A fund agreement is an important part of the work within a community foundation. As an agreement between the donor and the community foundation it ensures that: The charitable gift is used to further the mission and charitable objects of the foundation and includes appropriate consideration of donor interests and objectives. There is clarification of…
Together, community foundations are one of the world’s largest philanthropic networks. In Canada, The Winnipeg Foundation set the stage in 1921 for what is now a century of community foundations making the places we live, work, and play more resilient. The collective, collaborative impact of community foundations is growing, as we aspire to deepen relationships,…
The impact of Covid 19 has made many foundations rethink their need for a physical office space. Advances in technology, group meeting apps, co-working spaces, off-site document storage and back-up, and an increase in working from home are changing the way organizations think about setting up and maintaining their central office.
It is the board's responsibility to monitor the financial management of the community foundation through the development and approval of financial policies and an ongoing monitoring process. IT is critical to get professional assistance as soon as possible in setting up your financial management systems.
For many smaller community foundations, the Treasurer often assumes both a governance role, related to their membership on the Board, as well as an operations role, especially if there is no staff to take care of bookkeeping and other financial matters. This document will cover the following topics: - Financial Roles and Responsibilities of the…
Developing a manageable records management system is critical to your community foundation’s success. It's not just about keeping your office tidy, good recordkeeping is a legal requirement once registered with the Canada Revenue Agency (CRA). Traceable records help you stay accountable to the public, your funders and the CRA, and also keep you on your…
Defining the role of the Executive Director/ Chief Executive Officer (ED/CEO) can be challenging, given the wide variety of shapes and sizes of community foundations in Canada.
The disbursement quota (DQ) is the minimum calculated amount that a registered charity is required to spend each year on its own charitable programs or on gifts to qualified donees, such as other registered charities. Foundations use the DQ to determine the minimum amount of funds they are required to grant annually.
Community foundations work with donors to provide various and diverse resources, in response to community needs. Producing an annual report provides foundations with the opportunity to celebrate their success in meeting these needs, while also providing reassurance to the community as to the financial and organizational capacity to accomplish its vision and mission.
The final session in our Treasurer and Finance Fundamentals series provides an overview on the importance of internal financial controls necessary for all community foundations. Employee risk, hiring practices, tracking financial systems and best practices will be featured.