Alternative to Incorporating a Private Foundation

Establishing a fund at the Ontario Arts Foundation is an attractive and economic alternative to incorporating a private foundation.  Donors can achieve their special philanthropic goals, and save the time and expense involved in:

• Incorporating a private foundation

• Securing registered charity status

• Electing a board of directors

• Establishing an investment policy

• Selecting and engaging an investment manager

• Developing and implementing a plan for the work of the private foundation

• Conducting the day to day management of the foundation

• Keeping detailed records

• Engaging auditors to perform annual audits

• Managing the disbursement quota

• Preparing the Annual Canada Revenue Agency filing (T3010 – A)

• Making arrangements for succession planning to ensure that philanthropic goals are achieved in the next generation.

The process is straightforward and uncomplicated.  A donor makes a gift to the Ontario Arts Foundation, receives an official receipt for income tax purposes, and enters into an agreement with the Foundation that sets out the terms under which the Foundation will hold the fund and describes the charitable purpose for which the fund is established.  The donor is assured that his/her philanthropic goals will be achieved now and in the future.