The Community Foundation of PEI was incorporated in 1993 and is part of long legacy of Community Foundations in North America. The first Community Foundation began in the U.S. in Cleveland in 1914. The first Canadian Foundation began in Winnipeg in 1921; there are now some 190 plus Community Foundations operating in Canada.
What we do
The Community Foundation of Prince Edward Island (CFPEI) is an incorporated, non-profit organization that provides a ‘user-friendly’ vehicle for donors to create endowment funds to support charitable activities. Income generated from these investments is directed through grants and scholarships to support a wide range of diverse needs in Prince Edward Island communities. Because of the permanent nature of these endowments, income is available for now and generations to come.
The endowment fund allows the donor to leave a memorial legacy to meet their charitable interests in perpetuity, at minimum cost and maximum convenience. Since its incorporation, the Foundation has worked with donors to establish more than sixty-five endowment funds; these funds now have a current asset base of over $8 million dollars.
This asset base has allowed the Foundation to grant over two million dollars to worthy community projects and individual scholarships over the past 20 plus years. In addition to providing a vehicle for donors to create endowments, the Foundation also has a broader community building and leadership role. Some examples of initiatives undertaken by the Foundation in this role include: the Arts and Heritage Stabilization Program; the ‘Building the Capacity of PEI’s Third Sector’ Report; and the Vital Signs Report ‘Taking the Pulse of Island Youth’.
How we are unique
The Foundation is unique in several ways:
- We are donor focused; each endowment fund is customized to respond to the interests and needs of the donor.
- We are flexible; if the donor interests change over time, the parameters governing the endowment fund can be modified to reflect these new needs.
- Our interests and focus are broad; we have the capacity to respond to and support a wide range of donor and community interests.
- We are a registered charity; we can issue tax receipts for endowments and donations, including tax receipts for donations from US citizens.
Note: Internal Revenue Service (IRS) receipts are of benefit in certain circumstances; US citizens considering making donations should consult with a US tax planner.
Who can benefit
The Foundation can be of benefit to:
- Individuals who wish to honour someone’s legacy by setting up an endowment fund; the fund could be to honour the memory of a family member, or recognize someone who has made a important contribution to his/her community.
- Community groups, organizations, and businesses who have a passion about an issue or concern, or a particular area within the Island community.
- Professional groups and service providers such as lawyers, financial planners, advisors, and accountants who offer estate planning, tax planning, and financial investment services. The Foundation may be an appropriate vehicle to help clients achieve their financial investment, tax planning, and estate planning goals.
- Various levels of governments who find themselves acting as trustees or ‘hosts’ for particular trust or endowment funds; or who wish to recognize the work of a citizen who has made a special contribution to particular initiative, or who has made a significant contribution toward enhancing the quality of life within their own, or the Island, community.