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.
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:
An Agency Fund established in 2017 by the Evergreen Foundation of Manitoba. The annual income is used at the sole discretion of the Evergreen Foundation in pursuit of its particular goals and in a manner consistent with its mandate.
Find out more at www.esd.ca
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.
Find out more at www.nihm.ca
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.
Find out more at www.evergreenbasicneeds.com
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.
Find out more at www.gimlifilm.com
An Agency Fund established in 2020 with earnings to be used at their discretion to meet their charitable mandate of promoting & sustaining interest in Icelandic culture and heritage.
Find out more at www.icelandicfestival.com
An agency fund established in 2021 under the Manitoba Heritage Trust Program. The income from this Fund is used at the sole discretion of the Museum in pursuit of its particular goals “To Educate, Enlighten Entertain” and in a manner consistent with its mandate to tell the heroic story of Air Canada Flight 143 on July 23, 1983.
Find out more at www.gimliglider.org
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 Designated Fund established in 2004 and re-written in 2024. The general intent is to support Westshore catchment area people who are in need of assistance to better their lives, with priority given to the needs of women and children and to the betterment of healthcare. To this end, annual distributions are paid alternately to the Women’s Resource Centre and to the Gimli District Health Auxiliary. See Their Story
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:
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:
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 like to discuss establishing your own endowment fund tailored specifically to your goals.
In either case contact the Westshore Foundation for assistance and/or information.