Upcoming SGM regarding Vacant Land/Charitable Foundation

Last fall, members were excited to learn about a proposal to sell the Board’s Vacant Land (located behind the Board office) and use the proceeds to fund a Fraser Valley REALTORS® Charitable Foundation. Now, it’s time to take it to a formal vote.

On September 26, 2016, members will be asked whether they support the Board of Directors’ recommendation to go forward with that plan. There will be registration and a continental breakfast available at 8 am and the meeting at 9 am. RSVP through your office. At this Special General Meeting, we’ll review the proposal, answer any questions, and ask you to vote. The proposal requires at least 50% support.

If the recommendation is approved by members, the land will be transferred into a Charitable Foundation until it is sold. Once sold, the proceeds will be invested and the interest earned will fund charitable donations with the intention of strengthening Fraser Valley communities and enhancing the public image of Fraser Valley REALTORS®.

What’s been happening over the last few months? Since nothing could be done with the land until there was a Charitable Foundation established into which the Board could transfer the land or the proceeds, we’ve been working with legal and tax advisors to accomplish that.

Officially called the Fraser Valley REALTORS® Charitable Foundation, we have the Foundation’s Constitution and By-laws completed, a governance structure established, and we are registered in BC. Now, our application is with Canada Revenue Agency (CRA) to attain charitable status for our new foundation.

Leading up to the Special General Meeting and vote, we’ll provide specific details on the proposal and why the Board of Directors believes it makes sense. If you have any questions or would like a presentation at your office, please email us at communications@fvreb.bc.ca.

This is our land, and our opportunity to give back to our communities now and into the future.