Bernie Daly Memorial Fund

OCUF is very pleased Growmark Inc and the Ontario Co-operative Association entrusted us to manage the memorial fund set up to honour the late Bernie Daly.  Please enjoy this video with speaks to the purpose of the fund and the continuing impact it is having on youth.

Established in 2009, in honour of the late Bernie Daly, GROWMARK and the Ontario FS Co-operatives created the Bernie Daly Memorial Fund to support the continued growth of the Co-operative Young Leaders Program (CYL) run by the Ontario Co-operative Association.

Bernie-DalyThe main objective of the fund is to provide a long-term pool of resources that will help support youth who cannot participate in CYL due to financial restraints or lack of sponsorship. Daly’s main concern was to ensure that all youth in the co-operative sector had a chance to attend CYL even if financial restrictions became a barrier for participation.

He believed very strongly in the co-op principles and especially had a soft spot for youth development initiatives. Claude Gauthier, GROWMARK Ontario region manager recalls the Friday afternoon before Bernie passed away; “We had a meeting with the On Co-op team about a number of initiatives. Near the end of that meeting, Bernie raised a question on how the GROWMARK System could help contribute more to the growth of the Co-op Young Leaders Program. This was his last topic for discussion that evening,” says Gauthier.

Daly served the Ontario Co-operative System for more than 30 years. He was a solid support and strong contributor to the health of the Ontario agriculture co-operative sector. He believed fully in co-operative principles and values, promoting them in business as well as in his everyday life with his family and community.

“We hope to continue to grow the fund and invite organizations or individuals in all co-op sectors to share this video, and to participate in the fund,” says Tina Georgiou, CYL director.

Federal Budget – Charities Implications

Miller Thompson Federal Budget Review – April 22, 2015

 Charities and Not-for-Profit Measures

The Budget includes a number of welcome proposals for donors and charities.

Capital Gains Exemption Extended to Gifts of Private Shares and Real Estate

Over the past decade, the Federal Government has expanded the capital gains exemption available when certain types of property, particularly gifts of appreciated listed securities, are donated. This year, the Budget proposes to exempt from capital gains tax charitable gifts of the proceeds of disposition of private company shares and real estate.

Donations of capital property to a registered charity (and certain other entities), are generally eligible for donation tax credits or deductions.  However, unless an exemption applies, a donor is subject to tax on donations of capital property on any capital gains realized as a result of the transfer.  This tax may be sheltered by the tax credits or deductions arising from the gift, but will reduce the overall tax benefit to the donor.

Beginning in 2017, the Budget proposes that the exemption from capital gains tax will be extended to gifts of the proceeds of disposition of private company shares or real estate. This capital gains tax exemption will apply differently than the current exemption for gifts of publicly listed securities, where the capital gains exemption applies to direct gifts of these securities to a qualified donee.  If the donor were to sell the securities and donate the cash proceeds, the capital gains exemption would not apply.  It appears that the opposite will be true for gifts of private company shares and real estate.  The Budget states that the capital gains exemption will be available where:

(i)   cash proceeds from the disposition of the private corporation shares or real estate are donated to a qualified donee within 30 days after the disposition; and

(ii)   the private corporation shares or real estate are sold to a purchaser that is dealing at arm’s length with both the donor and the qualified donee to which the proceeds are donated.

The Budget proposals include new anti-avoidance rules with respect to this exemption, which will reverse the benefit of the exemption.   These anti-avoidance provisions will apply where any of the following occur within five years after the disposition:

(i) the donor (or a person not dealing at arm’s length with the donor) directly or indirectly reacquires any property that had been sold;

(ii) in the case of shares, the donor (or a person not dealing at arm’s length with the donor) acquires shares substituted for the shares that had been sold; or

(iii) in the case of shares, the shares of a corporation that had been sold are redeemed and the donor does not deal at arm’s length with the corporation at the time of the redemption.

Budget Enables Investment in Limited Partnerships by Registered Charities

Currently, registered charities are not permitted to invest in limited partnerships.  This is due to the way the law of partnerships attributes the business activities of the partnership to each limited partner (each partner is deemed to carry on the business of the partnership), and the fact that charities are limited with respect to carrying on a business (or, in the case of a private foundation, completely precluded).

The Budget proposes to amend the Tax Act to provide that a registered charity will not be considered to be carrying on a business solely because it acquires or holds an interest in a limited partnership. Beginning on Budget Day, registered charities will be permitted to invest in limited partnerships as long as the following conditions are met:

(i) the charity – together with all non-arm’s length entities – holds 20% or less of the interests in the limited partnership; and

(ii) the charity deals at arm’s length with each general partner of the limited partnership.

