Professional Advisors FAQs

Professional Advisors FAQs

We do not compete with other charities, but strive to support the community as a whole. Income earned from our endowment is granted to local charities to improve the quality of life for our friends and neighbours. Community Foundations connect donors to the issues and organizations that matter most to them. SCF is uniquely positioned to help you and your clients.

We look forward to working with you.

HOW CAN DONATIONS BE MADE?

Donations can be made today or planned for the future. Current gifts can be made in a variety of forms, including:

  • cash, cheque, automatic withdrawal;
  • VISA or MasterCard;
  • transfer of ownership of shares, bonds, mutual funds

Future gifts are often in the form of:

  • bequests, either specific or residual amounts
  • insurance policies, either revocable or irrevocable
  • residual amounts of RRSPs, RIFs, LIRAs, LIFs, annuities, etc.
  • residual interest trusts of property, often of cottages and homes
  • other acceptable property

Gifts can also honour individuals or events, such as memorial, testimonial or celebration gifts. Of course, gifts receive a charitable tax receipt.

DOES IT COST MONEY TO USE SCF TO ASSIST ON THE PHILANTHROPY SIDE OF MY CLIENT’S WISHES?

On endowed funds, the SCF has an administration fee that is applied to the first year’s annual investment returns. On gifts that will flow immediately through to another charity, say in the case of transferred securities, there is a small percentage retained by SCF. For capital funds that sit with SCF for 6 months or longer, we waive the administration fees but retain the investment income.

CAN MY CLIENT USE YOUR BROKERAGE FIRM TO GET A SECURITIES DONATION TO THEIR CHARITY OF CHOICE?

Absolutely! SCF uses a simple transfer form from our broker Raymond James that your office can send over. We also need some SCF paper work signed to ensure we are sending the donation to appropriate charities, but you can handle all those details if you wish, directly with your client. We do not need to meet in person with them. If the funds sit with us for 6 months or more, there is no fee for this service.

CAN MY CLIENT TRANSFER THEIR PRIVATE FOUNDATION TO SCF?

Yes! SCF can absorb the assets of a private foundation and keep many of the aspects the donor may have liked, such as the grant decision making. There are many details to consider and the experts at the Saskatoon Community Foundation are always interested in discussing these opportunities and if they are a fit for your client. We are also available to discuss the setup of a private foundation and help guide you through the process.

HOW DOES IT WORK IF MY CLIENT WANTS ME TO CONTINUE MANAGING THEIR FUNDS?

Once the SCF paper work is complete and the donation is made by the donor/client, the Saskatoon Community Foundation sets up an account with your firm. In perpetuity! SCF has a non-pooled policy that must be met and annually we will request in writing the grant amount and our fee amount to be sent to us. Beyond that, you, the advisor, are still very much in control of that money for both your client and SCF

CAN SCF BE MY CLIENT'S EXECUTOR?

No. The Saskatoon Community Foundation is not licenced to be administer a will. SCF can, however, be the main hub for all charitable giving both in the estate or will. One lump sum amount to the SCF with directions from the donor on file can simplify the process for the executor creating one gift and one gift receipt, while still allowing many charities to benefit.

We’re Here to Help!

Krys Hertzke
Donor Services Coordinator
306-665-1754
Email Krys