Frequently Asked Questions

FREQUENTLY ASKED QUESTIONS

1. What is a community foundation?

A simple definition of a community foundation is "a pooling of resources in the community for the community". Technically speaking, it is an incorporated not-for-profit organization which is registered with the Canada Customs and Revenue Agency as a tax exempt public foundation, and is alloted a charitable registration number. That means that the Foundation is allowed to issue income tax receipts for contributions made. 

2. Are community foundations common in Canada?

Community Foundations are a global phenomenon, with more than 1400 existing around the world. There are more than 160 Community Foundations in Canada. The first was created in 1921.

3.  What is the Parksville-Qualicum Community Foundation?

The PQCF is a non profit and tax exempt organization. It began in 1999 and is governed by a volunteer Board of Directors. Members of the community also serve on a variety of committees.

4. What types of charitable issues does the PQCF support?

The PQCF supports social service agencies, scholarships for further education, health and wellness programs, environmental issues, the arts, and culture groups.

5. What happens to donated money?

All the funds under the stewardship of the PQCF are held in perpetuity. Only the income is distributed to meet the donors charitable objectives.

6. Where does the PQCF hold the money?

The Board has recognised that putting funds into a larger pool would generate greater returns. We use Vancouver Foundation with its diverse mix of investment vehicles. It manages more than $662 million at the present time.  They have been around a long time, have a good investment  track record, and a reputation for stability. We know the Vancouver Foundation is there "for the long haul".

7. How well is the Vancouver Foundation doing in managing the PQCF donations?

The Vancouver Foundation's investment strategy strikes a balance between return and risk. It invests in a Consolidated Trust Fund (a diversified balanced fund of equities,  fixed income, and real estate) and also Socially Responsible Investment Funds (that emphasises emphasises investments with strong environmental and social values). In 2009 (as of September 30th)  the CTF returned 12.2% and the SRI returned 11.3% . In 2008, of course, there were negative returns, i.e.          -14.3% in the CTF and -12.4% in the SRI.