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The Newcastle Permanent Community Foundation Company Limited is the trustee of the Newcastle Permanent Charitable Foundation (‘Foundation’) and is represented by a Board of Directors including three Directors of Newcastle Permanent and two community Directors.
The Foundation is a Private Ancillary Fund and provides grants to eligible Australian Deductible Gift Recipient (DGR) charities and is governed by the ATO’s Private Ancillary Fund Guidelines (2009).
The Board meets quarterly to set and monitor the Foundation’s strategic direction, consider and approve funding requests, guide financial, risk and investment decisions, ensure compliance with ACNC and ATO guidelines and assess outcomes of funded projects and programs.
The Foundation was established with a $30 million endowment from Newcastle Permanent Building Society to generate an ongoing income stream that is used to support its philanthropy.