What's required for me or my family to establish a long-term fund?
First, let’s talk about what’s not involved. long-term funds are often set up by incorporating a private foundation, which is a complicated, time-consuming endeavour involving the following activities:
- Incorporating a private foundation
- Securing registered charity status
- Electing a board of directors
- Establishing an investment policy
- Selecting and engaging an investment manager
- Developing and implementing a plan for the work of the private foundation
- Conducting the day to day management of the foundation
- Keeping detailed records
- Engaging auditors to perform annual audits
- Managing the disbursement quota
- Preparing the Annual Canada Revenue Agency filing (T3010 – A)
- Making arrangements for succession planning to ensure that philanthropic goals are achieved in the next generation.
By contrast, establishing a fund at the Ontario Arts Foundation (OAF) is an attractive and economic alternative. the process is straightforward and uncomplicated. A donor makes a gift to the OAF and receives an official receipt for income tax purposes. The donor then enters into an agreement with the OAF that sets out the terms under which the OAF will hold the fund and describes the charitable purpose for which the fund is established. the donor is assured that his/her philanthropic goals will be achieved now and in the future.
Christina and Louis Quilico Awards
The Christina and Louis Quilico Awards were established by Christina Petrowska Quilico in 2000 to honour her late husband, renowned baritone Louis Quilico, and to recognize outstanding young singers, pianists and composers for voice.