Foundations were originally designed to be organizations operating in perpetuity. In recent years, however, an increasing number of foundations have begun to question this model and have decided to set a specific end date for their operations. As a result, they have become limited-lifespan foundations. While this philanthropic trend is increasingly well-documented in the United States and Europe, there is no research focusing on Canadian foundations.
This research paper lays the groundwork for our understanding by studying the case of the Ivey Foundation. Based in Toronto, the foundation has chosen to spend its entire endowment (estimated at $130 million) over just five years (from 2023 to 2027) to support the transition to a carbon-neutral Canadian economy. The study of this atypical experience is divided into two sections.
The first section traces the Foundation’s history, from its creation in 1947 to the announcement of its dissolution in 2022. The Foundation’s historical evolution helps contextualize and understand the reasons behind this decision. The second section examines the closure process in light of seven strategic and managerial considerations: (1) the development of the closure plan; (2) communication strategies; (3) human resources management; (4) the selection of grantees; (5) investment portfolio management; (6) the evaluation mechanisms; and (7) the termination of operations and preparations for the post-closure phase. The data used to conduct the case study were drawn from qualitative research conducted with the Ivey Foundation and its partners.
