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LEGACY IN ACTION
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Giving back to the community is a value that Kelly and
Kathy Detheridge learned as children.
Growing up in Ontario and Montreal, respectively, they
lived by the rule of loving thy neighbour. This value was
strengthened when they met in 1980, got married and had
three children of their own.
“Volunteerism and supporting the community through
philanthropy is very important,” Kathy says. “It’s always been
an important aspect of life.”
Initially supporting local charities such as the United Way
and the Centre for Family Literacy Society of Alberta, Kelly’s
success in Alberta’s energy sector prompted the need for a
more impactful giving model.
They spoke with Marshall McAlister, their portfolio
manager at North Road Investment Counsel, and he
suggested opening an endowment at Edmonton Community
Foundation (ECF).
“I love helping our business owners like Kelly and Kathy
figure out how to provide more to charities,” McAlister says.
Not only could this help them achieve their larger charitable
goals, but it would establish a lasting family legacy in the
process. They were intrigued.
“We like the legacy aspect of it,” Kelly says.
Endowments begin granting when they reach $10,000 and
families can take up to 10 years to reach this amount. Gifts to
the fund are invested and every year a portion of the value
of the fund is granted to charities of the donor’s choice. The
rest is reinvested, growing the fund so that it provides support
in perpetuity.
On December 8, 2015, Kelly and Kathy opened the
Detheridge Family Fund at ECF with a gift of $7,000. Since
then, the balance of the fund has grown exponentially and
granted more than $100,000.
“We get together as a family in the fall and discuss where we
would like money to go,” explains Kathy. Over the years, they
have provided 77 grants to charities including the Pigeon Lake
Watershed Association, Youth Emergency Shelter Society of
Edmonton and Centre for Autism Services Alberta.
There are also tax advantages to donating gifts like stocks
from publicly traded companies.
Kelly worked with McAlister to optimize his philanthropy,
using his corporation, Detheridge Investments Ltd., to donate
appreciated publicly traded stocks.
“Successful business owners with appreciated securities
have a unique opportunity to give through their corporate
investment accounts,” McAlister explains. “When an
appreciated security is gifted, we can use the full value of the
securities as a charitable donation and avoid capital gains taxes
and get an increase to the Capital Dividend Account balance
in the corporation. It’s an efficient way to get money to charity,
and cash out of a corporation.”
But at the end of the day, it all comes down to their
family values.
“I’ve always thought that individuals and corporations that
have the means also have a responsibility to give back to the
community that’s helped us to be successful,” Kelly says.
Generosity Generosity Education
The Family Advantage
The right plan allows the Detheridges to
make the most out of their philanthropy
By Andrew Paul
“I've always thought that individuals and
corporations that have the means also have
a responsibility to give back to the community
that's helped us to be successful.”
— Kelly Detheridge
Kathy and Kelly Detheridge
Image Supplied