“I believe in helping a worthy person who doesn’t have the means,” Daniel Giannini said, reflecting on the main reason he has established a fund for bursaries to assist medical students. “My wife, Cecely, and I appreciate the value of education, and it gives me a lot of pleasure to help a deserving student.” He decided to start a fund during his lifetime to help students who need financial assistance. He credits the Foundation’s annual report, with its donor profiles, for the fund’s inspiration.
“I knew some of the people who had made donations and I was impressed overall with the organization.” A former miner in Kirkland Lake, Mr. Giannini met his wife in Australia while on a two-year mining contract. When the Second World War broke out, he enlisted with the Royal Canadian Engineers, and served five years in Italy, England and Gibraltar. Later, he joined the life insurance business and 44 years ago came to Burlington with Empire Life.
While cruising to far off places and golf have been favourite activities, Mr. Giannini’s passion is the stock market. The Hamilton community has been very good to him, he explains, and the Fund is his way of recycling the fruits of his success so that others have an opportunity to pursue their dreams. “Of all the things I’ve accomplished in my life, the initiation of this fund at the Foundation is the one I’m most proud of” he said as the arrangements were made.
Excerpt from 1997-1998 Annual Report
Gina Fraser wants to invest in the future by helping young people, who would not otherwise have the opportunity, to pursue a career in the trades. She turned to Hamilton Community Foundation to help her carry out that vision.
Though they had no children of their own, Gina and her late husband Ron had what she calls a “soft spot” for kids, and shared a passion for helping disadvantaged youth to pursue education. They established bursaries to support local students, and fellowships in health sciences. Gina has maintained an interest in many of the young people and their careers over the years. But her interest in skilled trades has a special significance, because of Ron’s long career as a president and CEO in the home construction industry.
“University isn’t for everyone,” says Gina. “Tradespeople built our country and it can be a really interesting and rewarding career. Many young people have a natural instinct for the trades, but they may not be aware of those instincts or know that there is a good living to be made until they experience expert guidance and training.” Gina has known about the Foundation for many years, but her interest was piqued by a story in an HCF publication about a grant to the Threshold School of Building, providing youth with training in home construction and renovation.
“I knew what I wanted to do,” says Gina, “but until I saw that story I just didn’t know how to make it happen.”
Gina established The Ron and Gina Fraser Fund at Hamilton Community Foundation as a tribute to Ron and to carry out her philanthropic goals. Her intent is to establish a bursary for young people wanting to study the trades. Meeting with HCF’s grants team provided her with knowledge of the importance of engaging kids early so they are exposed to the options before finishing high school.
As a result, last summer, the first grant from the fund supported an innovative pilot project at Mohawk College’s Skilled Trades and Apprenticeship Research, Resources and Training Institute. It combined education summer jobs, mentoring and fun. Bringing together partners from the college and the YMCA, it gave 12 youth from a low-income neighbourhood the opportunity to learn about and experience a number of trades.
Gina Fraser couldn’t be happier. “You might think that it would be simple for kids to enter the trades as a career, but they often don’t even know it’s an option. This fund will help to open that door.”
Ron Foxcroft knows the value of sport. It has opened doors for him in business and in life. He wants that chance for all kids.
Owner of Hamilton-based Fluke Transportation Ltd. and Fox40 International Inc., Ron’s legendary community support has been recognized with many awards, among them 1997 Hamilton Citizen of the Year, and an Honorary Doctor of Laws from McMaster University.
Ron is also renowned as a professional basketball referee. That career spanned 35 years and 1600 games in 30 countries – including the 1976 Olympic Gold Medal game – and earned him a place in both the Canadian and the Ontario Basketball Hall of Fame. In 2007, REFEREE magazine named Ron one of the “52 Most Influential Officials in North America.” He also invented the revolutionary Fox 40 Pealess Whistle.
“There wouldn’t be a Fox 40 whistle without the mentors and coaches I had growing up,” Ron says. “It was from them that I learned teamwork and leadership.”
Research supports Ron’s personal experience. Quality recreational activities lead to “a lifetime of better health, increased self esteem, social and leadership skills,” in the words of McMaster University’s Dr. Gina Browne. Opportunities like camp, playgroups, swimming lessons, and team sports help children improve their academic performance, increase their social skills, and develop a sense of belonging. Especially important, high-risk behaviour goes down.
