The primary goal of the Foundation is to provide grants and other support to a wide range of programs within the boundaries of the communities identified. The Foundation must remain flexible to meet the current and unknown needs while ensuring we have a living legacy of our time.
The concept of a Foundation is to raise and receive monies from various sources. The monies are invested and by law the foundation must disburse 3.5 % of the principle annually. It is assumed the interest will always be greater than 3.5% of the principle thus the principle is never used but rather, continues to grow and ensures monies for distribution is available in perpetuity.
In short, we are developing a “nest egg” for our communities. It is intended the fund will grow each year as new gifts are added and good investment strategies are employed. We give the investment income to registered charities in the communities in the form of grants to projects that benefit those who need it most.
These goals allow the Westshore Foundation to play a unique role in our communities. While the results are often measured by the size of the endowment, we are able to build a legacy that will ensure vitality to the community.