Name of Trustee
Australian Impact Investments (ABN 81 165 905 582) – Corporate Authorised Representative (No. 464365) of Ethinvest Pty Ltd (AFSL No. 223718)
Directors of Trustee
Kylie Charlton, Fiona Thomas, Mara Bun and Peter Murphy
ATO status of Fund
Deductible Gift Recipient (DGR) Item 2 - Public Ancillary Fund; Income Tax Exempt.
The Community Impact 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.
A minimum amount of $50,000 is required to establish a sub-fund.
Minimum additional amount
A minimum amount of $5,000 is required for any additional donations.
Donations to the Community Impact Foundation
All amounts contributed to the Community Impact Foundation are tax deductible, and you can elect to spread that deduction over a period of up to five years. Donations are irrevocable, meaning they cannot be returned. You can add to your sub-fund whenever you wish, including via your Will.
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.
1.025% per annum (including GST) of funds under management. This is calculated and accrued on a monthly basis, and payable quarterly. This fee covers all aspects of administration, compliance, investment management and audit costs of the Community Impact Foundation.
Note: some investments selected by the Trustee may carry their own internal fees.
To achieve a return after fees at least equal to CPI inflation + 4% per annum, measured over rolling 10 year periods.
Grants to eligible recipients from the Community Impact Foundation
The Community Impact Foundation is required to grant to eligible recipients 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 grant 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.
You can nominate a successor to make grant nominations after your death, or leave a statement of your wishes with the Trustee.
Soon after the audit of the financial statements of the Community Impact Foundation is completed, the Trustee will write to you and advise you of the value of your sub-fund at 30 June, together with the minimum 4% that must be granted to eligible charities (or other eligible organisations) during that financial year.
Each year you will be requested to recommend to the Trustee the eligible organisations your 4% proportionate share should be donated to. The minimum donation is $1,000 per charity. You can ask the Trustee to grant more than the 4% minimum in any year if you wish. As an example, if your sub-fund balance was $60,000 at 30 June, then you would need to recommend at least $2,400 of grants to one or two charities before the following 30 June.
The Trustee of the Community Impact Foundation welcomes and actively encourages donor involvement in identifying causes and organisations to be supported by grants. Expert assistance and specialist grant making advice is also available. However, donors should note that under trust and tax law the final grant decisions ultimately rest with the Trustee.
Once you have established a sub-fund you will be given online access to a variety of information to help you keep track of your activities. This will include the monthly value of your sub-fund, listing of donations and grants, six monthly investment report, annual audited accounts and various other useful reference materials.
The Public Ancillary Fund Guidelines 2011 allow, in certain circumstances and with the approval of the Trustee and the Australian Tax Office; the transfer of assets between public ancillary funds and the transfer of the balance of a public ancillary fund sub-fund into your own PAF. Conversely, the Private Ancillary Fund and Public Ancillary Fund Amendment Guidelines 2016 now allows for the transfer of a PAF into a public ancillary fund sub-fund, like the Community Impact Foundation.
The Community Impact Foundation trust deed provides for this flexibility.
A sub-fund can continue on past your lifetime. You can nominate a successor to take over grant nominations after your death. Alternatively if you do not want to pass this responsibility to family or friends, you can leave a statement of wishes with the Trustee, Australian Impact Investments Pty Ltd, to continue your granting program.
You can also use your will to direct additional money to your sub-fund. A correctly constructed will clause will ensure that leaving a gift to your sub-fund is a smooth process. It is important that the will clause is worded carefully to help avoid unintended tax implications. Please see our Fact Sheet for more information.