Sometime in about 1984 or 1985, Mr. R. Louis Irwin of nearby Ramsay Township came into my office to discuss some thoughts he had about our local library (probably shortly on the heels of the library having moved from its rather unimpressive digs in the basement of the Town Hall to its new building near the Royal Bank, on the site of what had once been the train station). Louis was concerned that the library was having trouble maintaining itself, its staff and resources, and I recall that he particularly disliked the possibility that the library should have to grovel for government funding. He saw no reason why we could not create some vehicle of financial resource which would become self-supporting and self-generating. This was the beginning of what was to become the Elizabeth Kelly Library Foundation. I might add that I had had little to do with the considerable efforts of the many citizens of Almonte who orchestrated the raising of money to build the new library building. But it seemed that, that task accomplished, people were burnt out by the idea of anything to do with the library, and the matter of its maintenance costs had apparently slipped into obscurity.
Louis engaged my services as a lawyer to prepare the constitution of the foundation; and, we agreed to call upon the assistance of Robert C. Wilson, C.A. for accounting advice. The three of us were to become the founding trustees of the foundation, but it was clear that the motivation behind the whole affair came from Louis. However, Louis, like so many thinkers, had ideas which were a bit beyond the scope and comprehension of the average mind. So it was that at our first meeting called at the library to present the idea of the foundation to the public, Louis got a bit ahead of himself (and his listeners) when he disclosed his vision for the foundation as including not only benefit to the library, but even to such other institutions as the Children's Hospital of Eastern Ontario. This reference almost derailed the process, because its apparent lack of connection with the immediate needs of the library threatened to alienate those who might otherwise have an interest in the foundation. What Louis meant, of course, was that we could, if we wanted, create a money vehicle which could be used to benefit any number of local public institutions. But, for the time being, I tried to return the focus of the foundation to that of the local library only.
The Foundation annual meeting last Friday night went well, although there couldn't have been more than a dozen people there, including Bill Barrie (recently retired Chairman of the Library Board), Dorothy Finner (Council's representative on the Board, and the newest member), Stephen Handfield-Jones (Honourary Board member of the Foundation), Joe Banks (Editor of The Almonte Gazette), Winston MacIntosh (interested party), Joan Rivington (ditto), Lou Irwin and Bob Wilson (my co-Trustees), Madeleine Moir (who is the only person at the moment who is helping with fund-raising for the Foundation). So that, with myself, make a total of ten people. But, Bill Barrie, to whom the $2,000 donation from the Foundation was presented, gave an excellent “speech” about the value of the Foundation to the Library Board, and he certainly gave the meeting that special tone.
After the meeting, which only lasted about an hour, Bob Wilson and Lou Irwin came to the house for some refreshment, and I didn't throw Irwin out until almost one o'clock. We both let our hair down and had a good exchange of gossip, not to mention patting ourselves on the back for having completed what appears to be a successful year for the Foundation. March 18, 1986.
Louis engaged my services as a lawyer to prepare the constitution of the foundation; and, we agreed to call upon the assistance of Robert C. Wilson, C.A. for accounting advice. The three of us were to become the founding trustees of the foundation, but it was clear that the motivation behind the whole affair came from Louis. However, Louis, like so many thinkers, had ideas which were a bit beyond the scope and comprehension of the average mind. So it was that at our first meeting called at the library to present the idea of the foundation to the public, Louis got a bit ahead of himself (and his listeners) when he disclosed his vision for the foundation as including not only benefit to the library, but even to such other institutions as the Children's Hospital of Eastern Ontario. This reference almost derailed the process, because its apparent lack of connection with the immediate needs of the library threatened to alienate those who might otherwise have an interest in the foundation. What Louis meant, of course, was that we could, if we wanted, create a money vehicle which could be used to benefit any number of local public institutions. But, for the time being, I tried to return the focus of the foundation to that of the local library only.
The Foundation annual meeting last Friday night went well, although there couldn't have been more than a dozen people there, including Bill Barrie (recently retired Chairman of the Library Board), Dorothy Finner (Council's representative on the Board, and the newest member), Stephen Handfield-Jones (Honourary Board member of the Foundation), Joe Banks (Editor of The Almonte Gazette), Winston MacIntosh (interested party), Joan Rivington (ditto), Lou Irwin and Bob Wilson (my co-Trustees), Madeleine Moir (who is the only person at the moment who is helping with fund-raising for the Foundation). So that, with myself, make a total of ten people. But, Bill Barrie, to whom the $2,000 donation from the Foundation was presented, gave an excellent “speech” about the value of the Foundation to the Library Board, and he certainly gave the meeting that special tone.
