This old nautical saying reflects the importance of staying on course. The Winnipeg Foundation’s 2011 fiscal year ends on September 30th, in the midst of continuing economic storms. These circumstances remind us that, even in the roughest seas when our ship is surrounded by high waves, we must focus on longer-term direction. For a foundation, this means relying on its policies and professional advisors to carry it through
The past few years have been characterized by turmoil in financial markets. This August saw unprecedented volatility as indexes tumbled one day only to spike up the next. In 2008, when the major financial meltdown occurred, it was common among foundations to revamp their spending plans. At The Winnipeg Foundation, we stayed on course, followed our formulas and actually increased our grants in 2009 by more than $1 million. Since then, we have been making modest annual adjustments to account for longer-term trends. Our investment and spending policies are very much focused on the horizon.
We are also living in a time of profound change to the legal framework that shapes our mission. Canada has amended tax laws such that many community foundations are shifting focus to “flow through” granting and “term” endowments. Here again, our core business at The Winnipeg Foundation remains unchanged. We are building permanent endowments to generate annual grants that support Winnipeg’s charitable sector. Of course, the Foundation will accommodate other types of gifts when there is good reason to do so. Shorter-term projects such as our work in Central Park, the recently created “You Can Do It Awards” program and our administration of the Business Council’s Aboriginal scholarships clearly demonstrate this flexibility. But in the end, we are in the legacy business: “For Good, Forever.”
The current climate is also forcing the charities we support to examine new ways of delivering their services. Many are wondering about using business activities as a means of fulfilling their mission. Recognizing this growing interest, The Winnipeg Foundation, in partnership with U of M’s Faculty of Law, is hosting a symposium on September 21st called: Philanthropy, Law and Social Enterprise: New Direction or Distraction? We have arranged for leading thinkers from the USA, UK and across Canada to lead the discussion.
Understanding these profound winds of change is an important part of keeping your eyes on the horizon. While it is impossible to ignore the turbulent waters that currently surround our activities, working in this climate continues to be interesting, challenging and rewarding. Our Board and staff know that our only reason for being is to serve the people of Winnipeg. And to do that effectively, we need to keep our focus steady as she goes.
Tags: charitible giving, community foundation, giving in troubled times
