Rinehart Ranches [Community Endowment Funds]
A Lasting Legacy
The Rinehart family spent their whole lives working hard. They were progressive, ecologically minded pioneers who ranched near Cardston for almost 100 years. Quiet, hardworking ranchers, Bill and Jim Rinehart followed in the footsteps of their parents, Russell and Elsie, respecting the land and valuing life in Southern Alberta.
Both men were considered hard workers by their friends and neighbours — true prairie pioneers. According to a former neighbour, Jack Lowe, "The tremendous contribution the Rineharts have made to agriculture in Southern Alberta and points in the United States cannot go unnoticed and has been rarely duplicated."
In their wills, both men left a legacy that will continue to help others across Southern Alberta forever. The Lethbridge Community Foundation has received a combined gift of approximately $6 million from the estates of these two Cardston-area ranchers.
"Bill and Jim wanted to make a lasting difference in Southwestern Alberta and through their gift to the Foundation that has happened," said Bruce Milne of Milne Pritchard Law Office. "Their initial plan was to form a private Rinehart Foundation, but forming and maintaining a foundation is a very substantial undertaking. The Lethbridge Community Foundation met their goals perfectly."
The impact of the Rinehart gift on Southwestern Alberta communities will be substantial, said Foundation President Eric Hillman. "When the gift from the Rinehart estates is fully paid in 2008, the Lethbridge Community Foundation will have available an additional $225,000 per year to distribute to charitable organizations."
Parents Russell & Elsie Rinehart with their children Ruth [left], Jim, Bill and Helen
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Planning Ahead
The best way to achieve your goals is to formulate a plan. About 12 years ago, Jim and Bill Rinehart decided to do just that and contacted accountant Dean Gallimore to discuss the matter. The Rinehart brothers, second generation farmers and ranchers, operated the family business, Rinehart Ranches Ltd., headquartered on the family homestead along the St. Mary's River near the US-Canada border. They were contemplating what to do with their estates and, with Dean's assistance, explored several options.
"Bill and Jim wanted to use their estates to benefit the residents of southern Alberta," explained Dean Gallimore. "They considered starting a private foundation, but decided that option had several downsides."
More research brought the Lethbridge Community Foundation to their attention. "Several features of the Foundation were appealing. Because it was already in operation, it could easily administer another fund with a minimum of additional administration costs. Jim and Bill could set the parameters for their donation and determine how the money would be used. Also, the capital would be held in perpetuity with the income being disbursed."
The manner in which the Foundation is organized also appealed to the Rineharts. "The Foundation is well governed. Board members have limited terms and are selected by a committee of community leaders, which means stability for years to come."
From LCF Report to the Community 2001
From LCF Report to the Community 2005
Jim Rinehart died in 1995, leaving a portion of his estate to the Lethbridge Community Foundation. "Because we planned carefully, leaving company shares to the Foundation worked out very well for Jim's estate, from a tax perspective," said Dean. "Less money went to the federal government, which meant a greater benefit for the residents of southern Alberta."
Jim was quite clear about what he wanted his estate to support: relief for battered women; relief from poverty; advancement of education, health and health facilities; advancement of the mentally and physically handicapped; and assistance to the elderly. Because he took the time to plan prudently, he was able to do exactly what he wanted.
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Updated September 2009
www.lethbridgecommunityfoundation.ca
403.328.5297 office@lethbridgecommunityfoundation.ca 404 8th St South
