Powell River Academy of Music
PRAM Endowment Fund

Endowment Fund

The Academy Endowment Fund is dedicated to creating a living legacy that will provide a solid foundation upon which the Powell River Academy of Music can continue to grow and prosper.

Since its inception, the Academy of Music has strived to share the gift of music with the community. Thousands of children have benefited from instruction and participation in choirs and musical performances. Powell River has gained an international reputation for excellence with events such as the International Choral Kathaumixw, Carols by Candlelight and from hosting major conferences such as the British Columbia Choral Federation’s Chorfest.

The Endowment Fund is a charitable entity with a mandate to support the projects and the work of the Powell River Academy of Music through income generated from its invested capital fund. If you believe in providing cultural nourishment and education for the community, please consider leaving a legacy to the Academy Endowment Fund.

The trustees of the Fund are available to discuss the options for your gift. No matter how small, your contribution will help the Powell River Academy of Music to carry on with its valuable work.

Planned Giving

Planned Giving is a carefully considered gift to a charitable organization involving estate and tax planning that maximizes the financial and tax benefits to you and your estate. Your gift may consist of cash, property, securities, real estate, musical instruments, artwork or life insurance and annuities. Planning for your gift to the Academy of Music while you are still living could provide you with many years of tax benefits and future income, all the while providing a substantial legacy to the Academy. It is like giving a gift and receiving a gift, all at the same time.

What you can do

Your support is an important part of the future of the Powell River Academy of Music and a contribution to the Academy Endowment Fund can ensure longevity and stability of the work we do. Contact us for details about how you might help. Of course, we also recommend that you discuss your plans with your legal and financial advisors to maximize your benefits.

Thank you for considering the Academy Endowment Fund for your gift.

Types of Gifts

Cash and Pledges

For a direct gift of cash or a pledge over a period of time to the Academy Endowment Fund you will receive a charitable tax receipt. Your income taxes will be reduced by at least 25 cents to more than 40 cents (depending on your income tax rate) for every dollar you donate.

Real Estate and Securities

A direct donation of non-cash assets such as stocks, bonds or real estate enables you to make a gift to the Endowment Fund that has greater tax advantages than if you made an equivalent cash donation from the disposition of assets. The tax benefit can be as much as 64 cents for ever dollar worth of stocks you donate.

Life Insurance

An existing or new life insurance policy can produce a significant charitable gift for comparatively little cost. By transferring a life insurance policy to the Academy Endowment Fund you receive a donation receipt for the cash value of the policy. If you continue to pay premiums you will also earn a tax receipt for each premium paid. When the policy is redeemed upon your passing, the Endowment Fund benefits by collecting on the policy thus ensuring your maximum contribution.

Charitable Gift Annuity

This instrument allows you to transfer cash to a charity while allowing you to continue living off the income from the capital investment. While the tax benefits will depend on your donation, the amount you receive in annuity payments and life expectancy, it is likely that a substantial portion of your annuity income will be tax free.

Charitable Remainder Trust

Donors can also create a trust with cash, securities or real estate. You enjoy a lifetime income generated from the capital investment and you receive immediate tax advantage. The Endowment Fund receives the vested right to the residual capital in the trust.

Gift of Residual Interest

This type of gift allows you to legally commit an asset to be used by a charity after you die. These can include real property such as a house, a musical instrument or a piece of artwork. You receive a tax receipt for the value of the donation now, but you enjoy the asset for the rest of your life. Upon your passing, the Fund assumes ownership of the asset.

Wills and Bequests

Wills and bequests are the most common and popular for planned giving, but they may not always offer the best tax advantages. You should consult your financial advisor for the best strategy.

Getting more information

Academy Endowment Fund
Powell River Academy of Music
7280 Kemano Street
Powell River, BC V8A 1M2

Telephone +1 604 485 9633
Facsimile +1 604 485 2055
E-mail info@powellriveracademy.org