Would you like to become more involved in your philanthropic projects? Would you like to have a long-effect on your community or in a discipline that interests you? Are you looking for ways to get other members of your family involved in a philanthropic cause?
The solution may lie in setting up a private foundation. To learn more about the subject, visit the website site of Philanthropic Foundations Canada.
A foundation generally involves the creation of an endowment, the interest on which goes toward the chosen cause. A private foundation is controlled by a single donor, or the donor and his or her family, who together choose the cause(s) they which to support through the capital placed in the foundation.
By way of example, here is the minimum amount of capital suggested by universities for their various research and charitable activities. Assuming interest revenues of 5%, here are the funds available for annual grants:
- $25,000 open-end fund ($1,250 grant)
- $50,000 scholarship fund ($2 500 grant)
- $100,000 research fund ($5,000 grant)
- $150,000 annual lectureship fund ($7,500 grant)
- $250,000 postdoctoral fund ($12,500 grant)
- $1 million postdoctoral program fund ($50,000 grant)
- $1.5 million professorship fund ($75,000 grant)
- $3 million chair (new) ($150,000 grant)
Why not use these amounts as guides to create your own foundation and give back to the cultural community?