But for some children, access to recreation is limited. Cost can be prohibitive. Transportation is often a barrier. Children of new Canadians can face cultural or social hurdles.
Ron, his wife Marie, and their sons Steve, Dave and Ronnie aim to break down those barriers through The Foxcroft Family Youth Fund. It will also help with the huge number of donation requests Ron’s companies receive.
The Fund is working closely with HCF’s Ontario Endowment for Children & Youth in Recreation Fund, which Ron chaired when it was established with challenge funding from the province and matching funds from local donors. “I realized then that the community foundation is the jewel of Hamilton,” Ron says. “Working with the Foundation, I know our family can maximize our impact for youth.”
Excerpt from 2007-2008 Annual Report
Fengate Corporation has called on HCF to enhance the effectiveness of its charitable giving tradition. From left: Marco Di Carlantonio, Senior Vice President; Lou Serafini Jr., President and Louis Serafini Sr., Founder & Director.
Charitable giving and volunteering have always been important to Fengate Corporation’s corporate culture. Now, the company has enlisted the help of Hamilton Community Foundation to structure and inform its community support.
“We started a fund at HCF for a number of reasons,” says Lou Serafini Jr., Fengate’s president. “First, we want to recognize our Hamilton roots. The company started here and while we’re now national, we remain committed to Hamilton’s well-being. Second, HCF has the specialized knowledge of charities to help us effectively direct our support and third, this will enhance our culture of giving and volunteering. Our team is very engaged in the community and we value the idea of supporting their charitable efforts outside the workplace.”
The company puts its policies behind those words. Staff are given days off to volunteer and participate actively in corporate giving decisions. In addition, an award is presented annually to a staff member whose community involvement is outstanding.
Founded in Hamilton in 1974 by Louis Serafini Sr., Fengate has grown to a national enterprise with over 400 employees. The company is a Canadian market leader in asset management, developing infrastructure, commercial real estate and seniors housing. Since 2007, Fengate has been recognized as one of Canada’s 50 Best Managed Companies.
“I’m very proud of these achievements. However, success is about more than the bottom line, it’s about giving back in ways that make our community a better place to live,” says Lou Jr. “We have a social responsibility as a corporation and it is important to share our success with those who need help.”
The donor-advised Fengate Community Foundation Fund will support projects focused on children, youth and seniors within the fields of health, education and the environment. The fund will also direct 20 percent of its annual granting to HCF’s Community Fund.
Through the process of establishing the fund, Lou Jr. was impressed with HCF’s expertise and low management cost. “It gives us great confidence that this relationship will multiply Fengate’s charitable impact,” he says. “There is tremendous value in HCF’s knowledge of the community’s needs and its understanding of the best opportunities to help. We’re very excited about this partnership.”
Excerpt from 2009-2010 Annual Report
Elham and Joseph Farah
Elham and Joseph Farah weren’t familiar with the community foundation concept until recently but they discovered a true meeting of minds when a friend referred them to Hamilton Community Foundation.
For this globally-conscious couple, it became an easy decision to develop their family foundation – a long-time goal of theirs – within HCF. “I like the way the Foundation operates and the work that they have been doing in the community,” says Elham, a learning resource teacher for children with special needs. “At the Foundation we are with a group of people that share the same vision, who want to bring people together and improve life in Hamilton.”
Joseph, a busy entrepreneur who owns the Farahs Food Mart, Hasty Market and Mini-Mart convenience store chains, adds that HCF’s experience in managing endowment funds was a strong selling point. “We’d be in a learning process, and I don’t have the time to do it. This way, we don’t have to reinvent the wheel and we have the comfort of being part of a successful foundation.”
Parents to three children, all young adults, the Farahs make time for volunteer work, with Joseph sitting on the Hamilton Health Sciences board of directors, and Elham active in the Canadian Club and the Canadian Institute of International Affairs.
The Farahs are both from Nazareth, the largest Arab-populated city in Israel, and have made Hamilton their home since the late 1970s. It’s no coincidence that their interest leans toward creating forums for education and understanding. “We were born and raised in a different culture,” Elham explains. “I believe it’s important to share the human experience, to exchange ideas and knowledge. As a society we need to pay more attention to human development.”
The Farah’s fund will support educational and cultural projects that promote tolerance and understanding.
Excerpt from 2005-2006 Annual Report
The late Ellen Fairclough’s contributions to public life are widely known: her groundbreaking leadership as Canada’s only female Member of Parliament in 1950 and her status as the country’s first female federal cabinet minister in 1957.
