{"id":37408,"date":"2024-04-15T16:28:58","date_gmt":"2024-04-15T20:28:58","guid":{"rendered":"https:\/\/fgmtl.org\/?page_id=37408"},"modified":"2024-09-11T12:53:09","modified_gmt":"2024-09-11T16:53:09","slug":"frequently-asked-questions-faq","status":"publish","type":"page","link":"https:\/\/fgmtl.org\/copieprod\/en\/contribute\/frequently-asked-questions-faq\/","title":{"rendered":"Frequently Asked Questions (FAQ)"},"content":{"rendered":"

In this \u00ab\u00a0frequently-asked questions\u00a0\u00bb (FAQ) page, you will find the information most looked-for by people who are considering creating a fund at the Foundation of Greater Montr\u00e9al. You have a question about a topic not covered below? Contact us<\/a>, and we will gladly provide an answer.<\/p>\n

Creation of the fund<\/h5>\n
\n
<\/span>How much time does it take to create a fund?<\/div>
Anywhere from a few days to a few weeks, depending on the specificity of your philanthropic vision, the complexity of the asset transfer, etc.<\/div><\/div>\n
<\/span>What means or asset types can I use to create a fund or make a donation?<\/div>
FGM accepts most asset types. You can donate by cheque, bank transfer or securities transfer. We also accept donations of life insurance policies, legacy gifts (bequests), etc. For more information, check out our Policy on the Acceptance of Donations<\/a><\/em>.<\/div><\/div>\n
<\/span>Can I create a fund even if I live outside of the Greater Montreal area?<\/div>
Of course! While FGM primarily intervenes in the Greater Montreal region, there are no restrictions for donors or fund creators.<\/div><\/div>\n
<\/span>What is the minimal amount I need to open a fund?<\/div>
Depending on the type of fund you wish to create, the minimal amount varies from $1000 to $500,000.<\/div><\/div>\n
<\/span>Will I get a tax receipt for opening the fund?<\/div>
Yes, you will obtain a tax receipt for any eligible gift made to your fund, just as any other person making a donation.<\/div><\/div>\n
<\/span>Do I remain owner of my assets after having put them into the fund?<\/div>
No, since you have donated them, you no longer own the assets. However, you can recommend to FGM the organizations that will benefit from them.<\/div><\/div>\n
<\/div>\n
Management of the fund<\/h5>\n
<\/div>\n
<\/span>Can I involve my family and loved ones in the management of my fund?<\/div>
Absolutely, any group of people can come together to create a fund, such as family members. You can also name an advisory committee to help you choose the beneficiaries of your fund.<\/div><\/div>\n
<\/span>Am I obligated to pick organizations located in the Greater Montreal area?<\/div>
You can support any qualified donee that is duly registered under the Income Tax Act<\/em><\/a>.<\/div><\/div>\n
<\/span>What happens when the term of my fund expires?<\/div>
That is for you to decide! You can close the fund, but also extend its term or convert it into an endowment fund, for example.<\/div><\/div>\n
<\/span>What happens to my fund upon my passing?<\/div>
It’s your decision. You can make a recommendation in advance as to what organizations will receive the grants, or create an advisory committee to make those decisions of your behalf. You can also leave it to FGM to pick the beneficiaries, in the continuity of your initial choices.<\/div><\/div>\n
<\/span>What happens if the organization(s) I had chosen as beneficiaries are dissolved or cease operations?<\/div>
FGM can advise and help you identify one or more organizations working in the same field or pursuing a similar mission.<\/div><\/div>\n
<\/span>How will I access financial information about my fund?<\/div>
The Access Funds <\/em>secure platform will allow you to easily follow the evolution of your fund, including capital growth and amounts granted. The information available on Access Funds<\/em> is updated every month.<\/div><\/div>\n<\/div>\n

Are you ready to start the process to create your own philanthropic fund? Contact us<\/a>, it’s our job to guide you!<\/p>\n","protected":false},"excerpt":{"rendered":"

In this \u00ab\u00a0frequently-asked questions\u00a0\u00bb (FAQ) page, you will find the information most looked-for by people who are considering creating a fund at the Foundation of Greater Montr\u00e9al. 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