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.
The donor is assured that his/her philanthropic goals will be achieved now and in the future!