Strathcona County council members have decided that now is the time to look into creating a community foundation to assist with fundraising for local charities and non-profits, alongside supporting other community initiatives.
This type of foundation is something that isn’t new in the Edmonton area, with Edmonton itself having a community foundation, as well as St. Albert having a similar project.
A community foundation’s endowment funds usually come from individual, family and corporate donations, as well as bequests, gifts, securities, investment income and real estate. For a community of the size of Strathcona County, a fund that generates as much as $1 million annually isn’t abnormal, depending on the foundation’s assets.
County councillors voted unanimously for the administration to investigate a potential partnership with the Edmonton Community Foundation (ECF), which works with other community foundations in St. Albert, Westlock and the Regional Municipality of Wood Buffalo.
St. Albert’s community foundation donates hundreds of thousands of dollars every year, with the comparable populations of Lethbridge and Medicine hat donating $1 million and $1.1 million annually, respectively.
The report will return to the council in September for further debate and discussion.
