OVERVIEW

1. What is the Legacy Endowment Fund (L.E.F.)?
The Legacy Endowment Fund is a voluntary fund established to support the long-term future of Dunany Country Club.
Contributions to the L.E.F. are invested and managed separately from the Club's annual operations, creating a lasting source of support for future capital projects and improvements.
The L.E.F. provides members with an opportunity to help preserve and strengthen the Club for future generations.

2. Is the L.E.F. the same as the Capital Reserve Fund (CRF)?
No.
The Capital Reserve Fund is funded through a mandatory annual contribution, paid alongside member dues, which helps address ongoing capital requirements.
The Legacy Endowment Fund is entirely voluntary. It is intended to grow over time through member contributions and investment returns, with strict guidelines governing how it may be used.

GOVERNANCE & OVERSIGHT

3. Who oversees the L.E.F.?
The L.E.F. is managed by a volunteer committee of Club members appointed through the governance process established in the DCC Bylaw 17.
Committee members are selected based on their experience, judgment, and commitment to the best interests of the Club.

The committee is currently comprised of Treasurer Patricia Mannard, Vice-President Rob Havill, and Regular member Neil Hindle.

4. What kind of expertise will the committee have?
Members with backgrounds in finance, accounting, law, governance, business, or related fields will be nominated to stand for election to this committee.
The goal is to ensure the Fund benefits from sound stewardship and prudent decision-making.

5. How will the committee be accountable to members?
Transparency and accountability are fundamental principles of the L.E.F.
The committee will report regularly to the Board and provide annual updates to the membership regarding the Fund's growth, performance, and activities.

6. Can the terms of the L.E.F. be changed in the future?
Any significant changes would require a formal governance process, including Board review and approval by the membership at an Annual General Meeting.

FINANCIAL MANAGEMENT

7. How will the L.E.F. be invested?
The Fund will be invested conservatively, with a focus on preserving capital, achieving long-term growth, and generating sustainable returns.

8. Is there a minimum or maximum contribution?
No. Members may contribute any amount they feel is appropriate and meaningful to them.

9. Will the Club spend the principal or only the investment income?
The goal of the fund is to preserve the principal. Only investment income or a limited portion of the Fund's value may be used, in accordance with the governing bylaw and with Board approval.

10. What safeguards are in place to protect the Fund?
The L.E.F. is governed by a dedicated bylaw that establishes clear rules regarding oversight, investments, expenditures, and reporting.

11. How do we ensure the L.E.F. remains focused on its intended purpose?
The Fund's purpose is clearly defined in Bylaw 17, and is intended to support long-term strategic and capital needs rather than routine operating expenses.

LEGAL & COMPLIANCE

12. Is it appropriate for a non-profit club to establish an endowment fund?
Yes. Many non-profit and member-based organizations establish endowment funds to help ensure long-term sustainability and financial stability.

13. Will the L.E.F. affect the Club's non-profit status?
No. The L.E.F. is designed to support the Club's mission and long-term objectives while operating within the Club's existing nonprofit framework.

14. What legal and financial requirements will apply?
The Club will continue to follow all applicable legal, financial, and governance requirements and will seek professional advice when appropriate.

MEMBER CONTRIBUTIONS & PRIVACY

15. Can contributions be made anonymously?
Yes. The Club will respect the wishes of any member who prefers to keep their contribution private.

16. Will donors be recognized if they wish?
Members who wish to be recognized may be acknowledged in an appropriate and respectful manner, in consultation with the committee and the Board.

17. Is there a risk of creating a culture based on who contributes?
No. The L.E.F. is intended to be an opportunity, not an expectation. Dunany has always benefited from many forms of contribution, including volunteerism, leadership, mentorship, and community involvement.

TAX CONSIDERATIONS

18. Why can't the Club issue charitable tax receipts?

Dunany Country Club is a nonprofit organization, but it is not a registered charity under Canadian tax law.

While both nonprofits and charities serve important community purposes, only registered charities are permitted to issue charitable tax receipts for donations.

As a result, contributions to the Legacy Endowment Fund are not eligible for charitable tax receipts.

The L.E.F. is intended for members who wish to support the long-term future of the Club and its facilities as part of their personal legacy, rather than for tax-related reasons.

Members with questions about the tax implications of a contribution or estate gift should consult their accountant, lawyer, notary, or financial advisor.

CLUB CULTURE & PURPOSE

19. Why establish the L.E.F. now?
The L.E.F. reflects a desire to plan thoughtfully for the future and ensure that future generations enjoy the same Club that members value today.

20. Will this create divisions between members who contribute and those who do not?
No. Participation is entirely voluntary and personal. Every member contributes to the life of the Club in different ways, and all forms of contribution are valued.

21. Is the L.E.F. consistent with the culture and traditions of Dunany?
Absolutely. For generations, members have invested their time, energy, leadership, and resources into making Dunany a special place.

22. What kinds of projects could the L.E.F. support?
Potential uses could include course improvements, infrastructure projects, equipment purchases, major capital improvements, and other long-term investments that benefit the Club.


LEGACY & ESTATE GIVING

23. Can I include the Club in my will or estate plans?
Yes. Some members may choose to support the Club through an estate gift as part of their long-term legacy.

24. Will the Club help with that process?
While the Club cannot provide legal or financial advice, we can provide basic information that members may share with their lawyer, notary, accountant, or financial advisor.

25. Can I direct my gift toward a specific project?
The strength of an endowment fund is that it provides ongoing support for the Club's future needs. Members interested in discussing a special-purpose gift are encouraged to speak with the L.E.F. Committee.

26. Will there be recognition for estate gifts?
The Club may establish an appropriate and optional form of recognition for members who choose to support the L.E.F. through significant gifts or estate commitments. Feel free to contact the committee to discuss further.

GOVERNANCE IN THE EVENT OF DISSOLUTION

27. What would happen to the L.E.F. if the Club were ever dissolved?
The governing bylaw provides that, in the unlikely event of the Club's dissolution, the assets of the Legacy Endowment Fund would not be distributed to members.

This is an important principle of the Fund. Contributions to the L.E.F. are made in the spirit of community-building, stewardship, and legacy, not for the benefit or enrichment of current or future members.

Under the governing bylaw, the assets of the L.E.F. would instead be directed to a community-focused initiative. This could include the Municipality of Wentworth in support of a community legacy initiative, or another suitable community organization or project as determined by the membership at that time.

This provision helps ensure that every contribution to the L.E.F. remains true to its original purpose: to create something lasting, to give back to the broader community, and to honour the generosity of the members who chose to support the Fund.