The turmoil on the stock markets will result in a loss of thousands of dollars, for local charities. The Community Foundation of the North Okanagan has suspended grant distributions for the next year due to low investment returns. Executive Director Dave Fletcher tells KISS FM , it's the first time they've had to take such drastic measures. "The reasoning behind the decision was we're not allowed to encroach on the original capital, and if we were to make distributions this year, we would be encroaching on that." Fletcher says they hope a positive swing on the markets will allow them to resume grants next September. "We've been a large contributor to the charitable community and this is the very first time we've had to resort to this, and it's rather sad."The foundation provided $423,000 to 40 charitable organizations last year.
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