INFORMATION BULLETIN
For Immediate Release 2008AG0048-001786 Nov. 20, 2008	Ministry of Attorney General and Minister responsible for Multiculturalism
ACT ENSURES STABLE FUNDING FOR CHARITIES

VICTORIA – Legislation amending the Vancouver Foundation Act will enable the foundation to continue funding the hundreds of charities it supports and the important work it does, despite the recent economic downturn. The legislative amendments were introduced today by Attorney General Wally Oppal.

 

The Vancouver Foundation Act is a private act and the amendments were requested to allow the creation of a one-time reserve amount representing seven per cent (or approximately $42 million) of the foundation’s capital. The amendment would come into effect upon royal assent, but the reserve will be calculated as of Dec. 31, 2008.

 

This reserve amount will allow the foundation to continue to provide grants to charitable organizations across British Columbia that depend on the foundation’s funding. At the same time, the amendments will enable the foundation to continue to maintain a strong capital base for future growth.

 

Under the current legislation governing Vancouver Foundation, the foundation is only able to distribute grants if it has investment income. It currently cannot access capital for any funding.

 

In the current economic environment, where investment returns have been declining, this would have eliminated the foundation’s ability to fund any charities until the investment markets fully recovered – impacting charities that depend on Vancouver Foundation for core operational funding. 

 

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Media contact:	Dave Townsend Senior Public Affairs Officer Ministry of Attorney General 250 387-4962 250 889-5945 (cell)	Catherine Clement Vice-president, Communications Vancouver Foundation 604 629-5184
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