What is the difference between an endowment fund and a charitable fund at the Jewish Foundation?
An endowment fund is a sum of money held in perpetuity whereby a certain percentage of interest is distributed annually to charitable endeavours.
An endowment fund is a permanent, self-sustaining source of funding. Endowment assets are invested in the Jewish Foundation’s pooled portfolio. Each year, a portion of the value of the fund is paid out to support the fund’s purpose, and any earnings in excess of this distribution are used to build the fund’s market value. In this way, an endowment fund can grow and provide support for charitable endeavours in perpetuity. When you establish an endowment fund, you create a permanent legacy that supports causes you care about.
A charitable funds’ assets are invested in the Jewish Foundation however, allow you more flexibility by making the funds' investment earnings and capital available to support causes you care about each year.
Is a minimum balance required once the fund has been established?
There is a minimum donation of $10,000 required to establish a fund.
What will I need for my tax records?
For your tax records you only require a tax receipt for each contribution to the Jewish Foundation.
Which charities may receive grants from the fund?
You may recommend grants to any qualified charitable organization, in good standing with the Canada Revenue Agency with a mission that is consistent with the broad charitable goals of the Foundation.
What is the minimum amount I can recommend as a grant?
The minimum amount is $100.
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.
How often are grants processed?
Grant recommendations are reviewed and approved on a monthly basis.
What types of payments are not eligible for grants from the fund?
The Foundation cannot honour the following recommendations from a donor advised fund:
How do I recommend a grant?
You may recommend a grant in one of the following ways:
a) By downloading and completing a grant recommendation form in Acrobat Reader. Download here and open in Acrobat Reader (not in your browser, see below). Press submit to e-mail the results.
b) By e-mailing the Jewish Foundation at firstname.lastname@example.org
c) By phoning the Jewish Foundation at 416.631.5703
Will I receive statements?
You will receive annual fund statements detailing your contributions, grants, earnings and market value of your fund. 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 of the following year. If at any time you require information you are welcome to call the Jewish Foundation.
Can my fund be anonymous?
Yes. The Foundation will always keep the balance of individual funds confidential; however will recognize the name of the fund in various publications. If desired, the name of the fund can be kept confidential as well.