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w w w . o a kv ill eb ea ve r.c o m O A KV IL LE B EA V ER Th ur sd ay , D ec em be r 2 3, 2 01 0 1 8 BusinessOakville Beaver One of the best ways to preserve yourfamily values is to set up a FamilyFoundation. Lets start with a quick definition of what it is and look at it from the perspec- tive of your family values. In very simple terms, a Family Foundation is established when you make a financial donation to a separate Foundation. This Foundation in turn invests the funds and then the annual income from the investments is directed towards a charity or charities of your choice. This is different than making a one- time financial donation directly to a char- ity. In that case, you give money and that is it. A Family Foundation lives on. It is simple and the benefits for your family go far beyond the rewards of the financial contribution. The process itself has options. You begin by establishing your Family Foundation with a donation. Then include all of your children on the committee that decides where the annual gift is to be directed. Or you may choose to work with the Oakville Community Foundation. The Oakville Community Foundation is one of our best kept secrets. However, that is changing. Currently, they are working with 100 families who have set up a Family Foundation. Your family can establish a Foundation with as little as $2,500. A starting point would be to contact the CEO of the Oakville Community Foundation, Rusty Baillie at 905-844-3582 or visit the website www.theocf.org. Your initial conversation would be to determine if a Family Foundation makes sense. The Oakville Community Foundation will take care of all the details, such as investment management, reporting and tax filings with the government. They do all the behind the scenes work. Your family decides how to donate the funds every year. Now we should focus on how this bene- fits you. From a family perspective, parents often have three objectives: preserving family values, keeping the family together and recognizing an institution which played an important role in the familys life. First, you may wish to preserve and perpetuate your family values by being generous and charitable towards others less fortunate. Second, you may wish to focus on fam- ily togetherness. These days, there are more forces separating a family than there are keeping it together. Contact is often lost once children go off to start a career and have a family of their own. Regardless of where your children live or what they do, a Family Foundation requires everyone to be together at least once a year directing the annual gift. Grandchildren can be included in the process along with their parents, aunts, uncles and cousins. This family charitable cause will most likely will be the topic of on-going discus- sion throughout the year. And finally, sometimes there is that special institution which had served your family in times of need and you feel it is now time to give back. For example, you may consider giving to your local hospital where your family has received caring medical attention. Lets say that you want to contribute funds to the Oakville-Trafalgar Memorial Hospital. Your desire to support the OTMH as an institution would continue on in per- petuity. Your family, however, can decide on the specific area of the hospital your donation will be directed each year. The decision on what to support can be made by the fami- ly on an ongoing basis. Imagine the positive impact this will have on your family over time. Can you see how this can accomplish your family val- ues? The process is simple and the benefits of keeping the family together will make the process all the more rewarding. Maybe its time to start a Family Foundation. Submitted by Peter Watson, MBA, CFP, R.F.P., CIM, FCSI. In 1991 Peter founded Peter Watson Investments in Oakville. Peter can be reached at 905-842- 2100 or visit the website at www.peterwat- soninvestments.com Dollars and Sense By Peter Watson Family foundation Family that gives together stays together Team effort MICHELLE SIU / OAKVILLE BEAVER HELPING OUT: CCI Thermal Technologies agreed to match donations raised by employees in support of Fareshare foodbank, which resulted in a $9,312 to the Oakville foodbank. On hand for the recent presentation were (l-r) Susan Nagy and Alejandro Maldonado of CCI Thermal Technologies, Dudley Clarke, of the Fareshare foodbank and Santa Claus. Warm hearts CHANTAL AYOTTE / OAKVILLE BEAVER HELPING OUT: For the last couple of years the management and staff of the Holiday Inn Hotel & Suites on Wyecroft Road along with the Staybridge Suites Hotel have collected hats, scarves and mittens for our Tree of Warmth. These items were then distributed to the less fortunate in our com- munity. Pictured here are (l-r) Marcelo Tomazo, general manager, Johanna Redmond, director of sales, Kathy Carreiro, sales associate, Bernadette Mazza, human resources, Michelle Barbarita, director of sales, with Staybridge Suites.