The Community Foundation of PEI is thrilled to announce the establishment of the Scott & Laura-Lee Lewis endowment which will provide granting in perpetuity to several causes they are passionate about.
The endowment fund shall become active upon the realization of the proceeds of a $250,000 life insurance policy that has been established by Scott & Laura-Lee in the Foundation’s name.
“We are very pleased to be able to leave a lasting legacy in this way. The Community Foundation of PEI offered us great flexibility to be able to have a significant impact in perpetuity outward for our community and province”, said Scott and Laura- Lee. ” We have adopted the virtues of other community-minded people within our province and truly believe in living life and somewhat in death, all we can expect to take, is that which we have given”.
John Robinson, President of the Foundation added “this is such a great way for Scott and Laura-Lee to make a substantial gift to ensure giving to worthy causes in perpetuity”. He further added that “the life insurance premiums will be paid by the Foundation on an annual basis and the Lewis’ will provide an annual donation of the same amount to cover the premium, which allows them to receive a charitable tax receipt for their contribution”.
Scott and Laura-Lee have named 5 organizations that will benefit from their gift. These organizations include: Camp Gencheff Inc., Stars for Life Foundation of P.E.I., Children’s Wish Foundation of Canada, PEI Chapter, Island Pregnancy Care & Support Services Inc., and the Prince Edward Island Humane Society.
Upon the realization of the life insurance policy, the $250,000 will be invested by the Foundation, and a portion of earnings will be granted each and every year to each of these organizations in perpetuity.
There are several ways to give a gift of life insurance, such as transfer of an existing policy, or purchase of a new policy and there are also several benefits of this type of gift. First and foremost, there is an opportunity to leverage the value of the gift to make a much larger gift overall. However, there are several other benefits such as is immediate tax relief against present or final tax returns, avoidance of probate taxes, and the fact that the gift cannot be challenged by the Estate.
An endowment fund is a permanent, self-sustaining source of funding. Endowment assets are invested and professionally managed, and each year a portion of the fund’s earned income is distributed in support of the Fund’s cause or purpose. In this way, an endowment fund can grow and provide support for its designated purpose in perpetuity. When someone establishes an endowment fund, they create a permanent legacy for future generations.
Now in its 26th year, CFPEI currently manages over 80 funds with a combined value of over $11 million dollars and distributes funds to all corners of the community in arts and culture, education, health, social services and the environment. CFPEI works with its donors to realize their philanthropic goals, matching their interests with the needs of the community. Connecting caring people with worthy causes!
For more information:
Kent Hudson | Executive Director
[email protected] | 902-394-3790