<Feb27-09>

Media Release

Feb. 27 , 2009

Despite Economic Downturn, Community Foundation to Make Charitable Disbursements in 2009

(Ottawa) - The Community Foundation of Ottawa is pleased to announce that it will be making charitable disbursements of $2.7 million from its endowments this year. Those disbursements will be made by drawing solely on the interest and dividend income of the Foundation’s endowment fund. Having reviewed all regulations that apply, the Foundation has determined that it is in a position to legally grant in this manner – a first in its history.

While the Foundation is delighted to announce its ability to make charitable disbursements in 2009, the amount available is considerably less than in previous years as it must be spread across the range of total disbursements it normally makes. These include designations by donors, educational awards, distributions to organizations whose endowments are managed by the Foundation, etc.

The amount over which the Community Foundation has sole discretion is therefore not enough to reinstate the competitive grant-making program this year. The Foundation will, however, continue to encourage and support donors who wish to make flow-through gifts to respond to immediate community needs, and to advise the many donors who rely on its intimate knowledge of the community to help them best determine how to direct their charitable giving. With this in mind, the total amount distributed this year will, no doubt, surpass the $2.7 million.

Established in 1987, the Community Foundation of Ottawa is a public, non-profit organization created by and for the people of Ottawa. It connects donors who care with causes that matter and serves as a trusted resource for addressing issues and leveraging opportunities in the community. Since its inception, the Community Foundation has been enabling generous citizens to enhance the quality of life in their community and to achieve their own charitable objectives through permanent, well-managed endowments.

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