Transparency and Trust: How GiveWise Safeguards Donor Generosity
GiveWise is committed to operating with integrity, accountability, and clarity. Below is a detailed overview of how we manage and safeguard charitable funds entrusted to us.
As GiveWise Foundation Canada continues to grow in service to donors and charities across Canada, one important question is often asked: How do we keep all financial aspects of the Foundation healthy, honest, and prudent? It’s a fair and vital question. Donors place deep trust in GiveWise as a Donor-Advised Fund (DAF) provider. Our role is to hold and administer charitable funds responsibly—to invest them wisely and disburse them efficiently—so that grants reach Canadian charities in good standing and ultimately impact the communities they serve.
Financial Oversight
GiveWise Foundation Canada maintains a strong system of oversight and accountability.
A Financial Committee convenes quarterly, made up of three Financial Advisors and the Director of Finance and Investments.
This committee reviews statements and records for all investments and financial transactions.
The Board of Directors also receives detailed, ledger-level reports of financial activity—including investments, grants, and operational income/expenses—at quarterly meetings.
High-level updates from both the Financial Committee and the Director of Finance and Investments are presented to the Board for ongoing transparency.
This structure ensures that donor capital is monitored at multiple levels, with professional expertise and independent governance.
How Assets Are Managed
Separately Managed Accounts (SMAs)
Approximately 80% of GiveWise assets are held in Separately Managed Accounts (SMAs) overseen by licensed Financial Advisors chosen by the donors themselves.
These advisors often have longstanding relationships with the families they serve.
Each account follows a tailored Investment Policy Statement (IPS), which operates within GiveWise’s overall IPS framework.
Three parties—the donor, their advisor, and GiveWise—always have access to view transactions, balances, and performance.
GiveWise General Fund
The remaining 20% of assets are pooled into the GiveWise General Fund. This fund balances liquidity with prudent investment growth.
A significant portion is held in cash or cash-like instruments with daily liquidity, enabling prompt weekly granting to charities.
Other portions are invested in low- to medium-risk instruments—including mutual funds managed by established firms and select alternative investments with proven track records.
A buffer of income and gains is maintained to help weather market downturns. All investment decisions and rebalancing in the General Fund must be reviewed and approved by the Financial Committee, with oversight by the Director of Finance and Investments.
All transactions (such as liquidations for operations funding) are reported in detail to the Committee and reviewed by both the Executive Director and the Director of Finance and Investments.
Transaction Controls & Reconciliations
GiveWise applies multiple safeguards to ensure integrity in every transaction:
Dual Signatory Requirements: New financial relationships or portfolio changes require signatures from one Board member and one Director (either the Executive Director or the Director of Finance and Investments).
Segregation of Duties: Once approved, transactions are executed by a separate staff member—the Director of Systems and Operations.
Independent Reconciliations:
Transactions are posted and reconciled in our proprietary Flight platform.
Records are also maintained in Sage 50 accounting software, the official source of truth for CRA reporting.
All reconciliations are reviewed monthly by the Director of Finance and Investments and independently verified yearly by KPMG, our external accounting firm.
This layered approach ensures no single individual has control over funds at any stage.
Granting to Charities
GiveWise’s granting process is designed for both compliance and efficiency:
Only registered Canadian charities in good standing (as verified directly with the CRA Charities Directorate database) can receive funds.
Each grant recommendation is reviewed by a clerk before being processed in Flight.
Grants are batched by the Director of Systems and Operations and sent electronically using ZūmRails, a trusted Canadian payment processor.
Before disbursement, batched transactions are reviewed for exact matches between Flight and ZūmRails by either the Director of Finance and Investments or the Executive Director, providing final approval.
All charities receiving grants through GiveWise must register on the GiveWise Charity Portal, acknowledging their responsibility to comply with charitable law.
This process provides multiple layers of control and senior oversight, ensuring donor grants are fulfilled accurately and efficiently.
Summary
At GiveWise, transparency and accountability are cornerstones of our work. Every dollar entrusted to us is safeguarded through strong internal controls, professional oversight, and independent verification. By balancing liquidity with prudent investment, enforcing dual authorization by both management and Board leadership, and maintaining strict reconciliations, we protect donor capital and uphold confidence with advisors, regulators, and recipient charities.
Most importantly, these practices ensure that charitable grants flow reliably and efficiently to Canadian charities in good standing—transforming donor generosity into meaningful impact.
Through diligence, transparency, and care, GiveWise remains committed to stewarding generosity responsibly and growing generosity across Canada.
Last updated