Colonial Foundation
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Contents |
Mission
Colonial Foundation Trust aims to make a positive contribution to society by supporting organisations that work to find solutions for those in need or improve the quality of community life.
"Colonial Foundation's grant making philosophy"
The objective of Colonial Foundation's grants programs is to make positive contributions in defined areas of community need or community life. In assessing potential projects for funding it looks at one or more of:
- Improved understanding and knowledge of a problem or area;
- The gravity of a problem and the scale of potential benefits from successful outcomes of the project (leverage, or multiplier effect);
- Sharing of improved knowledge so that others may benefit;
- Sustainability of the improvements or advances sought;
- Fuller realisation of prior successful work; and
- A significant role for the Foundation in the project, supported by a well qualified specialist organisation.
History
In 1996, The Colonial Mutual Life Assurance Society Limited, after 123 years as a mutual life insurance society, demutualised and, in 1997, was listed on the Australian Stock Exchange as Colonial Limited.
The Colonial Foundation Trust was created as part of the demutualisation in order to reflect in some way Colonial Limited's origina as a mutual society formed to provide a service to its members and the communities it served. Colonial Foundation Limited was formed to act as trustee of the Trust.
Following the merger of Colonial Limited with the Commonwealth Bank of Australia in June 2000, Colonial Foundation Limited became fully independent, with the responsibility of carrying out the broadly defined charitable objectives of Colonial Foundation Trust.
Funding
The Board of Colonial Foundation has determined that, for the time being, the Foundation's funds should, in the main, be directed towards assisting the following areas in the community:
- Community health, including Aboriginal health;
- Education and vocational training;
- Migrant community welfare;
- Disadvantaged people in our society;
- Community quality of life, including the arts and cultural activities; and
- Research in relation to any of these areas.
Since its establishment, the Foundation has increased its grants capacity on an ongoing basis and at June 30, 2006, had provided grants in excess of $31 million.
Community Health is the largest area of funding for Colonial Foundation.
Grants Program
In addition to providing funding to selected projects and initiatives in its priority areas, the Foundation has established a Grants Program to respond to applications for funds. Generally, individual grants of up to $100,000 in any one year, are envisaged by this Program. However, submissions for larger grants will be considered.
Exclusions
In general, Colonial Foundation will not support:
- areas considered to be the direct responsibility of government
- general fund raising projects or appeals
- travel, study or conferences (unless incidental to a project being funded)
- individuals
- other foundations, trusts and philanthropic organisations to fund their general objectives
- intermediat fund raising agencies
- general maintenance or overhead expenses (unless part of a specific project)
- mainstream school-based educational work
- funding deficits
The Foundation will not fund political activities and, for the time being, has decided not to fund religious bodies for religious purposes.
Whilst not usually a priority for funding, capital works or building appeals may be considered.
Other Relevant Factors
Longer-term projects The Foundation recognises that many projects need to be for a substantial term if they are to succeed.
Prevention
Programs which attempt to identify and deal with the cause of a problem are favoured over those that treat after-effects.
Community resources
Projects that have a community flow-on effect, by calling on qualified volunteers, or making use of community resources, allowing people to contribute to their community are preferred.
Skill base
The Foundation working with not-for-profit organisations or individuals with the skills, track record and commitment to accomplish the work proposed.
Operational Guidelines
Funding Period Applications for funding that meet the Foundation's broad criteria will be placed before the Board or the Philanthropy Committee at their regular meetings.
Retrospective grants are not made.
All applicants are advised of the decision of the Board.
Funding periods for longer than one year will be considered by the Directors.
Assessment
In making its assessment whether or not to grant funding, the Board may refer applications to advisory panels or other parties in the field for comment.
Whole or Part Projects
The Foundation may elect to provide only some of the funding for a project; for example, because the entire project does not fit within the Foundation's criteria or funding for part only is more appropriate - such as for feasibility studies, pilot studies or development stages of a project.
Amount of Funding
Full details of expenditure and funding sought must be provided. Ambit requests should not be made.
