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What makes a supporting foundation unique is that you, as the donor, can be more involved in the running of the foundation without having to commit the time and expense of meeting all of the compliance issues associated with a private foundation.
Australian Communities Foundation will provide all of the administrative support necessary to operate the supporting foundation, at a fraction of the cost of operating a typical private foundation.
Australian Communities Foundation is the Trustee of supporting foundations but donors can retain a lot of involvement without any obligations.
As a separate trust fund is established, you can be involved and have input into the objectives of the fund. This ensures the Trustee must make grants which fit within the objectives of the fund. So even if after you die or no longer involved with the fund, it will continue to give in perpetuity in line with the objectives of the Trust Deed.
If a donor desires to use investment options that fall outside of Australian Communities Foundation they can be involved with the investment asset allocation. In some cases a donor’s investment manager can be used.
Donors can use the word Foundation or Trust in the name
Advisory Committees can be established to assist the Trustee in the grantmaking of the Foundation.
A supporting foundation can continue in perpetuity, allowing family members to work together towards defined goals and philanthropic objectives.
A minimum gift of $1 million is necessary to establish a supporting foundation. Australian Communities Foundation will work with you and your advisers in drafting the Trust Deed and applying for the necessary tax endorsements.
Supporting foundations will incur set up costs and each year there will be compliance, auditing and investment management costs. These will not be substantial and depending on the size of the foundation this will be negotiated on application.
An ongoing administration fee will be also be negotiated again depending on size.
Call us at the office to discuss establishing a supporting foundation on 03 94120412.