The St. Albert Community Foundation has entered into a series of agreements with donors and the Edmonton Community Foundation (ECF) by which the ECF has agreed to administer the following funds including any additional contributions received by the Foundation or the ECF. These funds are pooled with the assets of the ECF and may consist of money market funds, bonds, and debentures, mortgage funds, real estate investment trusts, or domestic and foreign equities. During the year, the Foundation received funds of $744,112 (2018 – $81,829) from various donors that were transferred to the ECF.
Under the terms of the agreements, the endowment funds are characterized as permanent endowments and are recorded in the accounts of the ECF along with any income earned on the funds. Accordingly, the endowment assets and income are not recognized in the financial statements of the St. Albert Community Foundation. A portion of the income from the funds is paid to the Foundation in the form of grants on an annual basis for administration by the Directors of the Foundation in accordance with the objectives set out in the original donation agreements.
These endowment funds may be transferred back to the Foundation with the consent of the original donor.
Restrictions relating to the distributions from the endowment and non-endowment funds are described below:
Community – Donors indicate that distributions are to be made according to the Foundation’s general distribution policies and guidelines, primarily in response to applications received from community agencies.
Field of interest – Donor agreements indicate the area(s) of special interest for support.
Scholarships bursaries and awards – Scholarships, bursaries, and awards are granted to students for a wide range of continuing education opportunities.
Designated – Donors indicate one or more specific charities to support.
Donor-advised – Donors consult with the Foundation and regularly advise regarding the distributions from these funds.
Combined Purpose – Donors indicate that portions of the net proceeds are to be distributed using some different strategies including discretionary, donor-advised, and designated.