The Prince Albert and Area Community Foundation became official on March 10th, 1999.
An extraordinary feature of the foundation concept is the way it enables people of modest means to engage in large-scale philanthropy by pooling their contributions.
Canada’s first community foundation was established in Winnipeg in 1921.
A community fund is defined as a growing capital fund, the earnings from which are used to meet the whole wide range of local charitable needs and interests. Technically a community foundation is an incorporated non-profit organization, which is officially registered with Canada Revenue Agency as a tax exempt “public foundation” and as such is allotted a charitable registration number.
The Prince Albert and Area Community Foundation exists to encourage philanthropy and to fund charitable activities that will contribute to an improved quality of life in our region.
A community foundation serves three distinct constituencies:
- Nonprofit, charitable organizations and
- The community at large
A unique aspect of the PAAC Foundation is that all donations will be held in perpetuity. The original donation is never spent, it is invested and the income earned is used to support local initiatives.
Government funding is becoming more restrictive and financial restraints have resulted in some funding for worthwhile causes, drying up altogether. The foundation is sometimes able to provide funding to assist in such circumstances as well as offer an opportunity to initiate new activities in the community.
The earnings from donations will support projects in one or more of the following areas, depending on the needs of the community:
- Children and Youth
- Family and Community
- Arts and Culture
- Health and Welfare
We also collaborate with the P.A. Community Scholarships, the Collin LaRocje Scholarship and the Gail Hartsook Scholarships as well as several private funds.
A major part of our work is to manage the distribution of grants from the Moffat Foundation, which in 201 9 will see $93,000 awarded to local charities. We also manage funds from the United Way - Saskatoon for the Prince Albert branch, which are awarded to community projects as annual grants.
In 2017, we also participated in Canada's Birthday funding effort - the "Canada 150" partnership and in 2020, we will be participating in the "RBC Youth Future Launch Community Challenge".. the Gender Equality Program and the Investment Readiness Program.