Masters Swimming Association of British Columbia (MSABC) is a non-profit society, but it is not a charitable organization. If a person or organization wished to donate or bequeath funds to MSABC, it would not be considered a charitable donation. A registered Foundation is a charitable organization, and could accept such donations in an MSABC account.
MSABC has therefore established a relationship with the Vancouver Foundation. To date, over $10,000 has been contributed to the fund and invested in our swimming future. Income from the fund is either re-invested or released to MSABC annually. The larger our fund grows, the greater the investment income generated each year.
Why did MSABC partner with the Vancouver Foundation?
In fall 2009, an MSABC committee was established to investigate the advantages and disadvantages associated with entering into a relationship with a foundation, and received briefings from both the Victoria and Vancouver Foundations. The committee (Steve Wallace – chair, John McManus, Len Martel, and Keith Kendal) decided that such a relationship was clearly in our best interest, and recommended that MSABC enter into a relationship with the Vancouver Foundation. The committee also recommended that approval to proceed be sought from the membership at the next AGM.
The Vancouver Foundation is a charitable organization and can accept such donations. At the 2010 MSABC AGM, the membership was briefed on the long-term advantages associated with funds invested with the Vancouver Foundation. The membership approved the concept and gave permission for the MSABC Board to invest up to $20,000 with the Vancouver Foundation and form the MSABC Endowment Fund.
MSABC received approval from the Vancouver Foundation to create an Endowment Fund on February 2nd, 2011. MSABC made an initial investment to create the Endowment Fund and the board intends to continue to roll over the annual dividends with the intention of gradually increasing the Endowment Fund’s value over the years.
How much can I donate?
The Vancouver Foundation processes donations for the MSABC Endowment Fund, issues charitable tax receipts for donations of $25 or more, and send letters of thanks.
How can I donate?
Donations to the MSABC Endowment Fund can be made by cheque, online credit card donation, publicly traded securities or a deferred gift.
About the Vancouver Foundation
Vancouver Foundation helps people give back to the communities they care about, in a way that is simple, convenient and lasting. It is the largest of Canada’s 180 community foundations. The focus is on improving communities – the places where we all live, work, play and raise kids.
The Vancouver Foundation works with donors:
- to help donors set aside or save money that will be dedicated to philanthropy; and
- to help donors easily and conveniently give to all types of charities in your community
History of the Vancouver Foundation
Vancouver Foundation started in 1943 with one person, $1,000 and a vision. Alice MacKay had saved $1,000 from her secretarial job and wanted to help homeless women trapped in a cycle of poverty.
At the same time, local industrialist and philanthropist W.J. VanDusen knew the potential of building a permanent endowment that could benefit many charitable activities. As Director of the Vancouver Welfare Federation (now the United Way of the Lower Mainland) and Chair of its Endowment Committee, he had studied models of community foundations for several years. By 1943, he had overseen the establishment and incorporation of Vancouver Foundation. However, at the time, it was nothing more than a legal entity with virtually no capital.
Inspired by MacKay’s generosity, VanDusen added $10,000 to her endowment and encouraged nine friends to match his own gift. The nine other founding families were:
- Gordon Farrell/Family H. R. MacMillan Chris Spencer
- F. Ronald Graham W. H. Malkin A. H. Williamson
- George Kidd C. T. McHattie W. C. Woodward
The Vancouver Foundation was on its way. It was formally established by an Act of the Provincial Legislature – the Vancouver Foundation Act – in 1950.
The original $101,000 investment has since grown into almost $750 million – the largest community foundation in Canada and one of the largest in North America.