ACF teams up with United Way

The fund was established with a deposit of $123,000 and plans are to add to it when more funding is available

The Abbotsford Community Foundation (ACF) and the United Way Fraser Valley (UWFV) signed an agreement last week to establish the ACF’s first managed fund in its history.

“This gives UWFV a cost-effective way to invest its long-term funding knowing it can access all of its funds whenever it needs them,” said UWFV president Tamara Van den Brink. “We also see this as a great leadership opportunity to invest in a community partnership with the foundation.”

The fund was established with a deposit of $123,000 and plans are to add to it when more  funding is available.

Earlier this year the Foundation created a policy that would allow it to provide an investment management service to local non-profits who want to put money away for future growth and want to see it earning money, but not at too much of a risk, said ACF chair Wendy Neufeld.

“We can see this working for other local non-profits, where, for example, they are raising money for a new building or some other capital project over several years and the board doesn’t want to have to become experts in investment,” said Neufeld.  “ACF can provide this service at a very affordable price because we have an endowment of close to $10 million so our fees with our investment manager are considerably less than what, UWFV, for example, would have to pay to invest $123,000.”

She said the investment policy that guides the management of funds is conservative but generates income and includes an an investment committee that monitors results.

A number of non-profits, including the United Way Fraser Way, have permanent endowment funds with ACF generating annual operating revenue.

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