Frequently Asked Questions
Below is a list of frequently asked question regarding the Newcastle Permanent Charitable Foundation (Foundation).
Why was it created?
Newcastle Permanent recognised the gap between the needs of the community in terms of total financial support and the dollars available.
Newcastle Permanent saw an opportunity to develop a Foundation that used our financial expertise and mutual status to generate funds to cover that 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.
Will it affect the level of support offered?
The Foundation will operate in addition to our existing support and sponsorship activities. It will enable a much greater degree of support to be provided by Newcastle Permanent and in particular, will enable causes, initiatives and projects that may not have met all Newcastle Permanent sponsorship tests to be accommodated.
What is the difference between a grant and a sponsorship?
Newcastle Permanent has different ways of providing support to the communities in the region in which we operate.
Firstly, we provide grants from the Foundation, where organisations applying for a grant must meet set eligibility criteria. Secondly, we sponsor events or initiatives that offer exposure and opportunities to promote the Newcastle Permanent brand.
How much will be distributed annually?
It is anticipated that a least $1 million a year will be available for distribution by the Foundation. This level of support may grow over time.
Who are the Trustees?
The Chairman of the Board of Newcastle Permanent, the Chief Executive Officer and appointed members.
The Trustees have wide experience in evaluating proposals. Where specialist knowledge is required, it is sought from suitably qualified specialists in the particular field. Their input is factored into the final determination by the Trustees.
Why do I need Deductible Gift Recipient (DGR) status?
The Newcastle Permanent Community Charitable Trust is currently endorsed as an Income Tax Exempt Charity (ITEC) and approved as a Prescribed Private Fund under Division 30 of the Income Tax Assessment Act 1997 (C'wealth) (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?
Applications for projects outside the dates may be considered under circumstances of urgent need, crisis or an opportunity that requires immediate action.
When would funds be available?
Funds will be available 30 days prior to the commencement of the project as outlined in the approved application form. Prior to any such funds being made available, a contract must be signed and other relevant documentation presented.