The Times Review asked Revelstoke Community Foundation Chair Steven Hui some questions about the Revelstoke Community Foundation in order to provide a primer for those who don’t know much about the organization. Here is our Q&A:
Revelstoke Times Review: What exactly is the Revelstoke Community Foundation?
Revelstoke Community Foundation Chair Steven Hui: The Community Foundation offers a mechanism where donations may be accumulated in what is called an endowment. This protects your investment and only the proceeds of the investing of the endowment are given as grants, thus your donation stays in perpetuity.
When making a charitable or estate donation, Revelstokians have many worthy options. Why choose the Revelstoke Community Foundation?
The Community Foundation typically benefits its own community and can react to its unique changing needs. Community Foundations have the same tax benefits as other charitable groups.
Can I make specific requests for my donation?
A donor or organization may specify the area or project in which its income may be granted once the endowment reaches $5,000. Recipients must be registered charitable organizations in Canada.
How can donors be sure their donations are being managed and administered well?
There are usually very strict rules as to how monies can be invested by a community foundation. Typically monies are managed by money managers who have experience and success investing for foundations.
How do you decide which organizations you’re going to support through funding?
We have a grantmaking committee with members who represent a good cross section of the community profile, such as arts, sports, health, etc. They have the responsibility to review applications and make grants that reflect the community’s greatest need.
Why are you personally involved with the Revelstoke Community Foundation?
I have been very fortunate to have a business and raise my family in a great city. It was a perfect way way to give back to the community knowing that your work was going to eventually lead to a permanent gift for the community.
~compiled by Aaron Orlando