$24 million Anonymous Gift to the Foundation of Greater Montreal
Montreal, December 4, 2006 - An anonymous donor has made a landmark $24-million gift- one of the largest in the city's history - to the Foundation of Greater Montreal.
"This is a gift from a man who loves Montreal; he wants his contribution to have a real and lasting impact on our city," said Kathleen Weil, President and CEO of the Foundation of Greater Montreal. "When he discovered he could create his own endowment fund through our community foundation, he said he found an ideal way to fulfill his desire to help the community.
"The donor was impressed by the fact that his gift would keep on giving to our community - long after he's gone. Fifty years from now all kinds of organizations will still be benefiting from this donor's vision and generosity. It is a gift, not to one organization, but to our entire city" she added.
The donor moved to Montreal as a young man and quickly fell under the city's spell. Decades later, he is relishing this new stage in his life and an opportunity to learn about his city in an entirely different way.
"He is looking forward to helping charitable organizations in Montreal " said Weil. "He is excited about the possibilities in the community and enthusiastic about making a difference through philanthropy." The donor will work with the foundation to determine his fund's focus, which will include arts and culture, education, social and humanitarian causes.
Weil said the donor considered starting his own foundation but did not want to shoulder the administrative responsibilities or pass those requirements onto his family. "He liked the fact that his gift would be administered by our foundation and he could still guide his fund over time."
Community foundations like the Foundation of Greater Montreal are local foundations created by and for the people of a specific area. The foundation builds and pools permanent endowments funds to provide lasting support for local priorities. The capital of these funds is protected in perpetuity, professionally managed and the investment earnings are used annually to provide grants to the full range of community organizations - social services, education, the environment, health care, youth, and the arts, to name a few.
Community foundation donors can create their own named fund- a convenient and cost-effective way to coordinate and get involved in their giving. All of the record keeping and reporting is looked after by the foundation - including monthly statements and annual tax receipts - and donors can access the foundation's deep knowledge of the community's needs and organizations to achieve greater impact.
This is the largest gift ever received by the Foundation of Greater Montreal, which was established in 1999, and increases its assets to more than $ 70 million.
The gift is also among the largest gifts given to a member foundation of Canada's network of more than 150 community foundations, the oldest of which was founded in Winnipeg in 1921. Together, these foundations are one of the biggest grantmakers in the country, managing more than $2.3 billion in assets and providing $115 million to Canadian charities last year. For more information visit the foundation's website at www.fondationdugrandmontreal.org.
Kathleen Weil, President and CEO
The Foundation of Greater Montreal