The Glover Family Fund
When Steve Glover set out to create a community fund, he intended to do more than help people today—he wanted to create a legacy of giving that would support the community in perpetuity.
The Glover Family Fund was created in 2021 to benefit organizations and initiatives that support disadvantaged groups in the Bow Valley.
Banff Canmore Foundation spoke with Glover to get a better understanding of the impact, importance, and ease of creating a community foundation.
Why did you set out to create an endowment fund?
I liked the concept of a community foundation and the building of endowment funds, but the major distinction from other charities is that it builds up a source of permanent equity in a community.
That permanent equity generates income and can support causes in perpetuity, which appealed to me.
Can you share more about why the concept of perpetuity is so important to you?
The benefit of giving back over years and years was a lesson I learned from a very young age.
I grew up on a farm in eastern Ontario with an eight-acre field bordering our woods and creek properties. My dad decided to take out the fence to add about two acres.
It was a huge amount of work for us to remove the fence, some trees, stumps, and a lot of rocks. I said to my dad, “This is a whole lot of work just to get another 150 bushels of corn per year.”
“It's not just 150 bushels this year,” my dad said. “It's 150 bushels per year forever, Steve.”
That lesson I learned as a boy has stuck with me and that’s why endowments and perpetuity mean so much to me. It's a legacy like how farmers are thinking of more than just the next year but for their future generations. It’s a long-term perspective that both Patty and I share, probably because we both grew up in farm families.
What are some of the obstacles to creating an endowment fund for others that you’ve seen?
Families in the Bow Valley often don’t see themselves as wealthy enough to make meaningful contributions, but that’s not the case.
When I was eight years old, I went with my father and my brother to a barn raising. About 20 people from the local community were there and we were able to erect that barn in just one day.
I couldn't do much as a boy of eight, but my younger brother and I carried water and nails to the men so that they could stay focused on building that barn.
I say this because even though you might only be able to establish a modest family fund, you're part of a bigger community and everyone has something they can contribute.
Significant things can be accomplished when you're working with a committed group of people on behalf of a community.
That's the beauty of a community foundation: community means working together and the foundation gives you permanent equity endowments that provide future financing so you can take a long-term perspective and truly build those legacies.
Thinking about legacy, what kind of impact do you hope giving has on your family?
The point of wealth is to be shared—I hope our son understands that there's an obligation to share with the community when you've been privileged to grow up in a society like Canada.
I'm just so pleased that we're able to provide this support and show that, although it's a small contribution, it can really make a difference over time for the larger community.
Endowment funds are quite nuanced and can appear complex or intimidating to some. What might you say to someone considering a family fund of their own?
First, you have to be on board with supporting your community for generations and make a significant contribution that builds a legacy—not just one-time support.
After that, the technical side is looked after by the foundation. Everything is effortless for the donor and totally transparent.
You can rely on the board and the staff of the foundation to make sure that the funds meet the criteria of the donor, Canada Revenue Agency, and good financial investment management.
I’ve been a member of the board previously, so I'm very comfortable with the process. We have an excellent board, staff, a first-rate investment manager and other excellent advisors.
It’s a one-stop shop to share your wealth and the benefits that you enjoy in society by leaving something for permanent use in the local community.
About Banff Canmore Foundation
Banff Canmore Foundation works with hundreds of donors to activate community potential, enhance the quality of life and create belonging for all in the Bow Valley. Learn more about how you can make an impact in your community through BCF.
