News Archive
2008: A Year of Triumphs and Challenges
The Saskatoon Community Foundation released its 2008 Annual Report today. The report details a year full of triumphs and significant challenges deriving from the economic downturn of the latter part of 2008.
2008 was a very active year for the Saskatoon Community Foundation. The contributions of many new donors made it the most second successful year ever in terms of building the endowment, with over $2 Million in endowed funds added to the Foundation’s assets. Apart from unprecedented individual contributions by donors, the 2nd Annual Mayor’s Cultural Gala raised $325,000 for the needs of the community.
2008 was the Saskatoon Community Foundation’s second biggest granting year ever, with over $700,000 in grants going to 140 charities for programs in our seven areas of focus: Family and Community, Education, Human Development, Arts and Culture, Environment and Research, Strategy and Capacity-Building. These organizations are key partners in helping the Foundation to achieve its mission of making Saskatoon the best community in which to live.
However, 2008 was also a year of great challenges for the Foundation, due to the worldwide economic downturn. After considerable debate and deliberation, the Board of Directors of the Saskatoon Community Foundation decided in its most recent meeting that it will not currently be inviting any applications for funding. Community foundations from all across Canada, and in fact around the world, face similar challenges because they rely on investment income from their endowed funds in order to support their communities.
Conservative investment strategies and sound management have limited the impact on the Saskatoon Community Foundation compared to some investors, but nevertheless, the past year has not provided income from our endowed funds with which to grant to community organizations. Because the Saskatoon Community Foundation is here for Saskatoon forever, its responsibility and philosophy is to protect and nurture donors’ gifts so that they can benefit our community for all time.
The staff and Directors are working diligently with donors, corporate partners and government to improve the situation. If you would like to make a donation to support your community, please contact us at 665-1766.
Click here to read the annual report.
For more information:
Trevor Forrest Executive Director
Saskatoon Community Foundation
(306) 665-1766
