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South Okanagan foundation surpasses $1 million mark
The Community Foundation of the South Okanagan has surpassed a major milestone in its history. As of the 2012 granting cycle, the foundation has now provided $1,046,000 to charities throughout the Regional District of Okanagan Similkameen.
Announced last week at the foundation’s annual volunteer appreciation breakfast, this accomplishment speaks to the vision and leadership of the founding directors and the early donors who saw the potential of building an endowment fund for the region.
With more than 115 people in attendance to celebrate National Volunteer Week, executive director Aaron McRann announced that $192,000 is being granted to local charities in 2012. This is an increase from $169,000 in 2011 and is the largest amount ever granted in a single year by the foundation.
More than 60 local charities receive support from the foundation each year. This support is funded from investment income on the $6 million endowment fund. Donations are held within this endowment fund forever, thereby ensuring that charities continue to receive funding from the foundation in perpetuity.
The Community Foundation of the South Okanagan has served the region for 20 years, working with donors to create legacies in the form of permanent endowment funds. Grants are distributed from income earned, preserving the capital to ensure a perpetual stream of funds.