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perpetual charitable trust under will
Overseas particularly in the United States there have been instances of distinction when local community identities have settled significant funds in gifts back to their community for worthy causes and initiatives.
Similar illustrations exist in Australia, and provincial towns in both Victoria and New South Wales have benefited through community members re-contributing to their town by settling substantial funds to encourage and provide for local community causes.
Whether in deceased estates or during lifetime, these settlements are born of a genuine desire of the benefactors to put back into the same society they have lived in, enjoyed and prospered from.
Often the gifts are unexpected and a structure necessary to be devised and established on short notice to accept the funds, to invest, to manage and to make decisions regarding use of the funds to best advantage.
A public community foundation may ensue open to ongoing contributions from all members of the community: whether gifts of cash or assets, sponsorship by business, support from identities, or contribution of administrative time and effort. To ensure ongoing advantage, the concept of an endowment foundation is preferred to preserve the capital and to apply income for community benefit not just for the present but into the future.
Canberra itself now has such a community foundation, the Capital Region Community Foundation, GreaterGood. The foundation was formed in 2003 with an initial contribution not from one large contributor but from many local benefactors. The foundation now has a solid base of assets of some $.5 million and with the support of people in the region it promises to build a capacity to encourage and assist community initiatives on a permanent basis.
The foundation's board of governors headed by chairperson Margaret Reid oversee governance and make resolutions regarding preferred causes and extent of support from the foundation. The board meets regularly and income generated is to be distributed at least annually. Applications for assistance will be sought, analysed and evaluated and available funds applied accordingly to relevant merit in the community.
The region's foundation is much in its infancy and is very reliant upon community vision and contribution to maintain the momentum. Support of locals is essential. With community support, GreaterGood will develop into a foundation for our region that will emulate the successful foundations based in Melbourne and Sydney and deliver ongoing permanent good to the worthy causes of the region.