Smiles for Boys' and Girls'
By Joe Jimenez
In what has become a normal occurrence in London, the Ivey family has once again donated a large amount of money to another charitable organization.
The Richard and Jean Ivey Fund, set up by one of London's top philanthropic families, donated $500,000 to the London Community Foundation this week.
The money will be added to The Richard and Jean Ivey Memorial Fund which was set up 12 years ago by the London Community Foundation in commemoration of the 20th anniversary of the founding of The Richard and Jean Ivey Fund.
Terry Campbell, executive director of the London Community Foundation, said all donations are kept as capital. The memorial fund is an endowment, meaning the original gift is never spent and money is generated from interest on the donation.
The Richard and Jean Ivey Memorial Fund is one of the more than 90 different funds in the London Community Foundation, Campbell said. He added the foundation grants to all charitable areas such as the social service sector, health, environment, education and the arts. The initial $1 million the memorial fund started with has generated $600,000 which has been donated to charities.
Keith Sumner, secretary treasurer of the Richard and Jean Ivey Fund, said they chose to make the donation to the London Community Foundation because it helps a wide range of charities.
London's Memorial Boys' and Girls' club was one of the beneficiaries from the foundation. Campbell said $10,000 was given to the club for exercise equipment.
Jodi Guthrie, executive assistant at the Memorial Boys' and Girls' Club, said the donation helped furnish a newly enlarged gym at the club.
Other charitable groups benefiting from the London Community Foundation include the Cross-Cultural Arts Committee, London Multicultural Youth Association, Middlesex/London Health Unit and the Strathroy Community Resource Centre.
Sumner said the $500,000 comes from an investment portfolio which consists of marketable securities such as stocks and bonds and added the donation was one of its largest this year.