“We are very pleased as the new fund will allow us to expand our granting in the areas of recreation and preservation of the environment,” Squamish Community Foundation Chair Greg Gardner stated in a release.
The Valhalla Fund will receive ongoing quarterly contributions from Valhalla Pure Outfitters in an amount to be calculated as a percentage of total sales for each three-month period. All contributions will remain invested in the fund, with the interest and investment income being available for distribution to local organizations.
The Valhalla Fund will receive an initial investment of $14,000. That figure was arrived at by applying a percentage calculation to all Valhalla Pure Outfitters’ sales retroactive to their opening day in 1999. Based on current sales levels, the contribution for the current fiscal year will be nearly $3,000 for a total of just under $17,000 by the end of February 2006.
Murray Sovereign, the fund’s founder, said he chose to place the fund with the SCF because he has seen the power of community foundations first hand. Sovereign’s parents were involved with a very small community foundation in the Okanagan during its early years. That foundation now injects significant granting dollars into the community annually.
Since its launch in January 2004 the Squamish Community Foundation has granted more than $64,000 to local charitable projects. The foundation is dedicated to strengthening the community through innovative leadership, creative philanthropy and effective charitable endowments, with the ultimate goal of evoking positive change and enriching quality of life in Squamish.