What's required for me or my family to establish a long-term fund?
First, let’s talk about what’s not involved! Long-term funds are often set up by private foundations, which can be complicated, time-consuming and involves the following activities:
- Incorporating a private foundation
- Securing registered charity status
- Selecting and engaging an investment manager
- Developing and implementing a plan for the work of the private foundation
- Conducting the day to day management of the foundation
- Preparing the Annual Canada Revenue Agency filing (T3010 – A)
- Making arrangements for succession planning to ensure that philanthropic goals are achieved in the next generation
By contrast, establishing a fund at the Ontario Arts Foundation is an attractive and economic alternative. The process is straightforward and uncomplicated.
- A donor makes a gift to the Foundation and receives an official receipt for income tax purposes.
- The donor enters into an agreement with the Foundation that sets out the terms under which the Foundation will hold the fund and describes the charitable purpose for which the fund is established.
The donor is assured that his/her philanthropic goals will be achieved now and in the future!
Leafs Dreams Arts Scholarship Recipient
From 2003 - 2011, the Ontario Arts Foundation partnered with Maple Leaf Sports and Entertainment (MLSE) on the Leafs Dreams Arts Scholarship Program. The Program provided scholarships in the arts to students who have a special ability in the arts, but not the resources to pursue that interest.