During the month of October, we’re writing about Foundations.
According to a recent study published by Imagine Canada and Philanthropic Foundations Canada, there has been a significant increase in the number of foundations over the past two decades. From 1994 to 2014, the number of private foundations increased by 76% and currently stands at just over 5,300 while the number of public foundations has increased by 69% to just over 5,100*.
What is a private foundation?
Foundations registered with the CRA fall into to one of three groups: private foundations, public foundations, and charitable organizations.
With private foundations, half or more of the foundation’s directors do not deal with each other at arms’ length and/or 50% or more of the foundation’s funding comes from a person or group of persons that control the charity in some way. Private foundations can then allocate spending to making gifts to qualified recipients or on carrying out their own charitable programs as they see fit (Canada Revenue Agency, 2013).
One of our more recent clients is The Joyce Foundation, which is a registered private family foundation. Formerly The Ron Joyce Foundation, the Joyce Foundation was created by Canadian entrepreneur Ronald V. Joyce. His philanthropy reflects a deep-rooted sense of responsibility to give back to his community.
The Foundation is dedicated to supporting the social, economic and emotional well-being of children and youth by empowering them to develop into healthy, confident, independent contributors to Canadian society.
The Foundation’s primary focus is to provide access to education for children and youth with significant financial need or facing other socio-economic barriers to success. Secondary areas of interest may include: Health and Wellness, Rural Engagement, Entrepreneurship, Aboriginal Engagement, Safe Living for Women and Children, Leadership and Mentorship.
Ronald V. Joyce is best known as the legendary Canadian entrepreneur who, in 1964, invested in the first Tim Hortons donut shop in Hamilton, Ontario and then grew the business into one of the most successful food service chains in the world. Co-founder of the TDL Group Ltd. which licenses Tim Hortons restaurants in Canada and around the world, Mr. Joyce sold the quintessential Canadian business to Wendy’s International Inc. in 1996. Mr. Joyce remains actively involved in The Joyce Foundation, and inspires many with his tremendous work ethic, business acumen, passion and deep personal commitment to his projects.
Phil’s team recently completed an information package for community partners to promote the new Joyce Award: a Canadian post-secondary education bursary for disadvantaged high school students in critical financial need. It is awarded to students in their final year of high school who have demonstrated academic potential, commitment to their studies, strength of character and perseverance – despite notable adversity in their young lives.
The Joyce Award is the cornerstone of The Joyce Foundation’s commitment to disadvantaged youth, education and betterment of community life and we’re happy we could play a small role in bringing it to communities across the country.
*Source: Giving Trends of Canada’s Grantmaking Foundations, by Imagine Canada and Philanthropic Foundations Canada