An endowment is a professionally managed investment fund. Generally, new contributions are added to the invested fund and over time, the income generated is distributed in accordance with the fund purposes. Endowment funds generally have dual goals:
1. To maintain their real economic value and;
2. To make distributions that provide ongoing support
The Canmore Public Library Endowment Fund is a permanent account held by the Banff Canmore Community Foundation. The principal balance of the fund is intended to last forever, specifying and directing the earnings from investments to support the Canmore Public Library’s operations. Thanks to the generous contributions of our founding donors, Elliott and Margie Bingham and The Friends of the Canmore Public Library, we have an opportunity to create a sustainable financial resource for the future.
An endowment fund is a long-term strategy to support the Library. The Fund will ensure the library is able to offer its programs and services in difficult economic times and to expanded programs and services when a community need is identified. Donors to the Canmore Public Library Endowment Fund have the satisfaction of knowing their gifts will result in lasting benefit for the services the Canmore Public Library provides to our community.
a) Contributions to the endowment fund at BCCF are a long-term investment to support the Library, now and for the future.
b) Donations directly to the Library are used by the Library for short and mid-term needs, and in certain circumstances may be directed by the donor to specific programs or services that they wish to impact right now.
By using a Community Foundation, the Library and the donor benefit in the following ways:
- BCCF accepts a wide variety of gifts, and can facilitate more complex forms of giving.
- BCCF multiplies the impact of gift dollars by leveraging and pooling gifts and grants together.
- BCCF builds endowment funds that benefit the community for years and years to come and they are happy to help individuals or groups considering their personal legacies.
- BCCF can partner with professional advisors in service to clients who wish to individualize their approaches to charitable giving.
- BCCF offers maximum tax advantage under federal law for most gifts.
a) Cash donations made directly to the Library are tax deductible, under the charitable organization tax rules.
b) Contributions to BCCF for the endowment fund are also tax deductible, under federal rules.
BCCF invests the contributions to the Endowment Fund, along with pooled funds, to create interest income. Once the Canmore Public Library Endowment Fund reaches a minimum principal balance of $100,000, the BCCF will annually grant a portion of earnings from the fund to the Library, in support of its operations.
BCCF will credit your contribution to the Canmore Public Library Endowment Fund. The actual contribution is added to BCCF’s investment pool.
All contributions made to the Canmore Public Library Endowment Fund become the property of the BCCF. BCCF annually grants the earnings from the fund to the Library.
Gifts may take the form of one-time, monthly or annual cash donations, bequests, naming the library as beneficiary of a life insurance policy, trust, or gifts of real property (annuities, stocks). Donors can also make a donation in memory of a friend or relative. Donors receive a charitable tax receipt for all donations.