Victoria Foundation broadens its funding mandate

New initiatives seek to enhance focused giving, foster non-profit activities

Heather Gardiner

After reading the signs and considering possible directions, the Victoria Foundation is taking new steps toward creating the transformational change Greater Victoria needs to grow more healthy, vital and vibrant.

Following up on the publication last fall of its eighth annual Vital Signs report, which analyzes and grades various indicators of health and progress in the Capital Region, the foundation has unveiled two new initiatives.

The first, the Community Knowledge Centre, is an online resource containing detailed information on local not-for-profit and charitable organizations. The goal, said foundation board chair Deirdre Roberts, is to make it easier for foundation donors and other interested parties to target local programs and projects that need support.

A search function allows website users to drill down further and find listings for organizations that support a particular population, serve a specific geographic area or address particular issues in the community.

“The community can find out how to contribute to immediate needs and the organizations themselves can discover ways of working together to help address complex issues,” Roberts said.

Vital Loans, the second of the two initiatives unveiled today at Government House, is designed to provide non-profits with up to $500,000, financed over 36 months, to undertake projects or program enhancements.

Victoria Foundation and partner Island Savings Credit Union have created a Vital Loans fund, from which donor investments will act as collateral for organizations that wouldn’t qualify for a conventional loan.

Island Savings chief financial officer Bill Snell said the loans can be used either to cover costs associated with a specific project, or to cover operational costs while groups plan a special project that may have a future revenue stream.

“It allows them to get their programs out in the community, as opposed to (having to build) the nest egg behind it first,” he said.

Pacific Opera Victoria is the first group approved for a loan under the program. It will use the funds as “bridge financing” as it produces a citywide festival aimed at bringing various aspects of opera to children and families in the Capital Region.

“An important part of making this festival happen was acquiring the short-term capital we would need to finance three productions simultaneously,” said POV executive director Patrick Corrigan.

The loans program is an example of “mission-based investing,” Snell said, which aims to provide cash flow for organizations whose values and operational goals and approach match those of potential donors.

Applicants will be assessed by both the foundation and Island Savings for the strength of their business plan and management, he added.

“We are anticipating that with this program, it is going to draw a lot of interest,” Snell said. “Whether it’s arts and culture or other groups, they’ll be looking at it closely.”

editor@vicnews.com

Foundational supports

• The Victoria Foundation’s Community Knowledge Centre resource is at ckc.victoriafoundation.bc.ca

• Criteria and other details of the Vital Loans program can be found at victoriafoundation.bc.ca/vital-loans

Just Posted

BC Ferries sees one-sailing wait at Swartz Bay terminal

The noon ferry is sold-out, while afternoon sailings are over 70 per cent full

Canada Womens Rugby Sevens Team flies in to #YYJ after Japan triumph

The team jet in this afternoon where they will stop to sign autographs and pose for photos

Documents show re-development of Saanich’s University Heights on hold

Third open house on proposed development postponed

Elizabeth May’s wedding dress a ‘walk through a garden’ on Earth Day

Green Party leader set to get married in Victoria

Sri Lanka invokes war-time military powers after nearly 300 killed in Easter bombings

Sri Lanka’s minister of tourism says 39 foreign tourists were killed in the Easter Sunday attacks

POLL: How often does your family use BC Ferries?

Navigating the lineups for BC Ferries is a way of life for… Continue reading

Crime Stoppers most wanted for Greater Victoria for the week of April 16

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Vancouver Island-based company provides glass alternatives to plastic straws

Enviro Glass Straws now producing more than 60,000 staws each year

Ex-mayor of northern village claims its drivers are overpaying ICBC $1,800 a year

Darcy Repen says data shows Telkwa households are being ripped off for car insurance

Deadly synthetic drug found in Kamloops that puts users in ‘zombielike’ state

Interior Health warning says substance causes ‘speedy, trippy-like symptoms’ and hallucinations

Trudeau to be portrayed on ‘Simpsons’ episode

Toronto journalist who’s posted videos of himself doing impressions of the PM voiced him for the show

Campbell River RCMP say alcohol and speed may be factors in collision

Woman injured after driver ran into her car on Highway 19A, says fire captain

Bodies of 3 mountain climbers recovered after last week’s Banff avalanche

The men disappeared while attempting to climb the east face of Howse Peak in the Icefields Parkway

Most Read