What happens to the money?
Over the past 13 years, the Saanich Peninsula Community Foundation has provided $250,000 in grants to 40 not-for-profit organizations serving the Saanich Peninsula. These organizations reflect the primary areas the SPCF supports: health and social services, arts and culture, education, conservation and recreation. A list of grant recipients and success stories can be found here.
The SPCF holds an Endowment Fund with the Victoria Foundation (VF). In March 2022, the balance of the Fund was $640,097. A year later, the balance was $676,044. Interest accrued was reinvested in the Fund. Up to a maximum of 4% of the Endowment Fund (as determined by the VF) is granted to the SPCF each year to provide grants to not-for-profit organizations on the Saanich Peninsula.
The income from the Endowment Fund is not the only source of income for the SPCF. The Board of Directors works hard to promote interest in the Saanich Peninsula Comunity Foundation, eliciting donations and corporate sponsorships each year. Money raised at events such as the annual Lobsterfest help support the costs of running the organisation (such as memberships, licenses, website and IT costs).
In 2022-2023, 15 organizations received grants from the SPCF totalling $37,935. Since the Foundation has no paid staff, administrative costs are minimal. Chart 3 shows the full range of expenditures.