Prior to the establishment of a Prescribed Private Fund, we recommend that families meet to discuss their charitable objectives. All family members do not necessarily need to agree on a single charitable beneficiary, but a consensus on broad themes or objectives should be reached.

It is often thought that the establishment of the Fund and the successful investment of its assets are the hard work, but much effort must also be put into the administration of the philanthropic program.  Administration issues requiring consideration include:

• The desirable level of publicity, given the objectives of the Fund
• The charities to benefit
• The process for the acceptance, evaluation and approval of grant applications
• Ensuring all taxation issues are addressed
• Record keeping