The CPS Foundation is a charitable Corporation established in 1975, and is a separate entity from CPS-ECP. Initially the CPS Foundation was formed by members appointed by CPS-ECP. All members of the Foundation are also CPS-ECP Members. Today the Foundation is a strong, well-established, successful organization, controlled by five Directors elected by Foundation Members at its Annual General Meeting.
The objective of the Foundation is: "to provide funding for training and study courses and facilities in the field of boating, seamanship, piloting, navigation and safe handling of boats of all kind, and to extend support to the activities of Canadian Power and Sail Squadrons" In other words, to grow its fund to strengthen and guarantee the mission of Canadian Power and Sail Squadrons. Since its inception, the starting capital of $16,000 has grown significantly - all the while gifting monies earned to CPS-ECP.
The Charities Directorate decrees the separation between the Foundation and CPS-ECP and calculates the minimum amount payable to the benefiting charity based on the Foundation's receipted donations. Funding is frequently provided to CPS-ECP as Grants for specific projects, at the discretion of the Foundation Directors.
Much of the credit for its success goes to the members of CPS-ECP who have donated to the various programs in a special and generous way. All donations placed in the capital account stay in the fund in perpetuity, and funds provided to CPS-ECP are provided from accrued interest.
Operation: Operating as a repository for memorial gifts, the Foundation also solicits other donations, manages a capital account and a conservative investment portfolio.
Membership: Membership in Foundation is by Director invitation. The Chief Commander of CPS-ECP recommends prospective members as required.