After the meeting, which only lasted about an hour, Bob Wilson and Lou Irwin came to the house for some refreshment, and I didn't throw Irwin out until almost one o'clock. We both let our hair down and had a good exchange of gossip, not to mention patting ourselves on the back for having completed what appears to be a successful year for the Foundation. March 18, 1986.
The Foundation, assisted in no small part by the financial resources and guidance of Louis, has gone on to become a significant part of the library. I left the Board of Trustees a number of years ago, but I know that it continues to do well. What is of equal, if not in fact more, importance to me about the Foundation is the concept behind it, developed by Louis. Louis had the ability to view the world of finance in a most unusual and refreshing way. For example, he once told me that his recent readings of newspapers and other resources had led him to understand that there was to be a huge influx of women from the countryside in China to the cities. Louis saw this as an opportunity to invest in hair products manufactured in North America (something like Vidal Sassoon, let us say), since he reasoned that women, when they arrive in the cities, will want to look good. This type of thinking almost makes the financial world uninteresting, because it demystifies the investment process. But I believe he applied similar reasoning to many other investments, and I understand with considerable success. Likewise, the concepts behind the Foundation (private, self-generating wealth, assisting a public and worthy organization) were prompted not only by his sense of challenge and personal ability, but reaffirmed the spirit of local entrepreneurs, who could do things without depending upon government. While there are a number of registered charities in Almonte (The Hub, Mississippi Textile Museum, to name but two), to my knowledge the only other foundation is Dr. James Naismith Basketball Foundation. The distinguishing feature of a foundation (which is also a registered organization entitled to issue tax deductible receipts) is that it (unlike a mere charity, which must spend 80% of its receipts annually on its charitable objects) is entitled to accumulate capital for up to ten years, before it must begin spending the capital it acquired ten years previously. The accumulation of capital (within the context of a tax-free haven) is of course not something the government favours, but this special exemption exists for those organizations which qualify as a foundation. I believe on good report the Foundation may currently have something approaching $145,000 or more in investments, the interest from which is partly paid to the library annually or reinvested. This is no small complement to Louis or the Town of Almonte.
Met with Louis Irwin this evening around eight o'clock at my house. We chatted briefly about his daily undertakings, etc., then got down to work about some fund raisingfortheFoundation. WehaveconcludedbydecidingtoproposetotheLibrary Board that a “Library Week” be run, with advertisements and an Editorial in theAlmonte Gazette; and, that a “blitz” of the Town be conducted by volunteers for donations. Our progress is modest, but I think it is in keeping with the general steady pace of the effort. One day, I hope to be sitting here, writing about the wealth that we have amassed, but I am in no hurry. This is one of those things that I enjoy doing, and I don't want it to become so much of a pressure that all the fun goes out of it. August 26, 1986.
The Foundation is coincidentally getting busier than ever. And thanks to Louis Irwin, our investment policy is turning out to be dead-on (in view of the market crash last week - “Black Monday”). We have all our money in TDRs and GICs, and we have reported as much to the Donors just this past week (another nice coincidence). October 25, 1987.
Met with Louis Irwin this evening around eight o'clock at my house. We chatted briefly about his daily undertakings, etc., then got down to work about some fund raisingfortheFoundation. WehaveconcludedbydecidingtoproposetotheLibrary Board that a “Library Week” be run, with advertisements and an Editorial in theAlmonte Gazette; and, that a “blitz” of the Town be conducted by volunteers for donations. Our progress is modest, but I think it is in keeping with the general steady pace of the effort. One day, I hope to be sitting here, writing about the wealth that we have amassed, but I am in no hurry. This is one of those things that I enjoy doing, and I don't want it to become so much of a pressure that all the fun goes out of it. August 26, 1986.
The Foundation is coincidentally getting busier than ever. And thanks to Louis Irwin, our investment policy is turning out to be dead-on (in view of the market crash last week - “Black Monday”). We have all our money in TDRs and GICs, and we have reported as much to the Donors just this past week (another nice coincidence). October 25, 1987.
There was a fund raising concert for the Foundation last week, organized by the “Friends of the Library”. Great success. We got some special press about the Foundation in the Gazette this week as well. November 15, 1987.
No comments:
Post a Comment