2. Account opening
At least one account in the name of CHIMP: Charitable Impact Foundation (Canada) must be operational before you can help your clients make donations or manage assets donated by them.
Follow the steps below to open an account at your wealth management firm in our name.
Email [email protected] to access the account opening information, and Director and Signing Authority document required to open an account in our name.
Using the details in the Account Opening Package, prepare an investment account application.
Send the application to [email protected] for our team to review prior to obtaining signatures.
Once approved by our team, send the documents for signature to our two signing authorities.
Submit the completed forms to your back office and let us know when the account has been opened.
Required forms and documents
Documents to review:
Investment Account Opening Package
Director and Signing Authority Details
Have your client complete the following forms:
Tip: Advisors can work with multiple clients, each of whom has their own Charitable Investment Account. Contact us at [email protected] so we can help you find a way to distinguish between different accounts, all of which will be under the legal name of CHIMP: Charitable Impact Foundation (Canada).
Our experience is that the best solution to helping you distinguish between accounts depends on what your firm’s CRM system allows. For example, some firms have the option to add a “short name” for the account which can be used to add the client’s name. What’s most important is that your client’s name is not included in the Foundation’s legal name because of what this can imply in terms of account ownership.
Assign a designated advisor, or successor
When your client creates a donor-advised fund with Charitable Impact, they can assign two types of additional users who can access or request information, or act on your client’s behalf:
Full Access (also referred to as a Designated Advisor): This gives the assignees the same privileges as the original account holder. They will be able to act on your client’s behalf and make recommendations to the Charitable Investment Account and the Impact Account.
Informed Access: can request information about the Charitable Investment Account and Impact Account, including account balances, recent transactions, and tax receipts. They cannot make recommendations on what to do with charitable assets or make account profile or preference changes.
Your client can also recommend a Successor
Successor: becomes a Designated Advisor (receives Full Access) to the Charitable Investment Account and Impact Account upon death or incapacitation of the original account holder.