But Dr. Joan Heels, a vocal and piano teacher, remembers her as “Aunt Ellen”, a caring and thoughtful woman who both contributed to and carried on her family’s strong tradition of musicianship.
Ellen Fairclough, nee Cook, grew up playing piano, and shared her talent by playing the organ at local churches. She even had a live show on CHML Radio with her younger sister, Mary, Joan’s mother, who sang to Ellen’s accompaniment on piano. Joan says her mother told her that they earned about $5 per show and promptly spent some of it on sheet music for their next performance.
Ellen and Gordon Fairclough’s son, Howard, started piano lessons at age five and his cousin Joan, just a year younger, tagged along. “Howard played in dance bands in Toronto and he was fabulous,” Joan recalls. “He could play anything off the top of his head; you should have heard him at parties.”
Howard, whose health had been weakened by a bout with polio in his teens, died in 1986. Afterwards, Ellen and Gordon met with Hamilton Community Foundation to talk about how they could both honour Howard’s memory and assist budding musicians in Hamilton.
Ellen was no stranger to Hamilton Community Foundation, having served as a board member and chair of the board in the 1970s. She appreciated the opportunity the Foundation provided for Hamiltonians to leave a legacy and contribute to a permanent endowment fund for the city’s benefit.
The Howard Fairclough Organ Scholarship Fund at Hamilton Community Foundation was created by Ellen and Gordon Fairclough to benefit young people with talent and the potential to become professional-level organists. When Ellen passed away in late 2004 at the age of 99, a share of the residue of her estate was added to the fund.
“A lot of people don’t know that Ellen was a musician in her own right, and also an artist,” Joan says. “And certainly she was a caring mother and a very devoted aunt. I always looked forward to our time together.”
Excerpt from 2005-2006 Annual Report
In the whirl of deadlines that constitutes the newspaper business, it’s easy to forget about people, whether it’s those who once made news or those who once reported it.
But Jeff Dickins’ colleagues at The Hamilton Spectator haven’t forgotten the slight, rumpled sportswriter who captivated readers for 26 years before his unexpected death two years ago at the age of 48. They started the Jeff Dickins Memorial Fund at Hamilton Community Foundation to honour Jeff’s love of high-school athletics.
Spectator Sports editor Denis LeBlanc says Jeff’s own beliefs and values guided the criteria of the bursary, which recognizes a high- school student who demonstrates skill in athleticism, academics, and community involvement. “Jeff sometimes found the world of professional athletes a bit discouraging,” Denis says. “He liked the high-school and university players who just play for love of the game. And he recognized there are many kids involved in sports without being top athletes, so our bursary recognizes broad involvement in athletics.”
Saltfleet District High School student Mawusi Sosoo was the first recipient of the $500 Spectator bursary, which was matched by the local B’nai Brith organization. She received the award at the annual B’nai Brith dinner in February 2005. The energetic young woman plays rugby, works the score table at school basketball games, volunteers in a basketball league and has a handful of academic awards to her credit. Mawusi also works part-time, helps out at blood donor clinics and volunteers at her church.
“I think Jeff would have said that Mawusi could teach professional athletes a thing or two about dedication and commitment,” Denis comments.
Excerpt from 2004-2005 Annual Report
NOTE: next application deadline is October 1, 2023. Apply online here.
David Davis was born in Nova Scotia and educated at Dalhousie and McGill Universities. He came to Hamilton in 1984 as Organist and Choir Master at Christ’s Church Cathedral and Artistic Director of the Hamilton Children’s Choir. David led this highly acclaimed Choral group for 17 years and then in 2002 took on a different challenge as Music Director of the Canadian Orpheus Male Choir. At the same time he was Organist and Choir Master at St Luke’s Anglican Church in Burlington and Artistic Director of the Ars Antiqua Chamber Choir in Burlington.
In addition to his musical abilities David will be remembered with fondness for his eccentricities, his zest for life and his wonderful quirky sense of humor. His youthful enthusiasm was infectious.
David Davis was passionate about promoting the value of music in our lives and encouraging the development of musical talent.
To honour David’s memory and to celebrate his life, a Fund with Hamilton Community Foundation has been established by the Canadian Orpheus Male Choir and the Hamilton Children’s Choir.
