|Name of Fund||Providence Philanthropic Foundation (ABN 88 523 277 964)|
|Name of Trustee||Providence Wealth Pty Limited (ACN 603 255 250), a wholly owned subsidiary of Providence Wealth Advisory Group Pty Ltd.|
|Directors of Trustee||Grant Patterson, Cameron Smart, Guy Amon, Leeza Yilmaz|
|ATO status of Fund||Deductible Gift Recipient (DGR) Item 2 – Public Ancillary Fund; Income Tax Exempt Fund.|
|Governance||Providence Philanthropic Foundation is subject to the 2011 Public Ancillary|
Funds Guidelines and NSW Trusts Law. The Financial Statements and
compliance with Guidelines are audited each year by an independent
|Minimum amount||To establish a sub-fund a minimum of $50,000 is recommended.|
|Minimum additional amount||A minimum amount of $5,000 is required for any additional donations.|
|Donation to the Foundation||All amounts contributed to the Foundation are tax deductible, and you|
can elect to spread that deduction over a period of up to five years (we
recommend potential donors obtain independent tax advice). Donations
are irrevocable, meaning they cannot be returned. You can add to your
sub-fund whenever you wish, including via your Will.
|Naming||Each donor may have a named sub-fund and grants to charities from the|
sub-fund will refer to this name. Anonymous grants are also possible.
|Total fees||Investment management fee of 1% per annum of funds under|
management, calculated and accrued on a monthly basis. At least 50% of
this fee will be rebated back into the Foundation. A shared administration
and compliance fee will also apply; $10,000 per annum plus a small audit
fee will be shared across all sub-funds.
|Investment objective||To achieve a return after fees at least equal to CPI inflation + 4% per|
annum, measured over rolling 7 year periods.
|Grants to charities from the Foundation||The Foundation is required to donate to charities at least 4% of its 30|
June funds under management during each following financial year. As
such, donors will be requested to do the same. The minimum donation is
$1,000 per charity.
|Eligible recipients of grants||Organisations with DGR Item 1 status – this includes charities, public|
hospitals, libraries, museums and other organisations.
|Advisory committees||Each sub-fund may nominate a person or persons to make|
recommendations to the Trustee on the grants to charities relating to that
|Establishment timeframe||Immediately, upon receipt of a completed Application Form and cleared|
funds to the Foundation bank account.
Level 9, 20 Martin Place
Sydney NSW 2000
T: +61 2 9239 9333
F: +61 2 9239 0355
Level 30, 101 Collins Street
Melbourne VIC 3000
T: +61 3 8793 8383