Heritage Bank Charitable Foundation


2021 News

Heritage Bank Charitable Foundation launches Sub-Funds!

13 May 2021

Take the next step with your charitable giving by starting your Heritage Bank Charitable Foundation “Sub-Fund”. A Sub-Fund could be the perfect philanthropic platform for you to make a difference, both now and well into the future. We can help you create your legacy.

The Heritage Bank Charitable Foundation may be able to assist you if you’re seeking to achieve the following:

  1. Reduce your taxable income;
  2. Create a philanthropic giving platform that could effectively help people in perpetuity; and
  3. Start a legacy your family and future generations will be proud of.

As a Public Ancillary Fund, the Heritage Bank Charitable Foundation is able to create charitable “Sub-Funds”.

How Sub-Funds Work

You create a Sub-Fund by way of a fully tax deductible donation to the Heritage Bank Charitable Foundation.  Your Sub-Fund is then invested as part of the entire fund, with the aim of producing income for annual distributions to Deductible Gift Recipient (DGR) item 1 charities of your recommendation.  

A Heritage Bank Charitable Foundation Sub-Fund can be started with a $5,000 donation, pledged to reach $20,000 in four years’ time.

Why the Heritage Bank Charitable Foundation

While we are separate entities, the Heritage Bank Charitable Foundation has the full support of Heritage Bank, one of Australia's largest customer-owned banks, and one of the oldest financial institutions in the country.  Heritage Bank is based in Toowoomba, with origins that go back to 1875 and the formation of the Toowoomba Permanent Building Society.

There are no set-up fees or on-going costs to create a Heritage Bank Charitable Foundation Sub-Fund.  Heritage Bank funds all operational costs of the Foundation, ensuring all donations received and investment income generated is used to fund its vision of growing stronger communities, together.

Sub-Funds are a well-established form of structured giving in Australia.  According to a 2019 survey conducted by the Centre for Social Impact and Swinburne University of Technology in the 2017-2018 financial year, there were at least 1,995 Sub-Funds in Australia holding assets of just over $1 billion and distributing an estimated $57 million through grants.1
 
To learn more about Heritage Bank Charitable Foundation Sub-Funds visit our information page online. 

If you would like to discuss how you could benefit from setting up a Heritage Bank Charitable Foundation Sub-Fund, we would be more than happy to speak further with you. Please do not hesitate to contact the Foundation on 13 14 22 or email charitablefoundation@heritage.com.au.

 

[1] Seibert, K, 2019, ‘Snapshot of Sub-Funds in Australia’, CSI Swinburne Research Brief, <https://probonoaustralia.com.au/news/2019/03/sub-funds-growing-force-australian-philanthropy/>
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