We are not government-funded, nor have guaranteed income from any source. To enhance long-term stability, and produce such a predictable yearly stream of income, we have started a SSAC Endowment Fund. The income is based on the interest gained from the value of the fund. These funds will be used to support general operating costs and special projects. After due diligence, the Board has approved establishing an endowment fund as an Agency Fund with the Sunshine Coast Foundation.
The Sunshine Coast Foundation has a 20-year history of administering Agency funds. There are already 24 well-established Agency Funds in place. Currently, established Agency funds include the Coast-wide Food Banks Fund, Iris Loewen Endowment supporting Sechelt Public Library, and Habitat for Humanity Sunshine Coast. The money from all 24 funds is amalgamated for investment purposes. At the end of the fiscal year, the interest gained on the whole amount is calculated and dispersed to the individual agencies in proportion to their fund balance. Currently, the funds are generating a return of around 4.5%. For example, a 1-million-dollar fund would generate an annual payout of around $45,000. To initiate a fund there needed to be a minimum of $5,000 deposited. Showing their belief in the importance of this Endowment, Helen and Richard Ward have donated the $5,000 necessary to establish it. Once the fund reaches $10,000 the yearly payouts of interest earned will be triggered. As of September 1st, there will be a link on our website to the SSAC Endowment fund on the Sunshine Coast Foundation’s own website. The advantage of having the SSAC Endowment Fund on their website is that it may elicit a donation from a non-member if someone interested in supporting seniors’ issues views their site and sees our fund available for their donation.
The fund’s Cost-Recovery Fees compare very favourably with other Foundations such as the ones in Vancouver and Calgary, particularly when the fee is 0.75% for fund amounts greater than $1 million. Most appealing, is that we would be dealing with a local organization that we already have a good relationship with from previous grant funding.
Our target for year one of the endowment fund is to reach $100,000. The fund is an investment for the future. Although we have set a target of $100,000 in the first year, there is no limit. The more we can get into the fund the greater the financial stability we are establishing for the future. It would give tremendous stability to the Centre allowing us to fulfill one of our goals to lower activity fees and in addition, provide even more varied and supportive programming for our members. If you value the Centre in your life and the support and services that we provide to all our members, please consider gifting to the Endowment Fund. Our lofty aspirations can be achieved. The Endowment would be a great destination for legacy gifting through wills and estates. Any gift to the fund can be made online through the SSAC Endowment fund page on the Sunshine Coast Foundation website – click here.
This can also be reached through the button below.
Alternatively, a cheque can be mailed directly to the Sunshine Coast Foundation at P. O. Box 1343, Sechelt, BC V0N 3A0, with directions to deposit it into the SSAC Fund.