Excerpt from 2007-2008 Annual Report
Giovanni and Grazia Criminisi
While Giovanni and Grazia Criminisi never had the opportunity for formal education, they believed strongly in the power of literacy to achieve prosperity. Now, their five children have chosen to honour those values through a fund at Hamilton Community Foundation.
Economic circumstances forced Giovanni to leave school after Grade 1 to work as a shepherd in the Italian countryside. He could not read or write throughout his life. Grazia completed Grade 5, then left school to help raise her younger brothers, and was unable to fulfill her quest for further education. When the couple immigrated to Hamilton in the 1950s, they devoted their time and effort to make sure their children succeeded in school.
Their oldest son Charles, a Hamilton lawyer, fondly remembers his dad watching him intently for hours, as he studied at the dining room table, far more engaged by the act of learning than by TV or music.
“My father was a very smart man without an education,” says Charles. “Both my parents instilled in us that learning was the key to a better life. My mom taught herself to read English and could check that we had done our homework. There was no question in our house: hard work and good marks were an expectation.”
The Criminisi siblings chose HCF for their philanthropic tribute, because the Foundation serves the city where the family put down roots and they like the permanency of an endowment. The Giovanni and Grazia Criminisi Literacy Fund will assist children and adults to acquire functional literacy that could lead to opportunities for education and employment.
“We want to replicate for others what our parents did for us,” says Charles, “to create literate, successful citizens.”
Excerpt from Spring 2010 Newsletter
2001 Graduated from the University of Western Ontario with a Bachelor of Science, Honours Human Ecology.
2004 Graduated from The Ontario Institute for Studies in Education of The University of Toronto (OISE) with a Bachelor of Education.
On September 8, 1978 Amanda was born in Brampton, Ontario. On her first birthday she moved to London, Ontario. She grew up there with her parents, Pam and Frank, and her older brother, Matthew and her younger sister, Kathryn.
As a young girl Amanda enjoyed playing sports such as baseball and basketball, exhibiting some “tomboy” tendencies. She was not fond of wearing dresses and on the occasion of her First Communion she announced that she would not wear a dress again until her wedding day. Amanda’s determination and certainty about how she would live her life were already evident.
Amanda always had a way that drew people to her – she made everyone feel that they were important. She had a great capacity to love and be loved. With her amazing blue eyes and her natural smile, she brightened up any room she walked into. People felt better just being around Amanda. She was always quick to forgive and forget. Her warmth and sincerity were genuine and she acted on these feelings. She wanted to help those less fortunate and for a time considered adopting a child in Africa. After thinking about it, she decided there were many people around her that could use the money. People in her life would find a few dollars tucked into their knapsacks when she knew they were a little short.
Amanda did not just live her life, she owned it. She approached everyday with passion and lived it to the fullest – at work and at play. As hard as she worked (she was known to have 3 jobs at one time), it was equally important to her to have FUN. Amanda did not cook, but she always knew where to find the best restaurant. Having a bad day? – “Let’s go shopping!” Having a really bad day? -’Let’s go dancing!” Having a really, really bad day? – “Let’s party!”
Amanda had unique little quirks. Her hair was straight but she was always straightening it; she would suggest trying a new drink called a ‘Mojito’ because it ‘sounded good’ and then say, “Let’s keep drinking it ’cause it smells like Grandma’s house”. Some of her friends found her taste in music and TV questionable- Boy Bands and reality TV shows – ‘Survivor’ was one of her favourites.
Amanda’s standards to live by were very clear and they were hand printed on a white board and hung on her bedroom wall. She was reminded every morning of how she wanted to live: ‘Whatever you want to do, do it NOW. There are only so many tomorrows.’
Amanda’s love for outdoor activities remained with her. She tried all the things that she could fit into her busy life including white water rafting and mountain climbing and dreamt of combining her love of travel and sport with a trip to Africa to conquer Mount Kilamanjaro.
Amanda loved to teach and felt the most joy when she was teaching her class of Resource Students. She brought her love of fun and her matter-of-fact attitude to the classroom. This was best summed up by a student when she wrote ‘decimals were a blast with you’…’thanks for smiling at me everyday when I walked in!’
Perhaps Amanda knew that she needed to live each day as if it was her only day. On November 17, 2006, Amanda was told that she had untreatable cancer and as with everything in her life, Amanda took the time she needed to adjust to the enormity of this pronouncement and then made the most of her days. She longed to live until spring – and she did! Spending her time in her family home she lived – she did not wait to die – with the love and support of all the people that were so special to her. Amanda remained in control of her day to day life and took every moment one at a time. She did not dwell on what she could not do, but did everything that she could do. She was courageous in her ability to adapt to the new challenges that were presented everyday.
