The Ladysmith Community Fund received a $5,000 donation from the Ladysmith and District Credit Union (LDCU). The new community fund is a permanent endowment fund to benefit local charities.
“We were thrilled to hear that LDCU would offer us this donation,” said Bruce Whittington, president of the community fund society. “It also seemed especially appropriate that LDCU would be our first corporate founder, with its outstanding record of support in the community.”
The Ladysmith Community Fund Society oversees the charitable fund, which is held and invested by the Nanaimo Foundation under a management agreement. It now has over $6,000 in donations towards the threshold of $10,000, according to Whittington.
Once it reaches the threshold, the society can begin drawing revenue to be returned to the community in the form of grants.
The society welcomes interested people who would like to help build the fund. Donations are welcome and can be sent to the Nanaimo Foundation, with “Ladysmith Community Fund” in the subject line, or by choosing the fund name from the list on the Nanaimo Foundation’s portal on CanadaHelps.org.
“The Credit Union has considered the need for a fund that would operate like a community foundation for Ladysmith and this opportunity was a very good fit,” said John de Leeuw, CEO of the LDCU . “We are happy that we could help the community fund with this donation and would like to encourage other corporate members of our community to think of giving to this worthwhile initiative. A permanent endowment fund will be an amazing long-term addition for the charities of our community.”