Estates
For many people who make donations to post-secondary institutions, it’s because they are alumni, hold a strong belief in the school’s mission, or have another personal connection to the school.
But for Bob and Carollyne Collier, it started with mushrooms.
The couple was attending a conference at Olds College in 2017 where they came across a student in the brewmaster program who had discovered a way to use waste barley in producing gourmet mushrooms.
“This young man Alex did a presentation on growing mushrooms,” says Carollyne. "Olds College used to hire someone to haul away the mash left from the brewing of the beer, so he was able to get it all at no cost. This was a win-win for both Olds College and Alex. We were truly impressed."
In fact, the Colliers were so impressed they decided on their way home from the presentation to make a gift to the college that would continue to benefit innovative students like Alex for years to come.
“I had said to Bob, you know, we should consider making some kind of a donation to Olds College so that they can give out awards to help these young people who are thinking forward and utilizing their thinking skills to make everything better.”
And so the couple established the Bob Collier Award with a pledge of $300,000 over 10 years in support of student innovation and entrepreneurship at Olds College. But because they planned to make recurring donations to Olds College and a number of other charities in the years to come, their financial advisor at ATB Wealth suggested they set up a donor advised fund to support their philanthropic goals.
A donor advised fund (DAF) is a charitable gifting plan that provides the donor with immediate tax savings and the opportunity to disburse funds to their chosen charities over time, making a bigger impact by ensuring a legacy of philanthropy well into the future.
“This was a way that they could have an ongoing effect on these places forever,” says the Colliers’ senior financial advisor Paula Bodnar. “It's not just a ‘one and done.’ It's a legacy gift. That's what I really wanted for them. They've done so much for their communities and they should be remembered for that legacy gifting over however many years and generations that it lasts for.”
The Colliers say the creation of their donor advised fund and ongoing management of it wouldn’t have happened without their trusted partners at ATB Wealth, including Paula and their investment counsellor, Daniel Spencer.
“We feel the leadership by our investment team, led by Daniel, has carried us through this process. The ordinary person would not have the knowledge required. You need a professional like Daniel and his team to make all of this possible,” says Carollyne.
Having a donor advised fund with ATB Wealth has helped Bob and Carollyne Collier make the most of their charitable giving.
At 97 and 81, Bob and Carollyne continue to be passionate philanthropists. Beyond their initial pledge to Olds College, another $2 million was disbursed from their DAF in 2022 to the College’s Werklund School of Agriculture Technology. The Colliers’ impact goes beyond Olds College to other registered charities including: Alberta Children’s Hospital, Alzheimer Society of Canada, Balzac United Church, Castor Pastoral Charge, Chestermere Regional Community Association, Chestermere Regional Food Bank Foundation, LCC International University Fund Inc. and Operation Eyesight Canada.
“I think everyone, within your heart, has favorite charities that you can support. It can be a community association, cancer research, children's hospital or universities,” says Carollyne. "We chose charities focused on education and humanities to enable people to provide themselves with deeper knowledge and living skills."
Having a donor advised fund has also helped the Colliers with their tax planning. “It’s worked from a tax perspective, but it also accomplished the goal of what these organizations are trying to do,” says Carollyne. “And I feel good that Bob's able to leave a legacy and that his hard-earned cash hasn't just been thrown away. It was very important to me that that happened.”
Each year, the Colliers are reminded of their impact when they visit with award recipients at Old College and learn about their projects. Alex Villeneuve, the student who first inspired them to create a DAF, eventually turned his mushroom idea into a thriving business, Ceres Solutions.
"It is with deep gratitude to our team for all the support and guidance they have given, to walk us through the donor advised process,” says Carollyne. “And for us to know that we have contributed to many charities, we appreciate the beautiful response from the recipients."
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