Endowment funds provide stable, long term funding for the Star of the North Retreat House both at the time the gift is made, and for generations to come. They can be outright gifts, deferred gifts received on the death of the donor, or both. Support for the Star comes from interest/income earned on the fund.
Donations may be added to an existing endowment fund, such as those in support of operations or programming. Alternatively, the donor may establish a named endowment fund. With this type of fund, a minimum amount of $10,000 is needed, as each fund must be maintained separately, and an endowment agreement put in place. The benefactor does not need to donate the entire amount initially, but may make annual donations of $1,000 or more per year up for a period of up to 10 years. The endowment can be set up with the initial contribution and the donor’s verbal assurance of their intention to see it completed.
In keeping with Canada Revenue Agency requirements, endowment funds must be invested for a minimum of 10 years. Often with legacy gifts, however, the donor may direct that the fund be maintained in perpetuity. This would be specified in the agreement, along with the purpose of the fund.
If you want further information or wish to set up an endowment fund, please contact Lucie Leduc, Executive Director, at (780) 459-5511.
Endowment funds can be set up through your Will. If that is the option you choose, please contact Lucie Leduc so you can be confident that:
The Star of the North Retreat House was established by the Oblates of Mary Immaculate in 1953. Your gift of endowed funds will help secure the programs and services offered by the Star will continue for generations to come.