The Yorkton & District Community Foundation was officially unveiled Wednesday evening at the Yorkton Chamber of Commerce Business Dinner.
The Foundation is a registered public foundation connecting donors to organizations and causes that benefit the community, explained its chair Sharon Tropin.
In general, Community Foundations gather donations which are pooled and invested, with the interest earned distributed as grants to local registered charities to address community needs.
Tropin said there has been talk of a local foundation dating back almost a decade, and now it is in place.
Tropin said the foundation is not looking to replace the many fine charities already in place.
鈥淲hat we offer is an option,鈥� she said.
Community foundations offer a way to leave a legacy which will benefit the community long into the future.
鈥淭here are many community needs as you all know,鈥� said Tropin.
As such the donations that are accepted range from monthly, to bequeathments, to one-time donations which can include cash, bonds, real estate, etc., making the process flexible to meet a person鈥檚 specific requirements.
鈥淐haritable gifts of any size are welcome,鈥� she said, adding later 鈥�... You can give once and it lasts forever.鈥�
Tropin explained the local organization has a partnership agreement with Saskatoon Community Foundation which secures expertise to maximize investment returns and to administer the fund.
The Saskatoon group has existed for more than 50 years and currently manages endowment funds in excess of $41.9 million, and in 2018 distributed $3.46 million in grants.
Closer to home the Family and Friends Community Foundation serves Langenburg, Churchbridge and Spy Hill, and manages some $1.5 million, and in 2019 made grants of $49,581, said Tropin.
Looking forward Tropin said the new Foundation has some aggressive goals in terms of fundraising. They have a goal of $100,000 by the end of March in 2020, with $500,000 by the end of next year, and $6 million in 10-years. The $6 million would allow for annual grants of about $220,000.
As it is, Tropin said the Foundation plans to be in a position to present its first grants by March 2021.
There are more than 190 community foundations with membership in Community Foundations of Canada.
