Through the endowment, one of the goals is to create a long-term, sustainable funding ecosystem for Black-led, Black-serving charities.
Again, while that is an incredible start, I want to mention that the disbursement quota currently under CRA is 3.5%. Some really progressive foundations fund at 5%, so at 5% of $200 million, we're really talking about approximately $10 million a year at a national scale.
Just to put that in perspective, Ontario Trillium Foundation funds out $200 million a year, and that's just in the province alone. For Black Canadians, that's 1.2 million Black people across this country without a philanthropic home. From an endowment standpoint, $10 million a year in spending to support their needs, resources and services is simply not enough, but it is an incredibly important start.
Something that is important to note is the creation of a legacy that now determines Black communities have some self-determinative ability and self-reliant ability to fund the projects that are their priorities on their own terms. That's something worth applauding and worth thinking about in terms of how to continue to support and increase further investments in subsequent budgets.