“We think of a philanthropist as someone who donates big sums of money, yet the word literally means ‘love of humankind.’ All of us are capable of being philanthropists.”
-Edward Lindsay
TBCA Foundation
| Participate in the future of your Community Auditorium. We believe that a gift should be mutually beneficial. Both you and the foundation should benefit from the decision to contribute to the financial security of the Auditorium. As such, Foundation staff would be happy to work with you and your advisors to develop a gift plan that is right for you. Experiencing the magic of live performance is life enhancing. Since 1985, your community Auditorium has been able to uphold its tradition of high-quality performances, education programs and community partnerships. Your Community Auditorium is an integral part of our quality of life. Our community’s ability to attract professionals and retain our youth depends on amenities that will enrich their lives. |
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The Thunder Bay Community Auditorium Foundation was created to ensure the future of the Community Auditorium in Northwestern Ontario. One of its main objectives is to build and manage the Endowment Fund. A strong endowment is critical to both the current and future financial vitality of the Auditorium.
A planned gift to the Thunder Bay Community Auditorium Foundation is a way to create a lasting legacy of your support and to associate your name or the name of a loved one with the Auditorium permanently. There are a variety of methods used to make these gifts ranging from simple bequests made in wills to setting up charitable gift annuities.
We understand the importance of taking care of your family and that this kind of decision takes careful thought and planning. This guide to planning a significant charitable gift provides a basic overview of the Thunder Bay Community Auditorium Foundation and ways you can create a gift to last.
You know why you’re giving – we will work with you to determine how.
What is a Foundation?
The Thunder Bay Community Auditorium Foundation is a public foundation, formed in 1993 solely for the purpose of funding the activities of the Community Auditorium. The Foundation is managed by an elected Board of Directors who provides governance and direction.
What is an Endowment Fund?
An Endowment Fund is essentially a principal sum of money, permanently set aside and invested by the foundation, with only the interest income used for funding activities by the Community Auditorium. The Thunder Bay Community Auditorium Foundation currently has one general endowment fund that provides grants to the Auditorium from its income, for various purposes.
Is an Endowment necessary?
Yes! The annual income from the Endowment Fund enables us to invest in the people and equipment that help us to ensure we remain a vital and active participant in the quality of life in our community. As the principal of the fund grows, the interest income will be used to replace reduced municipal support and ensure our future.
How can I donate to the Endowment Fund?
Donations to the Endowment Fund can be made as an outright gift or a planned gift. The gift can be made in many ways including cash or gifts-in-kind. Your gift to the Endowment Fund becomes a legacy of your commitment to the performing arts in Thunder Bay.
What is a Personal Endowment Fund?
A Personal or Named Endowment is a fund named for the donor or another person the donor chooses to honour. The income from a personal endowment can be, but is not always, for a specific purpose.
How can I set up a Personal Endowment fund?
Many donors choose to combine “current” or outright gifts as well as “future” or planned gifts to fund their personal endowment. Funding often takes many years and may involve one donor or the whole family and more. At the Community Auditorium Foundation, the minimum required for a personal endowment is $10,000.
Outright Gifts
These are gifts made during your lifetime and can include any of the gift options outlined in the brochure. Cash donations are the most common.
Cash Donations
Significant cash donations to the Foundation’s Endowment Fund during one’s lifetime bring immediate gratification for the donor, while still creating a lasting legacy for the Community Auditorium. A tax receipt is issued immediately for the full amount of the donation. The principal of the donation is retained while only its income is used to fund activities of the Community Auditorium.
Cash Donation by Pledge
A significant contribution may be difficult all at once; so making a pledge to donate may be a solution. The pledge may be fulfilled over any number of years to a maximum of ten years. The minimum amount per year for a pledge can be mutually decided.
Planned Gifts
These are gifts that are planned for and made to the Thunder Bay Community Auditorium Foundation at a later date or upon your death. Planned gifts can be made in many ways including any of the options outlined in this brochure.
Bequests
The most common planned gift, a bequest is a gift made in your will. You can give a specific sum of money or a percentage of your estate. You may also bequest to leave a gift of securities or other property as well. When you make a bequest to charity, your estate is entitled to a tax receipt for the full value of the bequest. This can significantly reduce the tax payable when your final tax income return is filed.
Life Insurance
There are several ways to make a future gift to charity through life insurance, and all provide a significant future gift at a modest present cost to you.
Transferring Ownership
If you make the Thunder Bay Community Auditorium Foundation the owner and beneficiary of a new or existing policy, you are entitled to a receipt for its cash surrender value. Any premiums you pay after you assign ownership of the policy are also eligible for a charitable receipt.
Naming the Beneficiary
If you wish to retain ownership of the policy, you may name the Thunder Bay Community Auditorium Foundation as the beneficiary. In this case, proceeds are paid directly to the foundation upon death and your estate will receive a tax receipt for the value.
Gift of Retirement Plan Accumulations
Retirement funds can be amongst the most heavily taxed assets Canadians own. With recent changes made by the Federal government, retirement funds can make an excellent charitable gift because the charitable tax credit will offset the tax otherwise payable on the distribution.
Naming the Beneficiary
You may now name the Thunder Bay Community Auditorium Foundation as the beneficiary of your RRSP or RRIF and have your estate eligible for a tax credit. Although your estate still pays the taxes owing, the tax receipt offsets any taxes owing as a result of the gift.
Lifetime Gift
You may choose to make a gift using your RRSP or RRIF during your lifetime. If you have enough income from other sources to retire, you may consider withdrawing a portion of your RRSP or RRIF and contributing it to the Thunder Bay Community Auditorium Foundation. You will receive a tax credit for the amount of your gift, which can be used to offset the tax payable on the withdrawal.
Gift of Securities
Donating appreciated publicly listed securities, such as stocks, bonds and mutual fund units, is the least expensive way to make a gift. You’ll receive a charitable tax receipt for your donation – and pay tax on just half of the normal capital gains inclusion rate. Securities are equally tax effective when given today or in the future through a bequest.
Other Gifts
We recognize that there are many gift options available to you. You may feel comfortable with one of the already mentioned options, or a combination of gifts. Or you may wish to explore other interesting gift opportunities. We believe that a gift should be mutually beneficial. Both you and the Foundation should benefit from your decision to contribute to the financial security of the Community Auditorium. As such, Foundation staff would be happy to work with you and your advisors to develop a gift plan that is right for you.
