Providence Philanthropic Foundation
Key Features of the Providence Philanthropic Foundation
Name of FundProvidence Philanthropic Foundation (ABN 88 523 277 964)
Name of TrusteeProvidence Wealth Pty Limited (ACN 603 255 250), a wholly owned subsidiary of Providence Wealth Advisory Group Pty Ltd.
Directors of TrusteeGrant Patterson, Cameron Smart, Guy Amon, Leeza Yilmaz
ATO status of FundDeductible Gift Recipient (DGR) Item 2 – Public Ancillary Fund; Income Tax Exempt Fund.
GovernanceProvidence 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
auditor.
Minimum amountTo establish a sub-fund a minimum of $50,000 is recommended.
Minimum additional amountA minimum amount of $5,000 is required for any additional donations.
Donation to the FoundationAll 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.
NamingEach 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 feesInvestment 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 objectiveTo 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 FoundationThe 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 grantsOrganisations with DGR Item 1 status – this includes charities, public
hospitals, libraries, museums and other organisations.
Advisory committeesEach sub-fund may nominate a person or persons to make
recommendations to the Trustee on the grants to charities relating to that
sub-fund.
Establishment timeframeImmediately, upon receipt of a completed Application Form and cleared
funds to the Foundation bank account.