What is an endowment fund?
Endowment funds are a type of investment fund held by nonprofit organizations such as universities, hospitals, churches, museums, and
other charities. The donations inside the fund usually stay invested forever, and only the earned interest is available to finance the
endowment’s activities each year. Establishing an endowment fund at the Westshore Community Foundation is a simple and effective way
for individuals to build a sustainable income stream for their favourite charitable cause or charity. Westshore handles all the administrative
responsibilities and investment management, while the donor focuses fully on their charitable goals.
FUND DESCRIPTIONS
Usually this is a Fund established in a community or covering a specific geographical area for general charitable
purposes managed by a foundation enabling it to respond to a broad range and the everchanging variety of community needs and opportunities. Often these Funds are referred to as unrestricted, undesignated or discretionary funds.
This Fund provides scholarship/bursary awards to deserving students based on equitable and legitimate criteria, such as acceptance in a certain area of study/course, residence in a specified geographical area, graduation/attendance at a certain school and proficiency in a specified academic field etc. Westshore helps you define the award criteria, handles administrative details and makes the award to deserving students in the name of the Fund you establish.
provides the charity with another instrument to encourage supporting donations often of a larger size since the donor knows that a trusted
community foundation is managing the Fund to provide an ongoing income stream so the charity can concentrate on its particular charitable
goals.
These are Funds that name specific charities that will be supported. Westshore manages the annual distribution to
these charities.
This type of Fund specifies an area of interest when the Fund is established without limitation to a specific organization or beneficiary. Westshore makes the decision about which organization(s) to support taking your interests and the governing fund agreement into consideration. Typical examples of different fields of interest are: education, healthcare, youth etc. and can range from very broad to very narrow in scope.
In this type of Fund, the donor or successor make recommendations annually to Westshore about which charities are to be supported with the available fund distribution. The grant purpose must be charitable and in support of a registered Canadian charity or other qualified donee as defined by the Canada Revenue Agency. Westshore reviews the proposed grants to ensure eligibility and handles the distribution in the name of your Fund.
This type of fund (also known as a Spend Down Fund) is not an endowment fund wherein the capital is preserved, but rather both capital and earnings can be granted out to a specific charitable cause or endeavor. It can be of very short, unscheduled duration or at other times paid down over a specified number of years.
EXISTING WESTSHORE FUNDS
COMMUNITY FUNDS:
Usually this is a Fund established in a community or covering a specific geographical area for general charitable purposes managed by a foundation enabling it to respond to a broad range and the everchanging
variety of community needs and opportunities. Often these Funds are referred to as unrestricted, undesignated or discretionary funds.
Our largest fund from which the Westshore Board of Directors provides annual grants to charitable organizations and qualified donees to assist the communities within our geographical mandate in the areas of the environment, heritage & culture, sports & recreation, community services, health and education.
If you are looking for a way to help make your Community a better place without any specific
purpose in mind this superflexible option could very well be your best choice!
SCHOLARSHIP &/or BURSARY FUNDS:
This Fund provides scholarship/bursary awards to deserving students based on equitable and legitimate criteria, such as acceptance in a certain area of study/course, residence in a specified geographical area, graduation/attendance at a certain school and proficiency in a specified academic field etc. Westshore helps you define the award criteria, handles administrative details and makes the award to deserving students in the name of the Fund you establish.
SCHOLARSHIP AND BURSARY FUNDS AT WESTSHORE:
Established in 2005, our largest and most flexible Fund in this category provides scholarships to assist students from within our mandate to pursue various types (university, community college, trade school etc.) of post-secondary education. It provides awards to high school graduates, continuing post-secondary students and mature students.
This fund was established in 2008 from a bequest by the late Carole Ann Clark to assist students within our mandate to pursue post-secondary education. Preference will be given to students pursuing studies in the field of education/teaching.
Established in 2014 from a bequest by the late Alison Olson, this fund seeks to assist students within our mandate to pursue post-secondary education.
Established in 2015 by the Martin Family in memory of their late mother, Lilja Martin. Lilja was a well-known piano teacher in the Interlake Region for many years. She was an inspiration to her students and made an enduring contribution to the musical culture of our community. This Fund provides scholarships annually to worthy piano students participating in the Evergreen Festival of the Arts.
Established by the Sigurdson Family in 2018 in memory of their beloved daughter and sister, the late Dr. Elaine Sigurdson. This Fund supports students who have graduated from the Evergreen School Division to pursue studies in the Undergraduate Medical Education Program and the Master of Physician Assistant Studies Program at the University of Manitoba.
In recognition of the importance of music in their lives, this Fund was established by Tim Del Arnason in 2018 to assist a graduating student from the Gimli High School to pursue their post-secondary education in a field of music and/or in the teaching of music.
Established by Robert’s family in 2022, in loving memory of a community leader and dedicated educator, to provide an annual post-secondary scholarship to a Gimli High School graduate who has demonstrated a commitment to community service.
In remembrance of Sigurlin Roed (nee Danielson), a beloved mother, a dedicated teacher and an ardent supporter of her Icelandic heritage, this Fund was established in 2023 to assist a graduating student of Gimli High School pursuing post-secondary university education who has demonstrated service and leadership both at school and in their community, and who has shown aptitude for and commitment to their chosen career or area of post-secondary study.
