Q & A

  3. Is a minimum contribution amount required once the fund has been established?
  4. When is a contribution considered a charitable donation?
  7. Who receives the investment earnings?
  8. Which charities may receive grants from the fund?
  9. What is the minimum amount I can recommend as a grant?
  10. Are there any limitations on the number of grants from the fund?
  11. How often are grants processed?
  12. What types of payments are not eligible for grants from the fund?
  13. How do I recommend a grant?
  14. Will I receive statements?
 
 
1. What is an endowment fund?

An endowment fund is a sum of money held in perpetuity whereby a certain percentage of interest is distributed annually to charitable endeavours.
 
 
2. Is a minimum balance required once the fund has been established?

There is a minimum of $1,000 required to open a fund. Distributions can only be made once the fund total reaches a minimum of $10,000.

3. Is a minimum contribution amount required once the fund has been established?
 
You may make contributions of any amount at any time that is convenient for you.
 
4. When is a contribution considered a charitable donation?
 
A contribution is complete when the asset is out of the donor’s control. For gifts of cash that are sent via mail, this is the postmark date. For gifts of stock, this is the date the shares are transferred from your account.
 
5. What will I need for my tax records?
 
Each time you make a contribution to the Foundation, you receive a tax receipt letter and that’s all you need.
 
6. What are the fees?
 
The Foundation charges an annual fee of 1.00% for donor advised funds with balances up to $1 million, with a declining sliding scale for larger balances. The fee is assessed to the fund quarterly.
 
7. Who receives the investment earnings?
 
All investment earnings are credited to the donor advised fund, giving you more to give away to the community.
 
8. Which charities may receive grants from the fund?
 
You may recommend grants to any qualified tax-exempt organization, in good standing with the Canada Revenue Agency with a mission that is consistent with the broad charitable goals of the Foundation.
 
9. What is the minimum amount I can recommend as a grant?
 
The minimum amount is $100.
 
10. Are there any limitations on the number of grants from the fund?
 
You may recommend as many grants as you wish throughout the year. There are no limitations.
 
11. How often are grants processed?
 
Grant recommendations are due on the 1st and 15th of each month with checks to organizations mailed within five business days of the 1st and 15th.
 
12. What types of payments are not eligible for grants from the fund?
 
The Foundation cannot honor the following recommendations from a donor advised fund:
Legally Binding Pledges: By law, the Foundation cannot honor legally binding pledges that you have made to an organization since this is considered a personal obligation. The Foundation can honor solicitation requests.
 
Tuition: No form of tuition, or the enrollment fees for extracurricular activities, can be paid from the fund.
 
Non-deductible Portion of Membership or Tickets: The Foundation can only distribute the charitable portion of memberships and tickets to events from your fund. We will gladly include your personal check for the non-deductible portion with our check and letter sent to the organization.
 
Grant Intended for the Benefit of One Named Individual: The Foundation cannot honor recommendations for grants that will benefit one named individual. Grants can be designated for funds being raised by a particular individual for an event.
 
13. How do I recommend a grant?
 
You may recommend a grant in one of the following ways:
a) By faxing a grant recommendation form to our office
 
 
c) By phoning the Jewish Foundation at 416.631.5703
 
14. Will I receive statements?
 
You will receive annual fund statements. Statements are based in fund activity and balances recorded at the end of the each fiscal year. The fiscal year runs from July 1 to June 30 the following year. If at any time you require information you are welcome to call the Jewish Foundation.