Establishing a philanthropic foundation is a meaningful avenue to give back to society, creating a legacy for the future. Contrary to popular belief, it is not just a vehicle for the wealthy.
How and where do you start?
1. Defining Your Vision and Mission
Before launching a foundation, crystallise your vision and mission. This step will define the foundation's purpose and provide a clear path. Align your vision and mission with your core values to inspire others to rally behind your cause and establish a lasting legacy.
2. Selecting the Appropriate Structure
In Australia, foundations typically fall under two categories: Private Ancillary Fund (PAF) and Public Ancillary Fund (PuAF). PAFs are privately owned, catering well to families or small groups, while PuAFs are public entities that accept donations from the wider community, making them suitable for larger foundations.
3. Building a Board of Trustees
The Board of Trustees plays a vital role in overseeing the foundation's operations. It is crucial to assemble a diverse and skilled team passionate about philanthropy. Board members should possess the necessary expertise to manage the foundation's financial matters, investments, and governance effectively.
4. Outlining Grant Criteria
After establishing your foundation, craft a set of grant guidelines. These guidelines will outline eligibility criteria, funding priorities, and the application process. Ensure alignment with the foundation's vision and mission.
5. Investment of Philanthropic Assets
Prudent investment of philanthropic assets is paramount. Seek an Adviser that offers investment services in line with your ethical and governance principles.
While the initial steps may seem overwhelming, we are here to guide you through the process. Let us assist you in every stage, from shaping your vision and mission to managing your philanthropic investments.
Embark on your philanthropic journey today and leave a positive mark on the world.
Kylie Harding is an Investment Adviser who believes in free access to information about building financial literacy at every stage in life has the potential to empower women and inspire economies.
Contact Kylie today on [email protected] or 02 9998 4206.
.jpg)