Marj and Oli Narfason established this fund in 2023 to assist students in the Westshore catchment area to pursue a post-secondary education in the trades and technologies. The Narfasons feel that this sector is underserved with regard to scholarship assistance so they created this Fund to remedy that imbalance. Qualifying trade and technology courses are very broadly defined to include a wide variety of career paths.
Did you get scholarship/bursary assistance with your education? Time to give back?
Check out the available Funds to donate to or seek our advice on establishing your own scholarship Fund.
AGENCY FUNDS:
Registered charities can establish this kind of Fund to provide a permanent source of funding for their organization.
It provides the charity with another instrument to encourage supporting donations often of a larger size since the
donor knows that a trusted community foundation is managing the Fund to provide an ongoing income stream so
the charity can concentrate on its particular charitable goals.
AGENCY FUNDS AT WESTSHORE:
This is an Agency Fund established in 2018 by the New Iceland Heritage Museum under the Manitoba Heritage Trust Program. In 2021, the Museum’s agency fund established in 2008 was transferred into this Fund. The annual income from this Fund is used at the sole discretion of the museum in pursuit of its particular goals and in a manner consistent with its mandate.
An Agency Fund established in 2019 by the Evergreen Basic Needs Committee Inc. This fund seeks to generate and distribute earnings to that organization to be used at its discretion to meet its particular charitable mandate. Evergreen Basic Needs works to eliminate hunger and food insecurity through food distribution at its Food Bank and through education and support programs in partnership and co-operation with the community.
An Agency Fund established in 2020 to support the Gimli Film Festival’s mandate to educate, engage, inspire and empower through the medium of film.
If you didn’t see your favorite charity above maybe you should prompt them
to talk to us about the advantages of an Agency Fund.
DESIGNATED FUNDS:
These are Funds that name specific charities that will be supported. Westshore manages the annual distribution to
these charities.
DESIGNATED FUNDS AT WESTSHORE:
A fund established in 2010 by the Westshore Board of Directors to assist with covering administrative
expenses incurred by the Board in pursuing the goals and objectives of the Westshore Community
Foundation.
This designated fund was established in 2020 by the Government of Manitoba to provide a long term sustainable revenue stream for the purpose of operating the Museum. Specifically, to support development activities in the following areas of governance & management, museum standards, and visitor experience.
Do you have a specific charity you want to support? This would be the right category to accomplish that.
FIELD OF INTEREST FUNDS:
This type of Fund specifies an area of interest when the Fund is established without limitation to a specific organization or beneficiary. Westshore makes the decision about which organization(s) to support taking your
interests and the governing fund agreement into consideration. Typical examples of different fields of interest are:
education, healthcare, youth etc. and can range from very broad to very narrow in scope.
FIELD OF INTEREST FUNDS AT WESTSHORE:
Established in 2012 by Alison Olson in memory of her late husband, Ted Olson. This fund supports charitable causes which promote worthy endeavours in the fields of education, the care and benefit of animals, the care of &/or activities of Senior citizens and the up keep &/or enhancement of the Gimli Cemetery.
An initiative of Marj & Oli Narfason to support musical and visual arts education by assisting musical and visual arts programs and their supporting organizations maintained by schools within the Westshore catchment area. They hope the community will use this Fund to rally in support of educating our young people in these essential arts to strengthen their personal development and to build a healthy and vibrant community.
This Fund was created in 2022 by the Board of Directors of the Westshore Community Foundation. The purpose of this Fund will be to conserve our natural environment, to support climate change initiatives, to assist projects related to the improvement of water, air and food supply, including related education and citizen engagement, and to build the capacity of the local environmental sector. It is intended that this Fund will focus efforts to meet these objectives primarily, but not exclusively on improving the health and sustainability of Lake Winnipeg.
Did you see a Fund that fits your charitable interest? If not, maybe you should speak to us
about establishing your own Fund to target your interests exactly.
DONOR ADVISED FUNDS
In this type of Fund, the donor or successor make recommendations annually to Westshore about which charities
are to be supported with the available fund distribution. The grant purpose must be charitable and in support of a
registered Canadian charity or other qualified donee as defined by the Canada Revenue Agency. Westshore reviews
the proposed grants to ensure eligibility and handles the distribution in the name of your Fund.
DONOR ADVISED FUNDS AT WESTSHORE:
FLOW THROUGH FUNDS
This type of fund (also known as a Spend Down Fund) is not an endowment fund wherein the capital is preserved,
but rather both capital and earnings can be granted out to a specific charitable cause or endeavor. It can be of
very short, unscheduled duration or at other times paid down over a specified number of years.
FLOW THROUGH FUNDS AT WESTSHORE:
Created and funded by Marj and Oli Narfason in 2023, this Fund seeks to actively encourage the growth of endowment funds at Westshore. It provides matching funds under special campaigns identified by the Westshore Board of Directors to promote endowment growth.
If you want ongoing involvement with your endowment and participation in where the
annual distributions go, this type of Fund could be the best solution!
Perhaps one of the above endowment funds suits your charitable goals for a donation or perhaps you would
Revised: Oct 3, 2023