As part of its activities, the Victoria Foundation holds endowment funds for registered charities under its Hosted Organizations program. The program helps charitable organizations build endowment funds that generate a reliable flow of annual operating funds. Here is one of many charities the Foundation assists.
Music teacher and past-president of the Federation of Canadian Music Festivals (FCMF), Marilyn Wiwcharuk wished to ensure the 66-year-old organization had an enduring financial footing.
“She told me she wanted to leave a legacy,” says Leslie Walters, the FCMF’s treasurer. “The organization was near and dear to her heart.”
In August 2015, at the FCMF’s annual general meeting, Wiwcharuk presented her idea to join forces with the Victoria Foundation. By September, it was a done deal. In February, three days after giving her last piano lesson at her Kamloops home, Wiwcharuk died, but her wish for the FCMF had been realized.
The FCMF, an umbrella organization for more than 230 local and provincial music festivals, has established two funds with the Foundation, one permanent and one with access to the capital. The National Music Festival Fund currently holds $100,000 as a “nest egg” with the funds used to help the organization grow, says Walters.
When the FCMF joined the Victoria Foundation, an anonymous Victoria donor offered to establish the permanent fund. Together with a match from the Foundation of $7,500, the fund was launched with a balance of $30,000. The Federation’s main objective is the development and encouragement of Canadian talent in the performance and knowledge of classical music. Now, as the FCMF harmonizes with the Foundation, giving and growing have been streamlined.
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