On Sunday, July 8, 2007, Amanda passed away. Some would say that the cancer had won. But although Amanda accepted the inevitable outcome of her struggle, her spirit was strong and it inspired The Amanda Marie Cowan Memorial Scholarship Fund. This fund will allow her sense of hard work and fun to be carried forward to other aspiring teachers that share Amanda’s standards to live by. Amanda’s message to each recipient: “This is your lucky day – go out and live it.”
The Amanda Marie Cowan Memorial Scholarship Fund will provide an academic award for a deserving student at The Ontario Institute for Studies in Education at the University of Toronto. The Award, to be made each year on Amanda’s birthday, will recognize both the student’s academic promise and financial need.
Donations to the Foundation are invested for the long term in public markets and in alternative investments. Investment income is then allocated annually to support granting, community leadership and operations. The summary and charts presented here provide both a financial snapshot and a history of recent activity that underlies the grants and community leadership activities represented in this annual report, made possible by remarkable donors.
Donations to the Foundation are from individuals, corporations and other charities. Donors may contribute to named endowment or flowthrough funds, to the Board-directed Community Fund, or to HCF’s community leadership projects.
The $35.1 million in donations this year is the second highest total in HCF’s history. Annual donations are influenced by the timing of the realization of donations in wills and significant one-time donations like the $27.7 million in donations of property and private equity. As illustrated in Chart 1, annual donations have ranged between $3.2 and $35.1 million over the past eight years. The five-year rolling average of donations ranges from $5.0 million to $13.3 million over the past eight years.
The five-year rolling average number of donations is 1,787 with 2019-20 at 1,853. The number of donations fluctuates based on “in memoriam” donations and the number and nature of events sponsored by donors to raise money for their funds.
Chart 1
Grants are made annually from both endowed and flowthrough funds. Because flowthrough fund balances are distributed in a shorter time period, granting from these funds can materially influence HCF’s total annual amount granted.
As illustrated in Chart 2, grants and community leadership project spending over the past eight years has ranged from $4.7 million to this year’s historic high of $11.5 million. Granting from endowment funds was reduced in 2013 as a result of the decline in investment returns in 2012 which a) lowered the asset base used for the granting calculation (currently four percent of the fund balances), and b) resulted in less income available to grant. Flowthrough granting and expenditures on community leadership projects has ranged from 22 to 56 percent of total granting in any given year and is dependent on the timing and nature of flowthrough and project activity. At 893, the number of grants for this year is 37 percent higher than the eight-year average.
Chart 2
Investments traded in active markets are reported at fair market value. Investments not actively traded are recorded at their cost less any impairment of their value.
To support our strategy of aligning our assets with our mission and to provide a more diverse and robust portfolio, HCF has committed to investing in alternative asset classes including loans to charities and not-for-profits, private debt, real estate, infrastructure and private equity. These alternatives are consistent with the Foundation’s long-term investment horizon and liquidity requirements. Since these investments are not actively traded, they are valued at cost in the investments. These alternatives total $25.8 million.
HCF invests according to policy guidelines established by the Board of Directors. Two committees of the Board oversee investments to ensure compliance with the policy:
As an endowment builder, HCF’s policy focuses on long-term investing and is supported by reserve accounts that are currently at their policy maximum.
The investment policy sets out a total portfolio target asset mix, as well as a range around these targets. The public market investment managers have mandates within this targeted asset mix and use their discretion to invest the portfolios within this range. Chart 3 reflects the current and target asset mix. Note: $25 million of private equity relates to a fund established by a donor and is not part of the asset mix or the consolidated portfolio results.
Chart 3
Two long-term portfolios are invested in the public markets with Jarislowsky Fraser, and Connor, Clark & Lunn. Chart 4 compares those portfolios against benchmarks as follows:
Benchmarks reflect the performance of each market index based on HCF’s specific target asset mix. Comparing actual results to the benchmark measures the value added by investment managers compared to the average market performance. HCF’s investment policy target is a long-term investment return in the 6.5 to 7.5 percent range.
