Port Moody Foundation receives largest single donation in 35-year history

A $500,000 gift to the Port Moody Foundation (PMF) marks the single largest donation in the organizatin’s 35-year history.

The “transformative” contribution from the Port Moody Seniors Housing Society (PMSHS) is so significant, the organization will be able to triple its annual grants to local non-profits, according to Robert Simons, president of the PMF.

“There’s always a greater demand than supply in the non-profit sector,” Simons said. “For us, as a very small foundation working within Port Moody, it changes the capability of work we do in the community.”

As a philanthropic organization, the PMF’s endowment programs are funded through its investment portfolio, which has been built up by donations dating back to its founding in 1989. Annual earnings are then distributed every year to local non-profits either based in or active in Port Moody.

While annual community donations to the PMF can vary, Simons said it is “not a significant amount,” typically bringing in around $35,000.

He said the PMF has averaged about 10 grants to local non-profits over the last number of years, only around half the applicants who apply to its annual grant program. Applications go through a vetting process, and grants are awarded to organizations directly servicing the community, such as those offering art, heritage or social betterment programs.

Simons said the grant program had a significant impact during the COVID-19 pandemic, allowing many charitable organizations to continue to operate.

He said the PMF was aware that a major donation was incoming, but the amount PMSHS gave was “certainly unexpected.”

The PMF will now be able to either deliver larger grants, or deepen the pool of organizations that receive grants, Simons said.

“That may not be equal to three times as many grants . . . but the grant values might increase beyond what they typically have been in the past,” he said.

The growth of the PMF’s investment portfolio means the donation will have a “lasting legacy,” Simons said. 

He added it is likely the PMF will see more applications coming in the future, because recent federal regulation changes have expanded eligibility of who can apply.

“This is going to help to hopefully deal with the surplus of demand, beyond what we’ve been able to supply previously,” Simons said. “We are more than thankful to the PMSHS for the contribution they just provided us, and what we can do for the community over the next many, many, many years.”