Giving Well FAQ’s
Who is the Cortes Island Community Foundation?
Cortes Island Community Foundation (“CICF”) is a registered non-profit who works to support a community thriving in respectful relationship with our natural home by: supporting and enhancing the wide variety of initiatives on the island that help maintain a vibrant and vital community through assessing and understanding the needs and opportunities of Cortes Island and the community through research, listening projects, assessment programs, and relationship building and engaging divergent interests, encouraging cooperation and collaboration to move projects forward, enhance community connectivity, and engage individually and collectively in the work of reconciliation.
What is the Giving Well?
The Giving Well is a one-year experiment for the Cortes Island Community Foundation to engage in a in low-barrier, direct giving program. These gifts work as one-time, cash gifts to individuals. They never have to be paid back. We do not need receipts of how the cash was spent. There are no strings attached. The amount is particularly chosen so that it doesn’t have to appear on your taxes and is therefore considered a gift.
Why is CICF doing this?
We believe that listening into the deep needs of our community creates a healthier more vibrant ecosystem of care. Care that is the fabric that creates resilience, understanding and more connection. In this case, that may mean an infusion of a little extra cash at just the right time. This program is looking to support individuals and families in acute financial need.
Is this only for Cortes Island?
Yes, this initiative is a pilot through the Cortes Island Community Foundation just for residents of Cortes Island.
How are you choosing members of the community to receive funding?
Community members can apply to the Giving well program by filling out a short form. Applications will be carefully reviewed, and recipients will be selected based on their income and direct needs.
Will I get taxed on this as a recipient?
No. This is treated as a gift for federal income tax purposes and is not taxable to you. You should have no tax or legal liabilities in being a recipient. Of course, if you have any special circumstances that cause you any doubts, you should consult with a tax professional. You will receive between $5,000-10,000K CAD based on personal context and need.
Does it matter whether they are American, Canadian, or both?
No. The funds are not taxable regardless of citizenship.
Do I need to keep receipts or proof of how the gift is spent?
This initiative is about trust. If we have provided you with a gift we trust your intuition to spend as needed. In some circumstances, you may be asked to confirm the initial receipt of the gift. Above that, all we ask is that if you come across a key learning and / inspiring story you share it with us. You can do this through the form of a quote, photo, video or however you are inspired. If you prefer to stay quiet, that is absolutely okay too.
How do I receive the funding?
If your application is chosen, funding will be sent via e-transfer or a direct wire to your banking institution. If you do not have a bank account to receive funding, we can explore different pathways to gift you the funds. We have a team of highly trusted community cultivators engaged to help with this process and the Community Foundation EA, Bella, is available to support as needed.