Chart 4
The effect of the global pandemic has materially affected investment returns, resulting in a -8.4 percent public market return for the year. The seven-year annualized return at 6.8 percent is within the targeted investment policy range and is 1.2 percent higher than the 5.6 percent benchmark. As noted in the financial highlights, the current 10-year annualized return of 7.0 percent is in the target range and is higher than the benchmark by 1.2 percent.
Impact investments enable donations to endowed funds to drive positive change beyond granting, because they represent investments of capital that deliver financial returns coupled with positive social and/or environmental outcomes. In addition, these investments provide a pool uncorrelated to the public markets which, in turn, buffers the portfolio from the volatility currently experienced.
More than 15 percent of our long-term assets are in impact investments. Chart 5 illustrates HCF’s impact investing progress over the past five years, with $25 million currently placed or outstanding and another $15 million committed. This brings the total commitment to $40 million, up from $34 million last year. Impact investments cover areas including affordable housing, arts, environment and sustainable development.
Chart 5
Local loans since inception total $9.7 million with $7.1 million outstanding at year end. Chart 6 shows the impact areas our loans have supported. Since the loan program’s 2012 inception, $2.6 million in loan principal has been repaid and recycled as new loans. In addition, the interest from these loans supports HCF granting.
Chart 6
IRP is a Government of Canada program being delivered nationally by partners including Community Foundations of Canada. As the first phase in the government’s long-term investment in social finance, the IRP’s goal is to make social-purpose organizations “investment ready” so they can make a difference in new and innovative ways through their participation in the social finance market. HCF has partnered with community foundations in London and Niagara, and the McMaster Innovation Park to manage the program regionally on behalf of Community Foundations of Canada. The first request for proposals for funding in January created enormous interest nationally and garnered 65 submissions to our regional partnership. Approved funding is expected to be released in June 2020. As an additional benefit, the IRP brought a growing number of potential opportunities for local loans to HCF’s attention.
These investments include private equity, private debt and real estate investments. Many of these investments are long term in nature, are maintained at cost and do not have a regular income stream. As these investments are maintained at cost, their results include interest income and realized gains, but not unrealized gains. Results for these investments are closely monitored and are reported when realized. Chart 7 identifies the investment areas, with $18.0 million placed and a total commitment of $33 million across 21 investments.
Chart 7
Operating expenses for the fiscal year ended March 31, 2020 total $2.5 million and were 2.5 percent higher than last year. Staffing costs related to the Foundation’s 22 employees represent 70 percent of HCF operating costs.
In addition to breaking out cost by type, operating costs are allocated to each of the Foundation’s operating areas: grants administration, community and philanthropic leadership, community relations and knowledge dissemination, development activities, and administration and governance. Examples of community and philanthropic leadership include convening around the city’s critical issues and fostering the growth of philanthropy by sharing staff time and knowledge to support other charities. Charts 8 and 9 illustrate these costs by operating area and by expense type.
Charts 8 and 9
The Foundation’s annual development expenses are not necessarily attributable to the donations received in that year. The nature of donations to the Foundation can result in costs preceding the receipt of the donation by several years (for example, donations through wills). As a result, consistent with the community foundation sector, operating costs are evaluated by a ratio of total operating expenses to average total assets. Ratios fall within a range depending on the size and stage of the community foundation’s development.
Management considers the ratio of 1.26 percent (1.25 percent in 2019), as illustrated in Chart 10, to be within an acceptable range for a foundation of HCF’s size, stage and level of community leadership, compared against benchmarks established in the community foundation sector. We continue to monitor both the actual results and the benchmarks on an ongoing basis.
Chart 10
Hamilton Community Foundation’s total assets of $201 million at March 31, 2020 include balances of HCF funds and funds held on behalf of others at $1.7 million.
Hamilton Community Foundation’s fund balances, illustrated in Chart 11, represent accumulated donations plus the net investment earnings on these donations, minus granting and operating costs. Funds include both endowed and flowthrough funds. Endowed funds are held permanently and grant from investment earnings. Flowthrough funds are fully distributed as grants over a pre-determined term.
Chart 11
The fund balances have grown 55 percent to $198 million at the year ended March 31, 2020 from $128 million in 2013. Donations of $35.1 million included $4.4 million in flowthrough donations that were largely distributed as grants in the year and, as a result, do not remain in the fund balances at year end. This results in a modest total funds balance growth of 4.8 per cent for the year. The number of funds has grown 19 percent to 377 from 318 in 2013.
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