While the Real Estate Foundation’s income is still recovering after the last major economic downturn, our staff and Board were more active than ever during 2010.
The Board of Governors approved 67 grants totalling nearly $1.8 million last year. With a focus on projects that demonstrate leadership and innovation, collaboration and scalability, and which provide an ongoing resource for the community, the Foundation provided grants from $2,000 to over $200,000 to support sustainable and responsible land use and real estate practices. As our income grows, the Foundation will be able to increase its grants budget once again.
Because of our contact with many organizations across the province, the Real Estate Foundation has opportunities to connect people and organizations, providing human and financial support to facilitate new alliances and synergies among groups with similar aims; by working together, we will all achieve our goals more efficiently and effectively. In 2010 our Leading Learning, Aligning Resources approach generated a few new initiatives:
I am enthusiastic about the year ahead, working with the other Governors and Jack Wong, our new CEO, to advance the Foundation’s work even further throughout the province.
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The Real Estate Foundation was able to adjust its operations to absorb the impact of changes in its investment portfolio and real estate market activity. At year end, the Foundation has maintained its net asset balance at the same level as the previous year.
Low bond yields continued to dominate financial markets, with most bond yields moving lower and going below levels reached in the depths of the 2008/2009 credit crisis.
Global equity markets faltered during the summer with the European debt crisis remaining at the forefront of investors’ concerns.
Over the next year, rate of return from stocks is expected to outperform cash and bonds.
During 2010 there were 67 grants awarded, totaling over $1.77 million. These grants represent the Foundation’s core mandate (as stipulated in BC’s Real Estate Services Act) to support real estate public and professional education, research, law reform, and other real estate related activities intended for the public or professional good.
Real Estate Foundation staff members continued their efforts to encourage collaboration amongst groups to maximize project goals, and thus contribute even more effectively to a larger enterprise: responsibly stewarding land and real estate resources in communities across BC.
Last year marked a departure from capital housing projects as a major area of funding and a renewed focus on building and sharing knowledge for responsible land planning, management, and development which respects ecosystems and builds quality of life in BC. The emphasis on research and education is a direct reflection of the Foundation’s legislated mandate. The emphasis on education included continued funding for professional development within the real estate industry—an important part of supporting responsible real estate practices within the province.
As well as its emphasis on “leading learning” and “aligning resources” in the grants program, the Foundation has likewise emphasized the importance of communications initiatives for public and professional education and outreach. In particular, the Foundation successfully implemented the following projects, pursuant to objectives identified in the 2009/2010 Strategic Plan:
In November the Real Estate Foundation presented the inaugural Land Awards Gala at the Four Seasons Hotel in Vancouver.
The evening was dedicated to individuals and organizations from the private, public, and non-profit sectors that share the Foundation’s commitment to sustainable use and conservation of land in British Columbia.
Three Land Awards were given to organizations that have spearheaded initiatives demonstrating leadership, innovation, and collaboration; the awards highlighted dynamic, forward-thinking individuals and organizations.
The evening also featured the visionary environmental business leader and advocate Robert F. Kennedy, Jr. who presented the keynote address.
Proceeds from the Land Awards Gala were committed to the establishment of the Real Estate Foundation’s BC Water Sustainability Endowment Fund in support of non-profit initiatives related to water stewardship. Over $39,000 was raised from the event to initiate the endowment fund.
The Foundation’s Investment Policy Statement, Comprehensive Policy Statement and Bylaws were reviewed and updated in 2010 for clarity and administrative purposes.
Although I am writing this report, the achievements described just above are the accomplishments of my immediate predecessor, Karin Kirkpatrick.
I want to take this opportunity to thank both of the Foundation’s former CEOs, Karin Kirkpatrick and Tim Pringle, for allowing me to stand on their shoulders and lead a talented staff. I am indebted to them for the visionary leadership they provided to this organization and I am excited to carry the torch onwards.
Also, I am grateful and appreciative of the commitment and diligence of the Board of Governors, to whom I give my thanks for their ongoing support and understanding.
Last but not least, I want to thank a special team of individuals for giving me the privilege to work alongside them as they persistently find ways to promote the good work that BC non-profits undertake for the benefit of our province.
The messages from the Chair and CEO are published in the 2010 annual report [1].
Links:
[1] http://69.89.31.205/~refbccom/userfiles/REFBC_2010AnnualReport.pdf