Planning a Gift 2017-06-13T21:47:33+00:00

Planning a Gift

Through the Foundation, you can make an enduring difference in our community. We are here to help you realize your philanthropic goals, no matter what areas you wish to support. Our grants tackle poverty and health issues, affordable housing, seniors’ programs, children and youth, environment, the arts and much more. Who would you like to help?

Creating a Fund

How do you want to give? We can work with you to build a fund that suits your needs and means.

Our Milestone Funds are invaluable to the work of the Foundation. Milestone donors, whose donations help build our Community Endowment Fund, prefer not to put any restrictions on the way in which the Foundation’s gifts work in the community each year, leaving those decisions up to the Foundation to assess current needs and projects. Create a Milestone Fund with your donation (or accumulated donations) or bequest of $5,000 or more. The fund may be in your name or the name of someone you wish to honour.
Field of Interest Funds enable donors to specify a particular field of interest to which the income of their fund will be directed, for example, social services, children and youth, arts and culture, or the environment. A Field of Interest Fund can be established by your donation (or accumulated donations) or bequest of $15,000 or more and can be in the name of your choice.
Advised Funds are useful options for those who wish to specify a particular island charity (or charities) as the recipient(s) of the annual distributions made possible by their funds. It’s possible to create an Advised Fund with your donation (or accumulated donations) or bequest of $25,000 or more. As with the fund types above, your Advised Fund can be in the name of your choice.
Partnership Funds allow donors to work with the Foundation to decide how best to enrich the quality of life on Salt Spring. Partnership funds may be established with your donation (or accumulated donations) or bequest of $50,000 or more. Donors can meet with a Foundation representative each year to provide direction about the distributions made possible by their funds.

Other Ways to Give

While a gift of cash or a cheque is always appropriate and appreciated, you may wish to consider other, more specialized, and often tax-smart ways to donate.

If you are planning a substantial charitable gift, your accountant, investment advisor or lawyer will discuss options designed to satisfy your objectives, family needs and financial circumstances. A Foundation representative would be pleased to meet with you to see that your gift fits your giving goals.

Because of federal legislative changes, gifts of publicly traded securities that have grown in value are an even more tax-effective way to give to charity than ever before. When you transfer securities to the Foundation (and because of the process involved, we suggest a minimum value of $1,000), you will be issued a charitable tax receipt for the full market value of your gift, and you will not be required to pay any capital gains tax on the transferred securities.

The securities transfer agreement form may be found here.

When you give a gift of life insurance, you can turn a relatively small gift today into a much larger gift in the future.

There are three options:
• You may be able to pay a modest amount each month for an insurance policy, making the Foundation the owner and beneficiary. This would give you the benefit of a tax receipt, and at the same time create a future gift of great value.
• You may have a paid-up insurance policy to donate, which would provide you with a charitable tax receipt for the cash-surrender value of the policy. This would provide the Foundation with a sizeable gift in the future without reducing your present income or cash flow.
• You may choose to name the Foundation as the beneficiary of a policy, creating a future tax receipt for your estate.

It is possible to simply designate the Salt Spring Island Foundation on the beneficiary selection form of your RRSP or RRIF, or you can make a bequest of your RRSP or RRIF in your will. Your estate will receive a charitable tax credit that will significantly reduce the taxes owed by your estate.
You might wish to discuss wealth-replacement insurance with your financial and insurance advisor, as this kind of gift could have considerable current and estate-tax benefit. With wealth-replacement insurance, the donor gives an amount to the Foundation now and receives a charitable receipt that can help reduce current taxes. Part of the tax savings can then be used to purchase a life insurance policy, the proceeds of which will provide for your family members tax-free when you die.
You might want to set up a trust that would provide you or your loved ones with a lifetime income, but with the trust eventually benefitting the Foundation. (A trust is created when assets are transferred to a trustee to hold for the benefit of another. This is done to control the future distribution of wealth, to protect assets and for tax- and estate-planning.) A charitable remainder trust enables the recipient—usually either a donor or a member of the family—to receive lifetime income from the trust, with the charity becoming the capital beneficiary when the trust recipient dies. You might wish to explore the suitability of trusts with your financial and legal advisors.

Leaving a Legacy

Many people choose to leave a legacy to the community through a bequest to the Foundation in their will. By making a bequest to the Foundation, you can retain the use and enjoyment of your assets during your lifetime and at the same time make a significant contribution to the community in the future. Your bequest will be honoured as an Estate Fund in our annual report, which is sent to all the Foundation’s donors and friends, published in the local newspaper and posted on our website.

A specific amount of money, specific securities, the residue of your estate (which is the amount remaining after any debts, expenses, outright bequests and taxes are paid), or a percentage of the residue of your estate may be donated through a bequest. The proceeds of life insurance or RRSPs and RRIFs may also be donated, although these are generally designated outside of your will to avoid going through probate.

To make a bequest to the Foundation in an existing will, you can simply ask your lawyer to add a codicil (a separate document that becomes part of your will), a relatively easy and inexpensive way to plan your future gift. We can suggest wording for your will. Your lawyer will need to know that the Foundation’s legal name is the Salt Spring Island Foundation and the address is Box 244, Ganges PO, Salt Spring Island, BC V8K 2V9.

For bequests of $10,000 or more, there are designation opportunities that you may wish to explore with the Foundation. Depending upon the value of your bequest, you can direct the annual income from your donation to a specific field of interest or to specific charities.

Honouring a Special Person

We are most appreciative of the many people who choose to make a donation in memory of a loved one. Such donations are added to our endowment fund and work in the community in perpetuity—a truly lasting remembrance.

Others choose to make a donation to honour a family member or friend for a notable achievement, a significant birthday or anniversary—or just because they are special! All donations that memorialize and honour individuals are recognized in our annual report.

“Thank you for being one of our most loyal supporters. Without you, the community would not have safe community pathways around Ganges.”

Jean Gelwicks, Island Pathways Board, and Chair, Partners Creating Pathways

“Salt Spring Island Community Services has benefitted immensely from the SSI Foundation over the years. They clearly recognize the need to assist vulnerable people in our community.”

Rob Grant, Executive Director, Salt Spring Island Community Services

“We continue to appreciate the Foundation’s support for the work of the Salt Spring Island Conservancy, as well as your support for so many other good projects on the island. Thank you so much for the difference you make in our community.”

Photo credit David Borrowman
Christine Torgrimson, Executive Director, Salt Spring Island Conservancy

“The Foundation helps create a truly liveable community by supporting a vast array of projects.”

Cicela Månsson, Executive and Artistic Director, ArtSpring

“If you are considering charitable giving as part of your financial planning, the Salt Spring Foundation will ensure that your money is well looked after and applied locally to worthwhile causes.”

Andrew Ross-Collins, President, Gulf Islands Marine Rescue Society