MONTRÉAL, March 8, 2017 /CNW/ - The Foundation of Greater Montréal (FGM) received $58.8 million in gifts during 2016, bringing its net assets to $248 million. Moreover, the FGM's investment fund posted a return of 8.5% — markedly superior to its reference portfolio set at 6.1%.
"Donations in the order of $58.8 million constitute an impressive sum, and our performance this past year is by the far the best since the Foundation's creation in 1999," underlines Yvan Gauthier, President and CEO of the FGM. "Thanks to all of our donors, the Foundation has become the management platform of more than 500 citizen and organizational philanthropic funds. By promoting asset growth, we are able to engage even more actively in the community — be it in the area of culture, the environment, health, education, or in social development. In fact, community foundations are currently flourishing in an unprecedented fashion across Canada."
An Investment Fund with an Average Weighted Return of 8.5%
At 8.5%, the FGM investment fund's rate of return exceeded that of its reference portfolio by 2.4% in 2016. Over the course of the past five years, the fund's annualized return totalled 9.1%.
This return is attributable primarily to the strong performance of Canadian and international stocks in 2016.
During the past five years, the Foundation of Greater Montréal's assets under management increased significantly, from $115 million in 2012 to $248 million in 2016. For their part, the number of philanthropic funds and foundations grew from 349 to 509.
About the Foundation of Greater Montréal
The Foundation of Greater Montréal (FGM) is dedicated to promoting the well-being of the Greater Montréal community. To that end, it has created and assures the sound management of a number of philanthropic funds, distributing the revenues generated in support of charitable organizations working in the health, social development, arts and culture, educational and environmental sectors. Since its creation in 1999, the Foundation of Greater Montréal has distributed more than $M28 in subventions to more than 1,000 charities in the Greater Montréal area operating in all sectors of society. The FGM is a member of the 191 community foundations network in Canada, which are present on 84 % of the Canadian territory.
SOURCE Foundation of Greater Montreal
For further information: Julie Paquet, Director of Communications, Foundation of Greater Montréal, 514 866-0808, ext. 109, Julie.Paquet@fgmtl.org