The Budget also confirms that these measures will apply to registered Canadian amateur athletic associations.

Amendments to Gifts to Foreign Charitable Foundations

Under current rules, a foreign charitable organization that has received a gift from the federal Crown in the previous 24 months can apply for status as a “qualified donee.” If the status is granted, a Canadian taxpayer who donates to such entities would be eligible for a tax credit (or deduction).  A foreign charitable organization is eligible to apply for qualified donee status if it is carrying on disaster relief work, urgent humanitarian aid, or other work in the national interest of Canada.  Qualified donee status is granted in the discretion of the Minister of National Revenue in consultation with the Minister of Finance for a 24-month period, and the organization is included on a list of registered foreign charities maintained on the CRA’s website. Under the proposed rules, a foreign charitable foundation will also be able to apply for qualified donee status if it meets the same criteria.

The Budget confirms that this measure will apply upon Royal Assent to the enacting legislation.

[Extract from larger commentary on the budget by Miller Thomson LLP]

HMECU supports St. Joseph’s Healthcare Foundation

It was time again for the Around the Bay Road Race to support St. Joseph’s Healthcare Foundation. HMECU is lacing up the running shoes.

Since 2008, local branches and friends of Healthcare and Municipal Employee Credit Union have banded together to build an enthusiastic team of  runners to participate in the Around the Bay Road Race. This is a true testament to HMECU’s community spirit!

This year Team HMECU successfully raised more than $3262 for St. Joe’s. The funds raised through the 2015 Bay Race pledges – totaled more than $475,500! These funds will help St. Joe’s purchase life-saving equipment, fund healthcare research and facility renewal, and comfort and care for the patients, when they need care the most. In essence, every pledge to St. Joe’s supports the patients at St. Joe’s.

OCUF was pleased to match funds for this event.

Royal Ontario & Royal Botanical June 8th

Calling all golfers and horticulturalists! Mark June 8th on your calendar for our annual fundraiser! Royal Ontario and Royal Botanical…

This event has a reputation for excellence in quality of venues and experience for our guests. We hope you will join us this year.

For the golfers we return to the Royal Ontario Golf Club in Hornby ON (north of Oavkille at 6378 Trafalgar). Ted Baker created one of Kaneff Golf’s most challenging tracks. The layout unfolds over an old equestrian centre that has a dramatic hilly terrain, dotted with Burlington-RoyalBotanicalGardenwetlands in lower lying areas of the Sixteen Mile Creek river basin. Each and every hole features a unique challenge that will test your game. Make sure you are decisive and hit your shots with authority!

For those who have a passion for all things green, join the tour of Royal Botanical Gardens, enjoy lunch, and participate in the floral arranging class in the afternoon before returning to the golf course for happy hour.

You don’t want to miss this event. .

WFCU Credit Union is Outstanding!

WFCU Credit Union was recognized by OCUF with the Outstanding Corporate Achievement Award at the recent Annual General Meeting. This award is only given to one organization each year and the quality of those nominated was again very high.

The Outstanding Corporate Achievement Award is given to a credit union in recognition of their community, charitable and philanthropic contributions considered to be above average or beyond normal expectations.

Director Deanna Basso commented “It is always a difficult decision for the Board in this selection because there has never been a nomination for this award that was not very worthy of recognition. Unfortunately, there is only one winner each year.”

Over the past 5 years their Community Investment Program has invested over $5 million back into the community. In 2012 this Credit Union increased presence in the community with a generous $500,000 donation to the University of Windsor’s state-of-the-art Learning Centre. In 2014, $25,000 was presented to 20 local organizations through their Community Donation Fund. Since its inception, the Donation Fund has provided total funding of over $358,000. In 2014, the ‘200 Ways of Giving’ initiative was developed to enhance the overall Joy of Giving Program and further engage their staff and the community in giving back. The ‘200 Ways of Giving’ is a new community investment initiative launched through the WFCU Credit Union’s yearly ‘Joy of Giving’ program.

Through the ‘200 Ways of Giving’ initiative, this credit union provided staff with $10,000, which staff donated to over 70 organizations across Windsor-Essex County within a one-week period (December 1-7, 2014). Employees were each given $50 and a card explaining the purpose of the initiative. Staff were given the opportunity to decide how to spend the $50 to do something impactful for a community group for the holidays on behalf of their Credit Union. A donation could be made, gift purchased, etc. The choice was theirs to make. Social media was used to share the message to the masses.

This credit union continues to stand by its mission statement of providing services and a full range of highest quality financial products to make our community the best place to live and work.

On hand to accept the award was Board Chair Marty Gillis, who shared some examples of Windsor Family Credit Union’s commitment to the Windsor Essex Community.