Equity is one of our guiding principles at the Vancity Community Foundation. As part of our work to renew our strategic direction and develop a new mission and vision to guide our work, we have recognized that VCF has practiced settler-philanthropy for far too long. It’s an approach that has perpetuated the harms of colonialism, with the wealth we redistributed largely made possible through white privilege and extractive practices that harm individuals, families, communities, the waterways, and the land.
One of the ways we are shifting away from this approach and responding to this inequity is with a commitment in our new strategic plan to be community led and prioritize funding for communities pushed into the margins – specifically Indigenous and Black communities – in all of our work, including across our main areas of focus: restoring affordability, climate justice and resilience, and community connection.
Today, we’re humbled and honoured that this work is being recognized with VCF earning a spot in the first annual Top 50 Equitable Funders ranking for Canadian charitable foundations by Future for Good – a leading social purpose media, research, and learning organization. Among Canada’s most equitable charitable foundations, we ranked 6 nationally — and number one in BC.
Reimagining Canadian philanthropy
For several years now, the leadership at the Foundation has been focused on shifting philanthropic practices in response to how little giving in Canada was benefiting Indigenous or Black-led or benefitting groups as well as other equity-deserving communities.
“Philanthropy in Canada has long perpetuated systems of inequality where the wealthy control money in ways that benefit themselves,” says Vancity Community Foundation CEO Genesa Greening. “We have been working hard to undo this harm by working differently and moving control into the hands of those closest to the problems as they are best suited to develop the solutions.”
In 2015, VCF signed The Circle on Philanthropy’s Declaration of Action for the Philanthropic Community and has worked to shift practices since – learning from community leaders and working in concert with Vancity members and their wealth advisors.
“Our work is deeply influenced by wisdom, wise practices, resources, and feedback shared by many people and community organizations,” says Michelle Daly, VCF’s Director of Philanthropy. “We are incredibly grateful for opportunities we’ve had to learn from and engage in discussions with peers and colleagues, teachers, Elders and knowledge keepers.”
The power of sustainable investing
The Equitable Funders ranking is based on 69 indicators across seven categories, including who is funded, governance and reporting, as well as investment decisions. This final area is key and speaks to how transformative Vancity Credit Union’s focus on sustainable wealth management has been in our efforts as a Foundation to ensure all our monies are activated for good.
“Vancity Investment Management has a long history as a leader in socially responsible investing in Canada,” says Joe Reid, VP of Wealth Management and Impact Investing at Vancity. “We’re proud of our partnership with VCF, which is based on our shared values and belief in creating meaningful change by magnifying the voices of the people we serve.”
Learning and Unlearning
VCF is still early in our journey, one that would not have been possible without the wisdom and learnings shared by the Circle on Philanthropy, Foundation for Black Communities, Philanthropic Foundations of Canada, Community Foundations of Canada, Recast Philanthropy, SETSI, and many others who continue to create space for the sector to be learning and unlearning.
And while we’re by no means the largest grant maker in the country, or even in BC, it’s our hope that by showing up as B.C.’s top funder in this ranking we can help push the entire philanthropic community in a more equitable direction – in turn helping make a positive impact on people and communities right across Canada.
“This shows just what we can achieve when the Vancity Credit Union and Foundation come together to ensure money is being used for good,” says Genesa. “Who gets funded, what gets funded, who gets included, and who makes the decisions are core considerations as outlined in our commitments. Through this lens we can start to truly distribute power and build the kinds of thriving communities where lives are dignified, and nature is in balance.”