For immediate release August 15, 2016
Provincial Foundation to deliver hundreds of thousands of dollars in scholarships and community grants to strengthen Island community
Charlottetown, PEI – A summer granting ceremony is being held at 6 pm on Wednesday, August 17, 2016, at The Rodd Charlottetown Hotel. The Community Foundation of PEI will be distributing scholarships to post-secondary students and grants to CRA-qualified charities. Fund donor and recipients, family and friends and organization representatives will be on hand to present and receive their awards from the $387,700 allocation for the 2016 year. This allocation is determined from earned income on the endowment base of $8M.
“A definite highlight of my work with the Community Foundation is when the Board and I get to witness our donors realizing their philanthropic goals by providing grants to such a wide range of CRA-approved organizations on the Island,” says Steve McQuaid, President of CFPEI. “To have generous Prince Edward Island donors in the same room as appreciative students and representatives of qualified projects receiving grants is heartwarming; it is especially gratifying to see the positive impacts these grants have for both individuals and local communities.”
The Foundation coordinates donations, invests monies received, and then grants the income earned on the Funds to CRA-approved donees and charities. Community Foundation President Steve McQuaid explains, “Endowments allow the Community Foundation to fund worthy causes. The endowment contributions are pooled together and invested to generate the highest returns possible, and only the earned income is released through scholarships and grants and the principal is retained.”
Through its application guidelines, The Community Foundation of PEI processes grants to a wide variety of charitable activities in all counties and scholarships; there are two application rounds each year, one with a May 31st deadline and a second one with a October 31st deadline. The Fall round will include a one-time Community Foundation matching grants fund to mark the 2017 Canada 150 anniversary. The Community Foundation is itself a registered charity that encourages endowment building and facilitates philanthropic partnerships in order to support a wide range of diverse needs in Island communities.
For more information about the Community Foundation of PEI, visit www.cfpei.ca.
Enc.: Event notice
Lisa Murphy, Executive Director
Community Foundation of PEI
119 Queen Street, Charlottetown, PE C1A 4B3