People First Bank Foundation Sub-Fund

By way of a tax deductible donation, you establish a Sub-Fund within the People First Bank Foundation. Your Sub-Fund is then invested as part of the entire fund, with the aim of producing income for annual donations to eligible charities of your request.  

A Sub-Fund allows you the ability to support a wide range of initiatives. All charities supported must be Deductible Gift Recipients (DGR) and aligned with the philosophy of the People First Bank Foundation aimed at building and improving community wellbeing and life outcomes for people in Australia. 

Example funding initiatives include:

• Education
• Health
• Cultural
• Social
• Financial Wellbeing

Sub-Funds can be created by individuals, families, companies and charities.  They can be established now or through a Will.

Your Sub-Fund is your legacy.  We will meet with you annually to discuss your giving recommendations. You have the ability to support multiple charities and can easily change the causes or charities you support.

Your Sub-Fund can remain anonymous or be acknowledged as the key funder of your Fund’s initiatives.  

Your Sub-Fund is established within the People First Bank Foundation and is therefore governed by the same rules and regulations.

The People First Bank Foundation is set up as a Public Ancillary Fund. It is a philanthropic structure established by a trust deed for the purpose of making distributions to charities who are DGR under item 1 of the table in section 30-15 of the Income Tax Assessment Act 1997 (ITAA 97). The Foundation also has DGR status and can therefore accept tax deductible donations.

Each financial year, the People First Bank Foundation (including your Sub-Fund) must distribute at least 4% of the market value of its net assets (as at the end of the previous financial year).

Your Sub-Fund provides a timely tax deduction, creating a structure that allows you to focus solely on your giving without the heavy administrative responsibilities of a Private Ancillary Fund. This removes the stress of having to worry about investment, trustee and compliance duties.

There are many potential benefits to using the People First Bank Foundation as the long-term structure to manage and allocate your continued contribution to growing stronger communities via a Sub-Fund.

Legacy

Your contribution can effectively continue in perpetuity creating an enduring legacy to remember and celebrate your involvement in making the world a better place. Further donations can be made at any time to strengthen your Sub-Fund.

Impact

There are no set up or on-going fees associated with this service. People First Bank funds all operational costs of the People First Bank Foundation, ensuring all donations received, and investment income generated, is used to support our charity partners. 

Structured

To maximise your impact, the People First Bank Foundation will work with you to develop a robust funding selection criteria. We will also complete a thorough due diligence process on all prospective recipients and annually provide a report specifically for your Sub-Fund.

Flexible

You are not locked into funding the same initiative. You have the ability to change your funding recommendations annually and there is the ability to fund multiple initiatives over different funding periods.

Uncomplicated

The People First Bank Foundation manages all administration, investing, compliance and reporting.

Community

The People First Bank Foundation is intrinsically linked to Heritage Bank and People’s Choice Credit Union.  Both organisations had a long and strong history of community support. 

To create your Sub-Fund, the minimum donation amount is $20,000. In agreed circumstances this can be achieved by donating $5,000 per year over a four year period. Future donations over $2,000 can be made at any time to strengthen your Sub-Fund.

Sub-Funds allow you to structure and formalise your charitable giving in a flexible environment. Please contact us to discuss how a Sub-Fund could work for you. Establishing your Sub-Fund is simple and starts with completing the application form. All donations are tax deductible and all earnings are exempt from tax.

Contact us on 0448 438 794 or charitablefoundation@heritage.com.au. We can provide you the application form to get started and answer any questions.