Specific characteristics of a foundation
The Hull-Volant Foundation of the Outaouais inc.is a NFPO ( Not-for-Profit Organization) as is the Hull-Volant Athletic and Sport Association Inc., but with one major difference, that ii also qualifies to issue charitable donations receipts.
The foundation must be a separate entity from the Association, i.e: have a distinct mission and restrict its activities to those defined in its charter.
Lack of compliance to this strict regulation could mean the loss of qualifying as a charitable organization (CO).
To legally qualify as a CO, the foundation must submit admissible objects as per the Canadian Law and accepted by Canada Revenue Agency.
The objects, discussed and agreed to, are:
Purpose and Objects of the FONDATION HULL-VOLANT DE L'OUTAOUAIS Inc.
- Contribute to the well-being and the development of the full potential of the young of the outaouais region, namely those who live in a risky environment ( poverty, alcohol, drugs, violence, etc,)
- Jointly with the City of Gatineau, contribute to the improvement of equipments on various playgrounds and parks within the municipality, particular attention being given to needing areas of vieux-Hull.
- Receive donations, legacies, and other such contributions in cash, securities or immovables, manage such donations, legacies and contributions; organize subscription campaigns to raise funds for charities.
- The objects do not allow donators or their assigns to recuperate in any form monies that will have been deposited with the artificial person.
In everyone's opinion, the setting up of the Foundation allows to benefit from the fame of Hull-Volant to improve and promote the mission of the Association while continuing its reputation in the Outaouais.
On the occasion of its 75th anniversary, the creation of the Hull-Volant Foundation herewith recognizes the real impact made on past generations by the Hull-Volant Association. It is a true and permanent legacy to the present generation and those to come.
As a result, members present at the second reunion of the Steering Committee, agree to the legitimacy of this enterprise and recommend that the Organizing Committee of the 75th Anniversary Celebrations submits its project of the creation of the Hull-Volant Foundation of the Outaouais Inc. to the formal approval of the Board of Directors of the Hull-Volant Association.