The Rotary Club of Ladysmith, a strong supporter of local and international initiatives, recently presented a cheque for $5,000 to the Ladysmith Community Fund Society. The Club was represented by President Frank Elsom and the gift was accepted by Charlie Schaal, secretary of the LCFS and Laurie Bienert, executive director of the Nanaimo Foundation.
The Foundation holds the Fund for LCFS and issues charitable tax receipts for donations. The fund is invested with Nanaimo Foundation’s other holdings, thus enjoying a higher rate of return from the combined assets. The Ladysmith Community Fund also received an additional $7,000 in gifts from private donors, bringing its total to $23,000 in its first year.
Under its management agreement with Nanaimo Foundation, LCFS will receive revenues earned by the fund on an annual basis and will return those to the Ladysmith community in the form of grants. Because the principal in the fund remains, the grants will continue every year and increase as the fund grows. Ladysmith charities may also continue to apply for grants offered by the Nanaimo Foundation.
Donors wishing to make a contribution to the fund can do so with a cheque to the Nanaimo Foundation, with “Ladysmith Community Fund” in the subject line. There is also a donation link at www.nanaimofoundation.com. Contributions can also be made through the Nanaimo Foundation’s portal at www.canadahelps.org. For more information about the Ladysmith Community Fund, visit www.ladysmithcommunityfund.ca.