An economic development grant of $5,000 was awarded to the newly-formed Quadra Island Foundation (QIF) by the board of Strathcona Regional District at its meeting last week. The money is to assist with the society’s start up costs. A community foundation is a locally run foundation that builds and manages endowment funds to support charitable activities in its region.
Each community foundation is autonomous and governed by a volunteer board.
This week, the Quadra Island board issued the following statement:
“Quadra Island Foundation (QIF) would like to thank Jim Abram, Director Area C, Strathcona Regional District for the support and funding to help establish the Quadra Island Foundation. Funding support will go towards legal fees for legal guidance and counsel setting up the Foundation, review of bylaws and society registration, review of the Charitable Registration application, and administrative costs such as registering the website and developing a webpage.
Quadra Island is now in the beneficial company of many communities such as Powell River, the Comox Valley, Bowen Island, Salt Spring Island and our closest neighbour, Campbell River by becoming a public community foundation!
Public community foundations exist to receive major donations and bequests from donors, which get invested in a permanent community endowment fund.
Since the spring, a small group of Quadra Islanders has been meeting to establish the Foundation. QIF was incorporated under the B.C. Societies Act on August 18, 2020. Crucially, the application for charitable status with the Canada Revenue Agency was submitted November 27, 2020. The expected application processing time is 12-18 months.
Annually, the proceeds from QIF will be distributed, mostly through local charities, to fund the many good works that vitalize the people, culture, and environment of Quadra Island. Until receiving charitable status, QIF has coordinated with the Campbell River Community Foundation (CRC F) to immediately receive estate bequests and major donations for our wonderful island through CRC F’s Quadra Island Fund. All donations will receive a tax receipt from CRC F.
We are gradually looking to recruit a few more board members with diverse backgrounds and skills. We are committed to keep you informed of our progress through local publications and media in the coming months.
Current board members are: Michael Mascall (Chair), Jody Rodgers (Vice Chair), Mich Hirano (Treasurer), Matthew Kelly (Secretary), Julie Douglas (Director at Large).
Other recent recipients of Regional District economic development grants have been the Quadra Island Festival of Chamber Music ($2,000), Children’s Centre ($5,169), Conservancy Stewardship Society ($1,500), Quadra Circle ($6,000), OAP Branch #91 ($4,000) and Campbell River Museum ($1,000).
Article published in the Bird’s Eye – December 16, 2020 (PDF 1MB)