Entrepreneur's estate gives The Calgary Foundation largest ever gift
May 03, 2013
Foundations often end up being the catalyst for change within communities. Various initiatives are formed by these groups to improve towns and regions, whether they aim to make waves in education, the environment, humanities or the arts , among many other focus areas. However, organizations need funding to make these projects a reality.
In Calgary, Alberta, The Calgary Foundation doesn't have to worry about investments for some time, after the estate of late entrepreneur Daryl Seaman gave a gift of $117 million to the group. Seaman enjoyed the Calgary area and was particularly partial to the Flames hockey team.
The money will be put toward the creation of the Daryl K. Seaman Foundation Fund at The Calgary Foundation, which will then go to the most important causes of the moment, to be determined by the organization's board. Currently, money is being directed to projects for mental health, aboriginal education, poverty and making the area more sustainable.
"By establishing an endowment at The Calgary Foundation in a hundred years, his significant gift of $117 million will have granted an astounding $1.4 billion dollars to charities, ten times the value of the original gift," explained foundation president and CEO Eva Freisen.
The Calgary Foundation was established in 1955 to connect donors and nonprofits in the area and identify and rectify community obstacles.
Nonprofit organizations that hope to benefit from large grant-giving opportunities can improve their chances of being selected for awards when they use nonprofit financial management programs. These solutions can generate data-driven reports for various stakeholders.