Newcastle Permanent Charitable Foundation was created 15 years ago as a gift from Newcastle Permanent Building Society to the community.
That gift, in the form of a $30 million endowment,
is never to be returned to Newcastle Permanent
Building Society. Instead, these funds have been
invested to generate an ongoing income, such as
interest. Each year the income earned from this
endowment is presented as grants to our local
communities; in 2017/18 we provided more than
$1.5 million in grants.
This has enabled us to operate under a funding
model that differs to many other foundations. Some
foundations are established where the annual funds
for grants come as a percentage of the ‘parent
company’s’ annual profits.
This can mean that if the
parent company has an exceptional year, there’s more
money available for grants. However, if the parent
company does not perform so well financially, the
funds available to be used as grants may be reduced.
For us, in addition to the original $30 million
endowment, our resources and operational costs
to manage the day-to-day activities of the Charitable
Foundation are an ongoing gift to the community
by Newcastle Permanent Building Society.
Under our model we focus on funding initiatives
and programs that deliver immediate outcomes to
ensure the maximum benefit is received by our local
communities. This means we don’t support multi-year
projects. If a project is worthy, or can be extended
further into the community, we encourage the
charitable group to apply for another grant in a future
funding round.
In the 2017/18 financial year, we reached a total of $18.3 million
provided in community grants since 2003. We believe
our funding model delivers sustainable and successful
long-term outcomes for our local communities.
Our Core Values