Executive Director's Report:
Drawing Strength from Community Partnerships

by Tim Pringle

Three quarters of the Foundation's human resources are devoted to the grants program. Governors and staff work together to encourage applications for solid initiatives that will improve the well-being of local communities. Since the Foundation's mandate is to deal with land use-related concerns, all applications are evaluated in this context and by their practical and humanitarian merits--a process that demands integrity from the Governors, staff, and applicants.

There is satisfaction in reviewing the results. During 1999 there were 129 applications, 79 grants and $2.4 million awarded. Since the launching of the grants program in late 1987, about $20 million has been granted to BC communities. Last year, projects were undertaken in Okanagan Falls, Smithers, Quadra Island, Nelson, Kelowna, Port Moody, Comox Valley, Vancouver, Kamloops, and many other locales.

As Foundation staff monitors the progress of the projects that have been funded, the hard work and diligence of our community partners frequently impresses us. Their ideas, methods and results become good case studies to be shared in the future. Lessons learned help the Foundation to be more incisive when considering proposals. We are better equipped to confer with potential applicants.

Frequently the Foundation takes on a pivotal funding role. Our grant of $100,000 to the Peachland Senior Citizens' Housing Society provided the balance of equity that enabled them to secure conventional mortgage financing and a lower mortgage insurance rate. Other grant-making agencies often consider the fact that the Real Estate Foundation has reviewed a project and committed funding to be a very positive indicator. We are motivated to improve our work by the confidence placed in us by the community.

The money that fuels this diverse activity comes to the Foundation from the interest that accrues on "unassigned" trust deposits held by real estate agents throughout British Columbia. In 1999 these accounts generated $1.7 million for the Foundation. An additional $1.2 million came from investments. Before the Foundation was established by an amendment of the Real Estate Act in 1985, this income went to the financial institutions as a windfall. Since then, the Foundation's total income has been $33.3 million.

Thanks to the vision of real estate industry leaders, the Real Estate Foundation exists today as a widely accessible resource that communities can turn to for assistance with non-profit solutions to many land use-related concerns. Over the next few years, we expect to grant about $2.5 million annually to help our community partners achieve their goals.