Frequently Asked Questions
Below is a list of frequently asked questions regarding the Newcastle Permanent Charitable Foundation ('Foundation').
Why was the Foundation created?
Newcastle Permanent recognised the gap between the needs of the community in terms of total financial support required for community projects and the funds available from Government, corporate and philanthropic sources.
Newcastle Permanent saw an opportunity to create a Foundation that used its financial expertise and mutual status to generate funds to help cover some of this funding shortfall. The retained surplus of the Newcastle Permanent - the result of many successful years of operation and careful financial management - makes it possible to provide significant funding for the Foundation to generate a steady and regular pool of funds for distribution to local not-for-profit organisations that apply for funding and meet the set eligibility criteria.
What is the difference between a grant and a sponsorship?
The Foundation provides grants to not-for-profit organisations that apply for funding and meet set eligibility criteria related to returning benefits to the broader community.
Newcastle Permanent sponsors events and initiatives that offer exposure and opportunities to promote the Newcastle Permanent brand.
How much will be distributed annually?
It is anticipated that approximately $1.5 million a year will be available for distribution by the Foundation.
Why do I need Deductible Gift Recipient (DGR) status?
Newcastle Permanent Charitable Foundation is currently endorsed as an Income Tax Exempt Charity and approved as a Private Ancillary Fund under Division 30 of the Income Tax Assessment Act 1997 (Cth) (the 'Act'). In accordance with the Foundation's endorsement and its Trust Deed, the fund must be maintained exclusively for public charitable purposes being purposes of providing money, property or benefits to Approved Institutions. An Approved Institution means a fund, authority or institution:
- which is charitable at law; and
- gifts to which are deductible under item 1 of the table in section 30-15 of the Act.
What if there is an urgent need for funding?
Applications for projects outside the dates may be considered under circumstances of urgent need, crisis or an opportunity that requires immediate action.
If a grant is approved, when would funds be available?
Funds will be made available once the Funding Agreement is executed and other relevant documentation presented.