Fundholder Margaret (Marg) Devitt’s route to the Burlington Community Foundation was a journey.
Several years ago, her financial advisors suggested she meet with estate planners, who then directed her to BCF to consolidate her charitable giving though a donor advised fund.
“My list of charities was far-reaching in that it included local as well as international causes, and the Burlington Community Foundation helped me to streamline my giving,” shared Marg.
After starting a (short) Term Fund with the Foundation, which allowed her to receive a single tax receipt for all of her donations and greatly ease her bookkeeping, Marg decided to create a permanently endowed fund with BCF.
Term funds allow donors to provide grants during a 10-year period from funds that are not part of BCF’s endowed investment pool. Endowed funds provide a sustainable, annual return that can be used to support charitable causes in perpetuity.
Initially, Marg was reluctant to consider an endowed fund because she did not want to leave her family with the responsibility of managing it when she was gone. However, after learning more about how endowed funds work, she decided it was the right choice.
Now, Marg utilizes both funds to meet her annual and long-term giving goals.
“Knowing that I can continue to make an impact on causes that mean so much to me long after I leave this world, is a genuine comfort,” she said. “The fact that there is no burden to my family is an added bonus.”
Each year, Marg thoughtfully selects charities to support, intentionally seeking where her grants will have the most impact. As a former teacher, childhood education and welfare are important to her, as are nature and animal life.
She also supports health and wellness, including local hospitals, research centres, and camps for children with cancer.
“Even though I live out of the area, in Waterloo Region, I can still support the vision of the Burlington Community Foundation while it supports the causes near and dear to me in my own region and internationally, through my funds,” said Marg.
“It is a win-win collaboration.”
