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Home/Restricted Funds Policy Print This Page

Restricted Funds Policy

Purpose
This policy outlines the foundation’s approach towards restricted funds and establish controls for such funds.


Policy
Restricted Funds are monies designated by the donor or the foundation for a specific purpose.


The foundation may establish Restricted Funds, at its discretion for a facility, program or initiative/project.


Restricted fund types that may be established include:


A) Donor Designated Fund – restricted funds that have been designated by the donor for a non-established fund of the foundation. Donors may establish a Donor Designated Fund with a minimum gift of $25,000 payable over a maximum of two years.


B) Endowment Fund – a principal sum, permanently set aside and invested by the foundation, with only the income used for charitable services.

 

Endowment funds include:


i) Specified Endowment Fund – specified endowments are those directed by the donor for a special purpose. The fund may be established only by Covenant Foundation in accordance with Covenant family priorities. Specified endowments require a minimum of $250,000 to establish.


ii) Named Endowment Fund – named endowments are those named after an individual, couple, family, group, corporation or business. Named endowments may require a minimum of $500,000, payable over a maximum of three years to establish. The fund may or may not be restricted.


Exceptions
Any exception to the above policy must be approved in writing by:


  • the Board delegates authority to the Committee for exceptions pertaining to Endowment Funds, and
  • the CEO for exceptions pertaining to Donor Designated Funds.


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Covenant Foundation, Suite #170, One Twelve Campus, 10130 112 Street NW, Edmonton, AB, T5K 2K4 | Tel: (780) 342-8126 | Toll Free: 1-866-342-8126 | covenantfoundation@covenanthealth.ca
Charitable Registration Number: 125868125RR0001