By Greg Amos
Special to The Pioneer
Creating a lasting legacy to support visual arts, music, performance and much more is now possible in the valley, thanks to the establishment of the new Columbia Valley Arts and Culture Fund.
Rather than donations to the Columbia Valley Arts Council (CV Arts) being spent directly on projects and programs, the new endowment fund, managed by the Columbia Valley Community Foundation (CVCF), allows gifts to the arts to keep giving through the power of investment vehicles including stock markets, mutual funds, and more.
The purpose of this fund is to keep the arts a part of our communitys vitality, said CV Arts chair Lisa Adams in a press release. This fund allows for legacy donations that will ensure that arts and culture are forever supported in our community.
This is a way to foster larger donations; these are managed funds that will last forever, added CV Arts executive director Jami Scheffer. For those who want to donate a large amount of money, this ensures its managed properly.
Weve never had this opportunity before, to be able to set funds aside and let them grow, she added.
The fund, which is live as of April 2016, begins with a balance of $0, and will grow through donations. Through a new agreement with the Columbia Basin Trust (CBT), a quarterly amount can be deposited by the Community Foundation into a no-fee CBT treasury account that guarantees a five per cent annual return, allowing the base amount to grow.
Once the Columbia Valley Arts and Culture Fund reaches several thousand dollars, the Community Foundations investment committee will make the call to have the fund invested through the Vancouver Foundations Consolidated Trust Fund (CTF), a reliable $985 million investment fund managed by some of Canadas top advisors.
But the magic number is $10,000 once the Arts and Culture Fund reaches that plateau, the Community Foundation will begin to grant annually from the return on investment, providing arts funds in perpetuity.
The establishment of the endowment fund coincides with the 40th anniversary of CV Arts, which was formally registered in 1976 under the BC Societies Act.
Columbia Valley Arts is the cultural heart of the valley, commented Baiba and Pat Morrow, long-time arts supporters in the valley. We may have beautiful mountains, but our community would be nothing without arts and culture.
The new fund is also one of the pillars of CV Arts new 6 Ways to Give campaign, which focuses on supporting the arts through enjoyment (attending events), becoming a member of CV Arts, donating directly, sponsoring arts events, pursuing gifting options, or making a donation to the new fun