Officially named the ‘SOS Children’s Village BC Society Fund’, our Endowment Fund has been established under the direction of the First West Foundation. The First West Foundation has been very generous in the provision of fund management services at a minimal cost, and is allowing maximum flexibility for the fund while ensuring prudent fiscal management.
Annual distributions from the fund will support the activities of SOS Children’s Village BC and the creation of a stabilization reserve will also ensure that it provides a permanent and stable source of funds.
It is SOS BC policy to put estate gifts over $50,000 into the Endowment Fund, unless directed otherwise.
As an example of the power of this fund, for the next five years it will generate at least 3.5% annually. This means that next year the current $120,000 balance will generate $4,200, which is approximately the cost of maintenance of our five transition suites for youth aging out of care. This ensures that the suites will be available for the next 30-40 years.
The Endowment Fund is different from the Sally O’Sullivan Legacy Fund as donations to the Sally O’Sullivan Fund are made mainly by staff and clients of First West Credit Union and Envision Financial, and the cash it generates for SOS BC is directed to our Learning Club program.
The purpose of the fund as outlined in the fund’s establishing agreement: “Donations contributed to this Fund shall be held and invested by the First West Foundation to generate annual funding for SOS Children’s Village British Columbia (Canada) Society.”