If you're having a hard time deciding what Christmas gift you want to buy for somebody who actually doesn't need anymore stuff, give the Victoria Foundation 75-hour Challenge a thought.
It lets you donate cash or publicly traded securities into the endowment fund of your favorite participating charity – in your own name or the name you choose, making it a gift that lasts forever and, unlike most presents, is never forgotten.
The foundation, which manages $183 million in assets for 73 registered charities, has selected 15 organizations that have existing endowments of less than $75,000, for its 75-hour Challenge to raise money for them, from 9 a.m. Nov. 15 to noon Nov. 18.
Canada's second oldest community foundation and the sixth largest in the nation, the foundation hopes more than $75,000 will be raised during the 75-hour period. It has set aside a matching $75,000 that will be pro-rated based on the total dollar value donated on behalf of each of the charities.
The gifts can be made online through the Victoria Foundation's portal at CanadaHelps or made directly to the foundation by credit car or cheque as long as it is received during the challenge period.
The challenge participants are: Family Caregivers Network, Horticulture Centre of the Pacific, KidSport Greater Victoria, Pacific Centre Family Services Association, Pacific Salmon Foundation, Rocky Point Bird Observatory, Saanich Volunteer Services Society, Salt Spring Island Conservancy, Together Against Poverty Society, Victoria Cool Aid Society, Victoria Dance Works, Victoria Film Festival, Victoria READ Society, Victoria Women's Sexual Assault Centre and the Victoria Women's Transition House.
Victoria Foundation endowment funds provide charities find a source of financial stability by charging a low administration fee of 0.75 per cent annually to cover the operations – far less than what many charitable organizations set aside for administrative costs.
Due to the size of the foundation's holdings, investment management fees are also significantly lower – currently .33 percent – than what an individual or organization would typically pay for these types of services.
Go to www.victoriafoundation.bc.ca for more information on the 75-hour Challenge.