Leave a legacy that keeps on giving
As one of the founders of the Central Okanagan
Foundation, Lionel Wace was known for his tireless and benevolent community spirit. Wace died in March of this year at the age of 92,
but thanks to his foresight, his legacy will carry on forever and help countless charitable and communi- ty groups. Wace named the COF as the beneficiary in three of his life insurance policies, including one that he took out in 1945 after he served in the Second World War.
His service to his community was indeed a “life- time and beyond.” This form of “planned giving” is just one way to
make a charitable donation. Insurance policies are an easy way to make a small monthly gift that will have a large future impact. The annual premiums are a tax-deductible donation, giving the donor the advan- tage of immediate tax savings. “Bequests, those gifts through a will, provide some of the largest gifts to the foundation.Your gift may be a one-time donation, ongoing support or a gift in your will, you have the freedom to direct your charitable gift toward those areas of interest that excite you the most.
The COF is a charity for all charities. Endowments created with the foundation can support any regis- tered charity in Canada, one or many” explains Mark Oakley, acting executive director and finance direc-
tor of the Central Okanagan Foundation. Establishing an endowment fund creates a permanent source of community capital. The generosi- ty of the donor is enjoyed year af- ter year.Th
e donor has the unique opportunity to support their favorite charities now and forever. “In Lionel’s case, he had the fore- sight so many years ago to estab- lish a life insurance fund and named the COF as the benefici- ary. It was a very generous and selfless act,” Oakley said. The planned giving process can be simple or complex and may in- volve your financial and estate plan, as well as advisors, lawyers and accountants.
These advisors can often identi- fy tax savings or make your gift go farther.
Donors can also call upon the specialized expertise of the COF. Creating a lasting legacy is a very special opportunity to serve your community. Visit www.centralokanaganfoundation.org
for more information.
4 THE OKANAGAN SUNDAY, MAY 13, 2012
A bit about Lionel
After completing his bachelor’s degree in social work, Lionel and his wife Helen moved to Kelowna in 1963 after he joined the B.C. Ministry of Social Welfare and was appointed district supervisor in Kelowna. As a social worker, he understood that
government couldn’t be relied upon to fill every gap and thus the need for a commu- nity-based organization that could help pro- vide a broad range of services. In 1977, Lionel and his friends Ish Holmes and Frank Williams established the COF with just $5,000, a contribution from then- Alderman Jake Peters. The original target was to encourage 10 families to contribute $5,000 each over a period of no more than five years.When the COF was established, it was the 13th community foundation in Canada and just the third in B.C. Lionel first served as director then exec-
utive secretary until he retired in 1998 and for hundreds of people in the community, he was the supportive advisor on every- thing from grant applications to establishing new funds. True to his spirit and dedication, Lionel missed just two meetings in 19 years. Along with his work with the COF, Lionel
contributed to the social fabric of the com- munity in many other ways.A former direc- tor and chair of the Central Okanagan United Way, a director of the Abbeyfield House, a director of the Kelowna Children's Fund and of Project Literacy, and a lifetime member of the Social Planning and Research Council of B.C., Lionel was also instrumental in establishing the first Foster Parent Association in B.C.
You can help the Okanagan Regional Library be the
keeps it all free for everyone in our community.
or visit your local branch for a “Support your ORL” brochure.
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