Page 7 - ECF-LIA-Nov-DEC-2023-F2

ecfoundation.org 7
s autumn winds down and the winter
months approach, I’m proud to reflect
on the work that Edmonton Community
Foundation (ECF) is doing with our
wonderful community partners.
This includes our 10th annual Vital Signs Report,
which will be released on November 9th. This year, we
revisited our very first Vital Signs topic, food security,
which is also the theme of this issue of Legacy in Action.
I would like to thank the Edmonton Social Planning
Council and our dedicated committee volunteers who
have brought their expertise to this project.
This is also our 24th year partnering with Edmonton
performing arts organizations to access matching
dollars from the Federal Government for their
endowments through the Canada Cultural Investment
Fund (CCIF). The CCIF helps performing arts
organizations build sustainability and autonomy
by encouraging them to create and grow their own
endowment funds. The Government then matches
contributions up to 100 per cent.
Through the CCIF, 21 arts organizations have
contributed $36 million to their endowments including
$15 million in matching dollars. Because of ECF’s solid
investment results, those funds are worth over
$47 million today. Most importantly, granting from
these funds over the past 23 years has amounted to
$14.5 million!
This year’s cohort of eligible partner organizations
includes Shumka, Citadel Theatre, Edmonton Folk
Music Festival, Fringe Theatre Adventures, Theatre
Network, Northern Light Theatre, Metro Cinema
and Edmonton Opera, to name a few.
You can donate to any of the applicable
endowment funds held at ECF and it will be
included in our application for matching dollars
through the CCIF. The deadline to donate is
November 20th and you can find more details at
DoubleTheSupport.ca.
While the CCIF is a fantastic example of how
government programs can help the charitable
sector, there have been recent policy decisions that
are challenging for charities. I joined a contingent
of leaders from across Canada to participate in
Non-Profit Hill Day where we met with Members
of Parliament to discuss opportunities and
challenges facing the charitable sector.
This includes the proposed changes to the
Alternative Minimum Tax to reduce the amount
donors can claim after donating securities like
stocks, shares or bonds. These types of gifts
accounted for 25 per cent of ECF’s donations
in 2023. This proposed change could erode the
financial incentive for individuals to give and will
impact ECF’s ability to support the vital work being
done in the charitable sector.
Even more challenging is the potential
requirement for Foundations to file trust
returns for each of our funds. This would mean
an additional 2,800 returns annually for ECF
and Calgary Foundation alone, resulting in an
estimated $1 million in accounting fees.
ECF shows fiscal prudence and has a record of
keeping our operating costs, including investment
management expenses, between 1 and 1.5 per cent.
Our donors trust that their gifts are being used to
support the charities and causes that are important
to them — not on unnecessary accounting fees. I
was encouraged by the conversations we had with
elected officials and senior staff and will be following
the issue closely to keep our community informed.
MESSAGE
FROM
THE CEO
TINA THOMAS
CEO, Edmonton Community Foundation
PHOTOGRAPHY BY AARON PEDERSEN
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