Fund Information

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.  Learn more …

 

Fund Reference Material

  

We invite you to review information by clicking on the document cover above. A PDF version will download. 

Want to set up a fund?

Step one – identify if a community investment fund (CIF) or a permanent capital fund (PCF) will best serve your purpose. The CIF is sometimes known as “flow through” fund, where you may donate a larger amount to it, then make a series of disbursements through out the year. The PCF is a “legacy” fund where the donated “capital” is preserved, and income from the fund is disbursed (minimum 3.5% annually). 

Step two – complete an application form which details the fund purpose, who can provide instruction, etc. 

Step three – a deed of gift is prepared and signed by the donor(s) and OCUF.

 

Questions?

At any time, we welcome you to contact us so we can answer any questions you may have. We are happy to walk you through the application process should you wish to establish a new fund. Income tax receipts are available for all eligible gifts (donations) to Ontario Credit Union Foundation.