The Foundation is prepared to fund salaries and administrative costs as long as these form an integral part of an approved project.
Reporting
Any recipient of funding must agree to a regular reporting program in a format acceptable to the Foundation. Reports or a summary may also be included in the Foundation's Annual Review and for dissemination to interested parties.
Corporate Governance
Colonial Foundation Limited is committed to protecting and enhancing the value of Colonial Foundation Trust and to meeting the Trust's commitments to charitable institutions in Australia. The Directors aim to adhere to best practice governance policies and processes. They also aim to ensure that all regulatory requirements are met and ethical standards maintained.
Role of the Board of Directors of Colonial Foundation Limited
The Directors of Colonial Foundation Limited are ultimately responsible for the overall management of the trustee company and the trust.
The Board of Directors:
- Formulates and establishes strategic goals and monitors their execution.
- Appoints the Executive OFficer and monitors the performance of the Executive Officer.
- Approves external finance reporting.
- Approves each charitable grant made by the Trust.
Board Composition
The Colonial Foundation Limited Board consists of seven directors. Each of these Directors is non-executive. The Directors are the members of Colonial Foundation Limited.
Company Secretary
The appointment and removal of the Secretary is a matter for decision by the Board. The Company Secretary is responsible for ensuring that Board procedures are complied with and that governance matters are addressed.
Executive Officer
The Executive OFficer is selected by the Board and is subject to annual performance reviews. The Executive Officer recommends policy, strategic direction, the making and monitoring of philanthropic grants and is responsible for managing the Trust's day-to-day operations.
Board Meetings
The Board meets each quarter with ad hoc meetings being held when required. On occasion, the Board visits programs funded by the Trust in order to gain first-hand knowledge of the projects. In addition, some grant applicants or recipients are invited to make presentations at meetings of the Board.
Board Committees
The Directors have established three committees of the Board to assist in the operation of the Trust.
- Philanthropy Committee
The role of the Philanthropy Committee is to assist and advice the Board on all aspects of the philanthropic work of Colonial Foundation Trust. The Committee may, on behalf of th eBoard, make grants to organisations that meet the requirements of the Foundation up to a total macimum amount determined by the Board from time-to-time.
When the Trust is making new grants to organisations, the Committee meets quarterly to consider new projects, new applications and reports from grant recipients.
- Investment Committee
The role of the Investment Commitee is to assist a nd advise theBoard on all aspects of the investment of assets of Colonial Foundation Trust. In carrying out the role, the Committee is to have regard to the need to generate a level of income to fund Colonial Foundation Trust's philanthropic activities a s well as to protect the corpus of the Trust.
The Committee meets quarterly and on ad hoc occasions as necessary.
- Renumeration Committee
The role of the Renumeration Committee is to deal with all matters relating to staff renumeration.
Professional Advice
The Board collectively, and each Director individually, in carrying out their durites to t he Trust, may seek external professional advice. The Board is entiteld to be reimbursed for all reasonable costs and, subject to approval by the Chairman, individual Directors will be reimbursed for reasonable costs.
Conflicts of Interest
The Directors are required to disclose to the Board details of any matter that may create a conflict of interest.
Directors do not vote on any matter where they have a conflict of interest.
Auditors
The Auditor of Colonial Foundation Limited and Colonial Foundation Trust is McInnes, Graham & Gibbs. The firm does not provide any other services to the Trust.
Managing Business Risk
The Directors monitor the various risks facing the Colonial Foundation Trust and take teps to mitigate and control identified risks. A review of risks facing the Foundation was conducted during the year.
The Directors have adopted a fraud control plan.
The Directors have implemented an internal audit program.
Environmental Regulation
The operations of Colonial Foundation are not subject to any particular and significant environmental regulation under a law of the Commonwealth of Australia or any of its States or Territores. However, the Foundation endeavor to minimise its impact upon the environment.
Political Donations
Colonial Foundation Trust does not make donations to political parties.
Sources
- Colonial Foundation Annual Report 2005-06