How a Foundation Works
The purpose of a charitable foundation is to administer funds and property left at various times by publicly spirited citizens for the benefits of people in a designated area. Gifts maybe made to a foundation by living individuals or bequests from estates and wills. In either case, income tax receipts are issued.
Foundations are regulated by Provincial and Federal laws and regulations. The capital invested in reputable financial institutions and remains at work in perpetuity. It is only the income that is used each year for community purposes. A yearly financial review is required and presented to the public.
Generally, foundation funds are donated for use without restriction on the assumption that the Board, at any given time, will know best how to distribute income in tomorrow's world.
When can I donate?
Anytime. Donations can be made by bequest, during your lifetime or as a memorial donation.
Will I receive a charitable receipt?
Yes. Donations to Foundations are income tax receiptable.
Can I make a donation to a specific cause or project?
Yes, if there is a fund set up. A new named fund may be created for $10 000 or more.
Where can I donate?
Donations can be mailed, given to any board member, or made online through the Winnipeg Foundation (who will forward the donation with the information to the North Norfolk-MacGregor Foundation). Access www.endowmanitoba.ca and search North Norfolk-MacGregor Foundation online donation. See The Winnipeg Foundation online credit card gifts for Manitoba Community Foundations page posted on this site.
How are the funds used?
The funds are granted organizations and projects in the catchment area of the Municipality of North Norfolk that meet the criteria. The Foundation does not support ongoing expenses, but will consider unexpected expenses in an ongoing program.
When are funds granted?
Applications may be made at any time
How much is distributed annually?
3.5% of the endowment fund - 2015 undesignated grant money available is approximately $40 000. As the endowment grows, so does the grant money allotment.
How has the area benefited from the Foundation to date?
From 1997 to the end of 2013 the NNMF has given over $361 000 in grants and $35 000 in scholarship/bursaries.