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Aug142013

Structure

The Fleurieu Community Foundation is incorporated as a Public Company Limited by Guarantee under the Corporations Act and is required to report to the Australian Securities and Investment Commission (ASIC) and the public about its activities.

  • The Fleurieu Community Foundation is endorsed by the ATO as a tax concession charity (TCC) and is exempt from income tax and ensures that its activities are charitable. Australian Tax Office (ATO) Charitable Institution

  • The Public Company (the Fleurieu Community Foundation Pty Ltd) is the Trustee of the Administration Fund, Public Fundand the Open Fund where gifts to the Foundation are held. Each fund has a separate Trust Deed.
  • The Trustees are responsible for investment decisions and for ensuring that income is distributed in line with the stated purposes in the Trust Deeds.
  • The Trustee has legal obligations under the various Trustee Acts and the Common Law.
  • The Fleurieu Community Foundation is endorsed as a Deductible Gift Recipient (DGR) under the Income Tax Assessment Act 1997.
  • The Foundation’s Public Fund has Deductible Gift Recipient (DGR) status. The Fund to which tax-deductible donations can be given.
  • Grants to organisations that have Deductible Gift Recipient (DGR) status can be made from the Public Fund.
  • The Fleurieu Community Foundation is registered for Goods and Services Tax (GST) and has an Australian Business Number (ABN) for each fund.
  • The Fleurieu Community Foundation’s Constitution outlines governance requirements and states that the foundation is not-for-profit and that its income will be applied to public charitable purposes.
  • The Fleurieu Community Foundation is committed to good corporate governance practice and principles
  • The Board of Directors is made up of volunteer, unpaid representatives from the Fleurieu region that meet the Australian Tax Office’s (ATO) definition of having ‘community responsibility’.
  • The Board is responsible for ensuring that the Foundation's legal responsibilities are met.
  • The Board meets monthly to set and oversee the implementation of policy and strategy and to monitor the foundation’s financial management.