthropic values.”
Families may choose the Nanaimo Foundation as an alternative to setting up a private foundation because of our connections to the community. It’s also easier because we handle all of the administration so that you are free to enjoy the fun part- giving money in support of qualified community initiatives. It’s like having your own family foundation, but without all the expense and book-keeping.