Doing Good is What the Fung Family Does Best
"We started an endowment fund to become better donors." - Xiaopu Fung
For Xiaopu and Joseph Fung, building a vibrant, inclusive community where they can raise their family is important. Not only is it a good social setting for their children to grow up in, but it’s an environment where everyone, regardless of who they are or where they came from, can thrive.
The Fung family knew they wanted to do more good for their community, so they began looking at what their philanthropic options were.
“We’ve made lump sum donations to individual organizations in the past, and all of them have had deep, personal meanings,” Xiaopu explains.
“However, as we started to think about the long-term impact of our donations, we realized how much we care about the shifting needs of our community.”
When they first learned about the Kitchener Waterloo Community Foundation, the Fung family quickly realized that endowment funds better enable individuals, companies, and organizations to support charities now, as well as in the future. The endowment provides a sustainable donation stream to charities. The KWCF is also able to address important community issues by collaborating with partners in the community on initiatives like Wellbeing Waterloo Region and allocating grants to organizations working within priority areas.
“We started an endowment fund to become better donors,” Xiaopu says. Starting a family fund with the KWCF was an easy decision. Joseph, co-founder and CEO of Kiite, knew immediately this was the right decision for his family.
“I, and many others locally in tech, care deeply about inclusivity and building sustainable companies,” he says. “But when I think about setting a strong basis for our long-term engagement in the community, it’s the Foundation that best embodies those two ideals: sustainability and inclusivity.”
Xiaopu and Joseph are both happy giving their time, talent and treasure back to their community. Their family fund is active, but Xiaopu alsosits on the Board of Directors for the Kitchener Waterloo Community Foundation. While donating money is important, she knows that giving time and knowledge is also vital for non-profits.
As for monetary donations, though, the Fungs emphasized that beginning to give early in your career is vital in order to foster a life-long philanthropic drive. According to them, even young professionals recently entering the workforce should be able to give back.
“Our advice would be to set an annual giving budget,” she says. “What number feels right? 5% of your income? 10% or 15%? Choose how many organizations to support, and then get started.”
If you are interested in setting up an endowment fund with the Kitchener Waterloo Community Foundation, or are interested in making a donation of any size to the Community Fund, please visit www.kwcf.ca/donate , and see how you can start doing more good today.
Click here to download and read KWCF's 2017 Annual Report.