Foundation resumes grants
Email
Print
Letter to Editor
Share
Local charities will be receiving support from a traditional source once again.
The Community Foundation of the North Okanagan will be distributing money to non-profit organizations as a result of an improved stock market.
“It’s a fairly significant departure from last year,” said Dave Fletcher, executive director.
In 2008, uncertainty in the financial markets forced the foundation not to hand out funds, leaving many charities struggling to find an alternate source of revenue.
However, that situation has changed this year and the foundation expects to give out $310,000.
“We earned more than 10 per cent on our money as invested so there will be a full distribution,” said Fletcher.
The foundation oversees endowment funds established by residents, groups and businesses. That money is then invested and the interest generated annually from these investments is donated to charities.
Fletcher believes distribution is possible this year because his board made no major shifts in policies and rode out the challenging stock market.
“It’s provided us with great results,” said Fletcher, who also gave credit to investment advisor Dave Ellis.
Directed funds for those groups with endowments will be available in mid-December, while other non-profits will be able to apply for discretionary funds in February and March.
According to Fletcher, his board is pleased to support non-profit agencies.
“It was painful not to make contributions to the community,” he said.
“It not only helps the charities but the businesses in the community they support.”
A total of $423,800 was distributed by the foundation in 2007.
v2
