Update from Vancouver Foundation
Vancouver Foundation has been supporting communities and registered charities across B.C. since 1943. We are Canada's largest community foundation, and we have earned the respect of donors and grantees alike because of our solid track record and our focus on the long-term: in our mission, in the work we fund, and in the investment decisions that support endowment building.
Today, we all find ourselves in extraordinary times. The wild swings in the stock market, unprecedented government bail-outs, nationalization of some of the world's largest banks, the collapse of markets around the world - all this has shaken up everything that once was solid. Even the most cautious investors have been caught in this perfect financial storm.
Vancouver Foundation has not been left untouched. These forces are affecting our ability, at least in the short term, to do all the good work we would normally undertake for our community and with our partners.
We are committed to keeping you as informed as possible in an environment that remains extremely fluid and volatile. To that end, we want to share with you the results of a recent decision by our Board.
On October 20, the Board decided that, in spite of the dramatic drop in the investment market, Vancouver Foundation would honour the commitment made to agency fund holders in January of this year and continue to distribute at a rate of 5% for the remainder of 2008.
For our donor fundholders, distributions for the rest of 2008 will be handled and communicated individually.
We are also hopeful we can fund the second cycle of grant applications currently being reviewed by the various advisory committees. However, given the tremendous volatility in the markets, the Board will need to monitor our investment situation and will decide in December if there are enough funds available to pay out these grant requests.
Lastly, we had expected that by this time, we could let all our fundholders and grantees know about the 2009 distribution rate. Unfortunately, we cannot provide a decision on the 2009 distribution rate until December. There are two reasons for this delay: 1) the continued extreme fluctuations in the stock market; and 2) our need to explore options for how the Foundation might make a distribution if the markets do not recover in the short term.
We do know this: we want to continue to support our communities and our partners in these tough times.
The Board will make a final decision about the best option for a 2009 distribution rate at its meeting in early December, and we will communicate the substance of that decision as soon as possible at that time.
The present turmoil in the markets will resolve eventually. Our economy and our communities will weather this storm. Of this we are confident. We survived the tech crash earlier this decade, and we will get through this as well.
In the meantime, we want to remind all our fundholders that Vancouver Foundation is here for the long-term. And that we will take the lead during these times of belt tightening, and reduce our own costs for 2009. We are now reviewing everything we do.
We will also continue to take a leadership role in promoting philanthropy, especially during what are challenging economic times for our communities and stakeholders. It's in times like these that understanding the impact of philanthropy becomes even more essential. We don't want the public to lose sight of the hundreds of organizations that work hard to make a difference in our communities. Now, more than ever, we need to remind people why non-profits still need their support.
At Vancouver Foundation, we are striving for the common good, in uncommon times. And we remain committed to working with you, to do the best we can together, for our communities.
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