A Catalyst for Your Impact Strategies!

Credit Unions and Co-operatives who invest in their communities often consider the merit of setting up their own Foundation. Once they realize the cost to recruit staff with expertise in charitable law, meet reporting requirements of the CRA, and consider the cost of administration including an annual audit, they often look for other options.

The Ontario Credit Union Foundation is here to help.

Things to consider. Donor funds become the property of the Foundation. It is not a bank account. CRA rules apply for issuance of tax receipts and disbursements can only be to ‘qualified donees’ (for example, other registered charities). The Credit Union maintains full control of directing disbursements subject to CRA requirements. You should seek professional advice to determine if you can benefit from donations to the fund as tax receipts are available.

What OCUF does.

Prepares all legal documents including deed of gift.
Ensures CRA annual disbursement quotas (3.5%) are met.
Provides an annual statement of fund activity.
Disbursements per the credit unions requests (min $100)
Provides tax receipts for eligible donors to the fund.
Administer the fund for a 1% fee.
Hold the funds in interest bearing accounts so there is no market volatility.

What the Credit Union does.

Creates the fund with a minimum of $5,000
Maintains a minimum of $1,000 at any given time
Determines internal policies and procedures to manage the charitable funds
Gains required internal approvals for the program
Confirms the registered charities for disbursements
Assigns a designated ‘donor advisor(s)’ to liaise with OCUF.

The following documents are provided for you to get a full understanding should you wish to proceed with foundation in a box.

· Fee Schedule	· Gift Acceptance Policy
· Application Form	· Sample Deed of Gift
· Terms of Reference

Interested?

We would welcome the opportunity to discuss this practical solution to your needs.

Contact Clayton Shold (clayton@ocuf.org) at 289-813-1962.