Frequently Asked Questions
WHAT IS ITS PURPOSE
The Redland Foundation is one of a growing number of similar enterprises across Australia. The Foundation is a charity trust or a community foundation working to make the Redland City a better place to live.
It has three main tasks
- It receives donations and bequests (money in) from generous citizens
- It invests the funds to generate income (money managed); and
- It provides grants for community projects (money out).
As adequate income is derived from invested funds, grants will be made to organisations, individuals and projects that strive to make our community a better place, showcase and develop our many talents, encourage intergenerational opportunities, celebrate and showcase our heritage and local history, promote social connectedness and provide community assistance in times of crisis to just name a few.
HOW IS IT STRUCTURED
Redland Foundation Ltd holds two trusts
| An open Trust |
and |
A Public Trust |
All funds are kept in trust and the income and /or capital, depending on the Trust, is used for grants which will be a permanent, independent and flexible source of funding capable of responding to the changing need within the Redlands.
The Redland Foundation is registered under the Commonwealth Corporations Act 2001 and operates within the constraints of the relevant tax company legislation. It has been granted Deductible Gift Recipient (DGR) status by the Australian Taxation Office which means donations can be tax deductible. The Open Trust has been registered as a charity.
The focus of the Foundation is for the future generations of our Redlands community.
HOW IS IT MANAGED
The Redland Foundation is managed by a Board of Directors as a not for profit company (limited by guarantee). Board members are volunteers that have varying levels of expertise and a dedication to the Redlands community. The Foundation is registered under the Commonwealth Corporations Act 2001. It has DGR status under the Australian Taxation Office, which means donations are tax deductible.
The Foundation has established a number of committees that coordinate key functions such as;
- Marketing and Fund Development
- Grants
- Investments
The Directors are accountable to the Redland community via a group of people called members. The Foundation Directors report to these members at least annually at the Foundation’s Annual General Meeting.
If you would like to know more about the Board of Directors, please click on the Directors tab.
HOW ARE FUNDS RAISED
The Foundation provides an easy, flexible and ethical way for people to give. Donations are usually monetary, but can include shares, life insurance, property, jewellery and art – really anything of value. Loans can be made to a deeming fund, which is held for a specific period and then returned.
Throughout the year, the Directors will hold fund raising events and launch a “donor drive” to attract new donors and raise interest in the Foundation and its objectives.
If you are interested in being a donor, you can give during your lifetime or through a bequest which can be acknowledge or made anonymously depending upon your preference.
HOW WILL THE FUNDS BE SPENT
All donations made to the Public Trust will remain in that fund forever. The income from this fund will be spent in the distribution of grants. The capital will remain invested in the perpetuity, so that the fund and income will grow over time.
The Public Trust will need to accumulate substantial funds before it generates a useable amount of income. Once the funds reach an acceptable level the Board will announce and allocate grants to not for profit organisations individuals and projects in the Redlands that meet the advertised criteria.
“Can I choose how my donation is spent”?
You can specify a preferred area or way the donation is to be spent, although the law outlines tax deductible donations must be made unconditionally. Donations made to the Open Trust allow Directors to distribute capital funds as well as income through the allocation of grants. This flexible structure has been specifically designed so that donors may choose to bequeath an amount of money or item of value for a specific purpose / project. If you do not have a preference your donation can be used to help the Redlands community in various areas and as needs arise such as an emergency disaster situation.
ANNOUNCEMENT AND ALLOCATION OF GRANTS
The Foundation will begin to allocate grants from the Public Trust when it has a capital base of $250,000. The grants available will be for people living in the Redlands or projects that will benefit the Redland community.
Two grant rounds have been made from the Open Trust to acknowledge “Redland’s Champions”
For now, our focus is to raise awareness and understanding of the Foundation and build support for this very special organisation.
HOW CAN I HELP
If living and loving the Redlands means something to you and the work of the Foundation inspires you to help in some way either now or into the future please talk to us on 1300 395 255. Alternatively you can complete the online enquiry form and one of our members will be in touch. Further information is also available through local financial organisations and solicitors.
If you are interested in becoming involved in the Foundation, we invite you to spread the word, contact us and keep an eye out for our upcoming events.
Support the future of the Redlands community. No matter how big or small your donation and participation it is greatly appreciated.
